I have recently been approved for GCredit, with a credit limit of Php2,000. I thought that GCredit works like a credit card, wherein for as long as you pay for your purchases on or before the due date, you will not be charged any interests and/or penalties.
Apparently, that is not the case. For as soon as you borrow money when you use your GCredit to pay for purchases via QR or paying bills, you are automatically charged 5% pro-rated over 30 days until the day you settle your borrowing with your GCash balance.
For example, if you paid P500 using your GCredit on October 11, and eventually settled that purchase on October 16, that’s 5 days worth of borrowing:
P500 x 5% x (5/30) = P4.16 interest.
For me, I’m allergic to interests (regardless of amount), so unless I’ll have no other choice, I’ll stay away from using GCredit.