is this "legal" ? about 0% installments sa credit card

[necrotic freak]

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As far as I've known bstah cash price kay mas brato jd na kaysa imu e.credit. 0% lgeh cla but kung adto nka sa imu bank, automatic nman ang 3.5% interest ana sa bank mao mg lahi kung 6months or 12months. Kung mas dugay so mas mahal jd xa. ako lng ni pglantaw ha. ^_^

wala may 3.5% interest basta on time lang kamobayad sa imong monthly in full.. dili automatic charge.

[epoaxlan]

hi etzina I figured I will just look it up for you..here's what i found

Credit card surcharges are unlawful, says DTI

abs-cbnNEWS.com
Posted at 10/17/2010 4:44 PM | Updated as of 10/18/2010 1:03 AM
Tweet


MANILA, Philippines- Credit cards give consumers the advantage of purchasing goods and services without carrying any money since they are a convenient substitute for cash or check.

But do you know that unscrupulous business establishments are taking advantage of credit card holders by imposing 5-10% surcharges? Most of the consumers are not aware that these surcharges are illegal.
In an interview with "Mornings@ANC," Trade Undersecretary Zenaida Maglaya revealed the illicit tactics of some business establishments that are imposing additional charges on items purchased through credit cards.

“Surcharges are illegal. There is such a thing as one price tag policy. What you see on the actual price tag is the only cost that you must pay, no more, no less,” said Maglaya.
Under Article 81, or the “Price Tag Requirement,” of Republic Act 7394, otherwise known as “Consumer Act of the Philippines,” goods and services must have only an appropriate price tag or label. It must not be sold at a higher price that what is stated and without discrimination to all buyers.

Maglaya also noted that some merchandisers, mostly of appliances and gadgets, trick consumers by giving in-store promos of discounts for cash basis to discourage credit card payments.
Maglaya also advised consumers who were tricked into paying the surcharges to ask for a refund and report the incident to the Department of Trade and Industry (DTI).

“They (merchandisers) should not pass 5-10% surcharges to the consumers for they are already paying annual membership fee for using credit cards,” said Maglaya.
In ensuring consumers’ rights, Maglaya said the DTI is monitoring business establishments through secret marshalling. She also disclosed that DTI is closely working with retailers association.
Maglaya warned violators that they will be fined as much as P 300,000, depending on the gravity, and/or revocation of their business permit and license.

For complaints and questions, you may reach DTI’s hotline number 7513330 or visit www.dti.gov.ph

Maglaya, meantime, gave the following tips to credit card holders:

1. Know your budget- Once you use your credit cards, you cannot track down the expenses and how much you have spent.
2. Do not be tempted, do not let yourself be trapped- Unless it is really important, do not use credit cards. Paying through cash is better than paying through credits
3. Be a wise consumer. Know your rights.

[hayden]

wala may 3.5% interest basta on time lang kamobayad sa imong monthly in full.. dili automatic charge.

Mo-apply raman ng 3.5% if dli full amount due imo bayaran, say paying the amount between minimum amount due and the total amount due. Pero if late imo payment lapas sa due date naa napod lain % add-on ana, ari ni mamugas ang uban banks tiyuon ug double charge knowning daghan dli mo-examine sa ilang statement of account thoroughly...

[necrotic freak]

Mo-apply raman ng 3.5% if dli full amount due imo bayaran, say paying the amount between minimum amount due and the total amount due. Pero if late imo payment lapas sa due date naa napod lain % add-on ana, ari ni mamugas ang uban banks tiyuon ug double charge knowning daghan dli mo-examine sa ilang statement of account thoroughly...

tinuod jud.. if minimum payment due ra imong bayaran, aw finance charge dayon. if pass due date naka ni bayad, aw late charges dayon.. mao ni maka dato sa banko.. ang resulta sa mga cc holder nga walay alamag ani, daghan na dayon manayag nga law firm kay dili na kabayad ang cc holder. lolz

[hayden]

tinuod jud.. if minimum payment due ra imong bayaran, aw finance charge dayon. if pass due date naka ni bayad, aw late charges dayon.. mao ni maka dato sa banko.. ang resulta sa mga cc holder nga walay alamag ani, daghan na dayon manayag nga law firm kay dili na kabayad ang cc holder. lolz

innocence is a bliss man daw

[junmar4]

hi etzina I figured I will just look it up for you..here's what i found

Credit card surcharges are unlawful, says DTI

abs-cbnNEWS.com
Posted at 10/17/2010 4:44 PM | Updated as of 10/18/2010 1:03 AM
Tweet


MANILA, Philippines- Credit cards give consumers the advantage of purchasing goods and services without carrying any money since they are a convenient substitute for cash or check.

