Guide on RCBC Credit Card Grace Period Offer Amid the COVID-19 Pandemic
RCBC CREDIT CARD GRACE PERIOD – Here is a guide on whether or not you need to inform the bank should you wish to avail the grace period.
Truths be told that a lot of people are facing financial challenges amid the COVID-19 crisis in the Philippines now. Several businesses closed and many lost their jobs.
Undeniably, many of those who lost their source of income amid the crisis have not just utility or household bills to they. Some have outstanding loans and credit card bills.
To ease the burden of the people amid the COVID-19 crisis, the Republic Act No. 11494 or the Bayanihan To Recover as One Act was passed. The new loan includes grace period on loans and bill payments.
One of the banks that abruptly adhered to Bayanihan 2 is Rizal Commercial Banking Corporation or more commonly called as RCBC. It implemented a 60-day grace period on client loans.
Aside from the existing loans, there is also a 60-day RCBC credit card grace period. It covers credit card bills that fall within September 15 to November 15, 2020.
According to the bank, under the RCBC credit card grace period, fees and penalties such as the interest on interest and other loan charges will not be implemented on the account.
RCBC stated that there is no need to inform the bank to avail the offer. Once you skip paying on your due date, it will be interpreted that you availed the grace period offer.
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