RCBC Bankard’s Cash Loan feature allows RCBC Bankard principal credit cardholders to convert a portion of his total credit limit to cash. Cash Loan facility is limited to select and pre-qualified credit cardholders of good credit standing.
Cash Loan availment can be paid in easy and flexible installment terms over 3 to 60 months based on the current Cash Loan interest rates. Applicable terms may vary per offer, per cardholder.
To avail of a Cash Loan, cardholders need to call the RCBC Bankard Customer Service hotline at 8888-1833.
The loanable amount for Cash Loan will be based on the cardholder’s available credit limit (but not to exceed 90% of available credit limit to allow buffer for applicable interest and fees). Minimum Cash Loan transaction amount is Php10,000 and the maximum is Php500,000.
RCBC Bankard reserves the right to approve or reject applications for Cash Loan and has no obligation to disclose reasons for the rejection or disapproval of Cash Loan requests. If the cardholder has no sufficient credit limit, RCBC Bankard has the sole discretion to approve only a portion of the amount applied for.
A Cash Loan application can no longer be cancelled once approved.
Upon approval of the Cash Loan application, RCBC Bankard will deposit the check to the cardholders’ indicated bank account that matches the cardholder name in the system. For check delivery option, checks will be delivered directly to the cardholder’s registered billing address.
The approved Cash Loan amount is automatically deducted from the cardholder’s available credit limit.
The approved Cash Loan amount will automatically be posted on cardholder’s Statement of Account (SOA) at the nearest cut-off date following the release of the check or crediting of Cash Loan proceeds to cardholder’s indicated bank account.
The computation of interest and principal components of the monthly installment shall be based on diminishing balance computation, and the interest and principal portions will not be equal from month to month.
For all loan installment availments including Cash Loan, the first amortization shall be deferred for up to 31 days from the date of loan disbursement. A fee equivalent to the initial interest will be collected from the cardholder due to the longer payment period provided in order to repay the Principal Amount. The initial interest is computed based on diminishing balance, taking into consideration the actual number of days from the date of disbursement to the posting date.
If the cardholder decides to pre-terminate or pay the Cash Loan installment plan in full before maturity, a pre-termination fee of Php 500.00 or 5% of the unpaid principal amount, whichever is higher will be charged. This amount is on top of one month’s worth of interest, as computed based on EIR.
A processing fee of P150.00 will be charged to cardholder’s account if preferred cash disbursement is through RCBC bank deposit. For non-RCBC bank deposit and check delivery, the cardholder will be charged P250.00.
Cash Loan availments and its monthly amortizations shall no longer earn rewards points.
In cases of suspension, cancellation and/or non-renewal of the RCBC Bankard credit card due to non-payment or breach of any of the Terms and Conditions governing the issuance and use of the RCBC Bankard credit card, RCBC Bankard shall automatically render all the outstanding obligations of the cardholder under the RCBC Bankard Cash Loan facility due and demandable without need of prior notice.
Monthly interest rate, late payment penalty and other charges to be applied by the Cash Loan facility shall be determined by RCBC Bankard.
The abovementioned terms and conditions for the implementation of the RCBC Bankard Cash Loan facility may be amended and supplemented by RCBC Bankard from time to time, as may be deemed necessary.