Section 11Sec./Art. 11

Information to be Disclosed. - A credit card issuer shall disclose to all credit cardholders and potential credit cardholders the following information:

(a) Finance charges for unpaid amounts after payment due date;

(b) The percentage that the interest bears to the total amount to be financed expressed as a simple monthly or annual rate, as the case may be, on the outstanding balance of the obligation;

(c) The default, late payment/penalty fees or similar delinquency-related charges payable in the event of late payments: Provided, That late payment fee or penalty for late payment shall be based on the unpaid minimum amount due or a prescribed minimum fixed amount whichever is lower; Provided, further, That the late payment fees may be based on the total outstanding balance of the credit card obligation, including amounts payable under installment terms or deferred payment schemes, if the contract between the issuer and the cardholder contains an acceleration clause and the total outstanding balance of the credit card is classified and reported as past due;

(d) The method of determining the balance upon which interest and/or delinquency charges may be imposed;

(e) The method of determining the amount of interest and/or delinquency charges, including any minimum or fixed amount imposed as interest and/or delinquency charge;

(f) Other fees, such as membership/renewal fees, processing fees, over-the-limit fees, collection fees, credit investigation fees and attorneys fees;

(g) For transactions made in foreign currencies, for dual currency accounts (peso and dollar billings), as well as payments made by credit cardholders in any currency other than the billing currency, the manner of conversion from the transaction currency and payment currency to Philippine pesos or billing currency, which may be a definition or general description of conversion rates;

(h) A reminder to the cardholder in the billing statement, or its equivalent document, that payment of only the minimum amount due or any amount less than the total amount due for the billing cycle/billing period, would mean the imposition of interest and/or other charges. A written statement in the following form must be printed in the billing statement "Important Reminder: Paying less than the total amount due will increase the amount of interest you pay and the time it takes to repay your balance"; and (i) Any other information that may be required by the BSP.

The credit card issuer shall endeavor to convey the information in a manner that is understandable to the credit cardholder: Provided, That the items enumerated above may be included in a billing statement on a quarterly basis at the minimum in tabular format.