tv MANILA - The cap on credit card interest rate to 2 percent per month has "unintended" consequences for card holders in the long run as banks are likely to cut some costs to offset foregone revenue, the Credit Card Association of the Philippines said Monday.
"In the long run it will be detrimental also for consumers, the banks will try to cut down on their added costs," Ilagan said. Existing card holders may also be curtailed in terms of credit card lines and may be forced to borrow from informal lenders, he said. Last quarter, Ilagan said they saw a 1 percent contraction in terms of credit card growth, which usually increases by 3 percent every quarter.
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