Pay off your debt now: Credit card interest rates to rise, too

By Eileen Mencias

With the Bangko Sentral ng Pilipinas raising interest rates to contain inflation, Filipinos are feeling the pinch of higher borrowing costs.

BSP Governor Felipe Medalla said the recent rate hikes may result in increases in credit card fees and charges.

“The higher policy rates at the very least justify some adjustments in ceilings. The decision will be made next month,” Medalla said.

The BSP raised its key rates by another 50 basis points Thursday – the highest since December 2008 – to bring down gross domestic product growth by 0.07 percent in 2023 and by 0.19 percent in 2024.

Medalla said the rate hike’s effect on GDP growth would not be that big, although borrowers would disagree.

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