But do you know that unscrupulous business establishments are taking advantage of credit card holders by imposing 5-10% surcharges? Most of the consumers are not aware that these surcharges are illegal.
In an interview with "Mornings@ANC," Trade Undersecretary Zenaida Maglaya revealed the illicit tactics of some business establishments that are imposing additional charges on items purchased through credit cards.

“Surcharges are illegal. There is such a thing as one price tag policy. What you see on the actual price tag is the only cost that you must pay, no more, no less,” said Maglaya.
Under Article 81, or the “Price Tag Requirement,” of Republic Act 7394, otherwise known as “Consumer Act of the Philippines,” goods and services must have only an appropriate price tag or label. It must not be sold at a higher price that what is stated and without discrimination to all buyers.

Maglaya also noted that some merchandisers, mostly of appliances and gadgets, trick consumers by giving in-store promos of discounts for cash basis to discourage credit card payments.
Maglaya also advised consumers who were tricked into paying the surcharges to ask for a refund and report the incident to the Department of Trade and Industry (DTI).

“They (merchandisers) should not pass 5-10% surcharges to the consumers for they are already paying annual membership fee for using credit cards,” said Maglaya.
In ensuring consumers’ rights, Maglaya said the DTI is monitoring business establishments through secret marshalling. She also disclosed that DTI is closely working with retailers association.
Maglaya warned violators that they will be fined as much as P 300,000, depending on the gravity, and/or revocation of their business permit and license.

For complaints and questions, you may reach DTI’s hotline number 7513330 or visit www.dti.gov.ph

Maglaya, meantime, gave the following tips to credit card holders:

1. Know your budget- Once you use your credit cards, you cannot track down the expenses and how much you have spent.
2. Do not be tempted, do not let yourself be trapped- Unless it is really important, do not use credit cards. Paying through cash is better than paying through credits
3. Be a wise consumer. Know your rights.

dia ra... and yet people here are discussing sa interest sa cc company.

[necrotic freak]

dia ra... and yet people here are discussing sa interest sa cc company.

yes DTI is talking about SURCHARGES.. NOT interest rates for installment term.

pero as per TS question. ang tindahan naa promo nga 0% for 6mos term only, if 12 mos dili na 0%. Illegal ni o dili? masulod bana as surcharges lang gihapon?

[etzina]

Murag ang term ana nila is deferred installment bali ang nahitabo ana e.g. is ang 6mos mao ra ang 0% so SRP posted price would be the same imo mabayaran divided by 6 but if mo-opt ka to 12mos mahimo ng deferred (wala koy sure sa term) mao ng naay interest. Sa ako lang sabot ang sales person nga imo ka-istorya ky walay sakto knowledge sa ilang terms and policy about installment, so nag-assume ra cya nga 0% japon ang term tawag basta mag-installment ka regardless if naay interest or wala.

Example ana is kanang sa junrex or kanang samsung store sa ayala, sa ila price label sa item dako kaayo ang font nga 6mos 0% then naay gamay font nakasulat pod nga 12mos (... caption) mao na ang naay patung from SRP.


Gwapa ang saleslady?

dili ra pud saleslady naka tubag nako ug ingana kuya... pati tag iya pud sa shop mismo gahatag nako sa price list kung how much ang item if cash, 0% interest for 6 mos, ug 0% interest for 12 months.

sa mga uban ga ingon nga dili 0% jud na, disagree ko ana. kay kadaghan nako kasuway ana 0% sa citibank. ang ginabayaran nako monthly kay ang monthly installment sa item based sa price gihatag sa MERCHANT, mao jud lagi misleading kaau magbutang ug signs nga 0% interest ang mga shops kay tinuod ang BANK 0% interest, pero ang total price imo bayaran kay mag lahi2x kay gipatungan sa MERCHANT

@epoaxlan: thanks for that!!! i'll call DTI about this para maklaro jud! mao jud ni ako gipangita! surcharge jud ni kani ila lahi2x ug presyo..... "price tag policy" sus daghan jud mga cellshop guilty jud ani
@necroticfreak: kuya they say 0% for 6 mos or 0% for 12 months, both kay 0% interest jud pero lahi ila presyo.... para nako surcharge na ni sya sa side sa merchant, dili sa cc company... lahi naman gani cash price ug credit card price, klaro na kaau surcharge... "What you see on the actual price tag is the only cost that you must pay, no more, no less" <--- diri jud sila maigo ani....

[rAiNe_]

ako lage ako gi installement ako laptop for 12 months..
0% interest jud xa.. mao raman jud ako nabayran..wa na jud lain..

[BIGDANE]

sa Credit Card, 0% interest is not actually zero.. luge negosyo ana kung walay patung.. hehe

naa jud na interest pero gamay ra.. depende pod na sa term sa installment..

mao gyud bro..sa mailad lang..pero dili baya gyud bug.at sa tinuod lang..