Other than the enormous network of allies and partners (which means lots of promos and discounts), one of the amazing features of BDO credit cards is the Easy Pay Convert system. It lets you convert straight payments into installments relatively easy using BDO's online portal or the phone.
First of all, the Easy Pay Convert system is available right from the start, even with BDO's most basic credit products like the Shop More card which was reviewed here and the Standard Mastercard which was reviewed here.
The basic concept is to take large purchases and break them down into several installment payments. To do that though, there will be an interest amount charged which differs according to both the length of payment in months and the transaction amount. Also, another factor is how the conversion was initiated, whether it was done using the online portal or over the phone.
To calculate the amount to be charged, BDO uses a factor rate which is different for each possible combination of months to pay and the transaction amount. This will then be multiplied with the transaction amount which will result in the monthly amortization amount.
For example:
Transaction amount: PhP15000
Months to pay: 6 months
Factor rate: 0.181671
Calculation: 15000 x 0.181671 = 2725.065(monthly amortization)
Total amount: 2735.065(monthly amortization) x 6 (months to pay) = 16350.39
Added interest: 16350.39(total amount) - 15000(transaction amount) = 1350.39
Here are the factor rate tables
For transactions of PhP3000 to PhP29999.99 (online request for payment conversion)
Months
to Pay
|
Factor
Rate
|
3
|
0.348338
|
6
|
0.181671
|
12
|
0.096335
|
18
|
0.068059
|
24
|
0.054168
|
For transactions of at least PhP30000.00 (online request for payment conversion)
Months to Pay
|
Factor Rate
|
3
|
0.348338
|
6
|
0.181671
|
12
|
0.093234
|
18
|
0.064360
|
24
|
0.049169
|
For transactions of at least PhP3000 (payment conversion requested through the call center)
Months to Pay
|
Factor Rate
|
3
|
0.353338
|
6
|
0.181671
|
12
|
0.096335
|
18
|
0.070559
|
24
|
0.056667
|
To conclude, this is a very convenient system. In my own experience, I have used it several times especially for large, online transactions with Ebay. Even more interesting, it is also possible to use this to pay for transactions which were already discounted by BDO promos.
If you want credit cards, the following websites helped me get my cards. They work!
DO YOU HAVE SUGGESTIONS FOR USING THIS CONVENIENT TOOL? TELL US IN THE COMMENTS!
Thank you for reading my blog. Feel free to comment and if you need to reach me personally, leave me a comment saying just that. I read all my comments.
*All images here were just taken from the internet with the assumption that they are in the public domain. This blog was written with no intention of damaging anyone's public image, just sharing my opinion.
Philippine Credit Cards
Excellent and very exciting site. Love to watch. Keep Rocking. convert money online
ReplyDeleteDo you know how long it takes for them to approve or deny the easypay convert application? or how do you know that your payment has already been converted to installment payment?
ReplyDelete