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RCBC InstaCash facility allows select and pre-qualified RCBC Credit Card Principal credit cardholders of good credit standing to convert a portion of their available credit limit to cash.
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An RCBC InstaCash availment can be paid in installment terms from 3 to 60 months based on the prevailing RCBC InstaCash interest rates. Applicable rates and terms may vary per offer, per cardholder.
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A cardholder can apply for an RCBC InstaCash through any of the following:
a. Calling the RCBC Credit Card Customer Service hotline at 8888-1883 for Premium cardholders and 8888-1888 for Non-Premium cardholders.
b. If sent an offer via e-mail or SMS link, visit the provided link/URL and complete the application as instructed.
c. If offer is received via Outbound call, confirming acceptance of RCBC InstaCash offer. Note that all calls are recorded for reference.
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The loanable amount for RCBC InstaCash will be based on the cardholder’s available credit limit (but not to exceed 90% of available credit limit to allow buffer for applicable interest and fees). Minimum RCBC InstaCash transaction amount is Php10,000 and the maximum is Php5,000,000.
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RCBC Credit Card reserves the right to approve or reject applications for RCBC InstaCash and has no obligation to disclose reasons for the rejection or disapproval of RCBC InstaCash requests. RCBC Credit Card has the sole discretion to approve only a portion of the amount applied for.
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An RCBC InstaCash application can no longer be cancelled once approved.
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The approved RCBC InstaCash amount is automatically deducted from the cardholder’s available credit limit.
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Upon approval of the RCBC InstaCash application, RCBC Credit Card may credit the cash loan proceeds to the cardholder’s RCBC bank account or to a non-RCBC bank account. For RCBC InstaCash proceeds that will be disbursed to a non-RCBC account, RCBC Credit Card can: a) deposit the check to the cardholder’s indicated bank account provided the account name matches the cardholder’s name in the system, or b) credit the proceeds through a PESONet fund transfer. The cardholder will hold RCBC/RCBC Credit Card free and harmless for any error in the crediting of the InstaCash proceeds when the same is made to the account number that the cardholder has provided.
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A one-time processing fee of Php500 will be charged to the cardholder’s account. The processing fee will not be deducted from the RCBC InstaCash proceeds and will be posted on the nearest statement date.
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In case cardholder provides an invalid deposit account number, a reprocessing fee of Php150 shall be charged to the cardholder in order to reprocess the RCBC InstaCash fund disbursement. The reprocessing fee will not be deducted from the RCBC InstaCash proceeds and will be posted on the nearest statement date. The computation of interest and principal components of the monthly installment shall be based on diminishing balance computation, and the interest and principal portions will not be equal from month to month.
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For all loan installment availments including RCBC InstaCash, the first amortization shall be deferred for up to 31 days from the date of loan disbursement. An Extra Interest equivalent to the initial interest will be collected from the cardholder due to the longer payment period provided in order to repay the Principal Amount.
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The Extra Interest is computed by multiplying the Principal Amount with the applicable monthly Effective Interest Rate (EIR) and then dividing the amount by a fixed 30 days. The total amount would then be multiplied with the actual number of days within the posting month.
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The Extra Interest will be part of the first monthly amortization.
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The Monthly Installment Amount is computed by using a monthly factor rate that is applied on the Principal Amount and Extra Interest. The monthly factor rate is based on EIR and term of the loan and used as a guide in deriving the Monthly Installment Amount. Sample illustration of the Monthly Installment Amount is as follows:
Loan term: 3 months
Amount: 10,000.00
EIR: 2.2330%
| Monthly |
Monthly Amortization |
Extra Interest |
Interest |
Interest Due |
Principal Due |
Outstanding Principal Balance |
| 0 |
|
|
|
|
|
10,000.00 |
| 1 |
3,561.01 |
233.30 |
233.30 |
446.60 |
3,114.41 |
6,885.59 |
| 2 |
3,561.01 |
- |
153.76 |
153.76 |
3,407.25 |
3,478.34 |
| 3 |
3,556.01 |
- |
77.67 |
77.67 |
3,478.34 |
0.00 |
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If the cardholder decides to pre-terminate or pay the RCBC InstaCash installment plan in full before maturity, a pre-termination fee of Php 500.00 or 5% of the unpaid principal amount (whichever is higher) will be charged.
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RCBC InstaCash availments and its monthly amortizations are non-reward points earning.
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In cases of suspension, cancellation and/or non-renewal of the RCBC Credit Card due to non-payment or breach of any of the Terms and Conditions governing the issuance and use of the RCBC Credit Card, RCBC Credit Card shall automatically render all the outstanding obligations of the cardholder under the RCBC InstaCash facility due and demandable without need of prior notice.
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Monthly interest rate, late payment penalty and other charges to be applied to the RCBC InstaCash facility shall be determined by RCBC Credit Card.
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The abovementioned Terms and Conditions for the implementation of the RCBC InstaCash facility may be amended and supplemented by RCBC Credit Card from time to time, as may be deemed necessary.
