Interest Charges on GCredit

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.

Read here for more info, and check out GCredit’s terms and conditions.

GCash vs. PayMaya – The battle for Philippine cashless mobile payment platform crown rages on

Globe’s Gcash and Smart’s PayMaya have both been aggressively marketing their platforms just to stay ahead of the competition. Customers benefit the most with the plethora of discounts, rebates and raffle promos being offered left and right. Fortunately for us consumers, it’s not a question of whether you should get aboard one platform over another. If you ask me, I’d say why not get both?

Let me list down my thoughts and observations in using both mobile payment systems. These are based on my personal experience, thus I’m mum about the features I don’t use. I’ll update this list as developments and/or improvements come to mind: Continue reading