1. What is Metrobank Credit Card Interest?

The Metrobank credit card interest is calculated monthly based on your outstanding balance and the annual percentage rate (APR). Understanding this helps you manage credit card debt more effectively.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( I \) — Monthly interest (PHP)
• \( P \) — Principal balance (PHP)
• \( R \) — Monthly interest rate (APR / 12)

Explanation: The calculator converts the annual rate to a monthly rate by dividing by 12, then multiplies by your principal balance to show the interest charge.

3. Importance of Interest Calculation

Details: Knowing your monthly interest helps you understand the true cost of carrying a balance and motivates timely payments to avoid accumulating debt.

4. Using the Calculator

Tips: Enter your current credit card balance in PHP and your APR (typically 24-36% for Philippine credit cards). The calculator will show your monthly interest charge.

5. Frequently Asked Questions (FAQ)

Q1: How often is interest charged on Metrobank credit cards?
A: Interest is calculated daily but charged monthly on your statement date.

Q2: What is the typical APR for Metrobank credit cards?
A: APRs typically range from 24% to 36% annually in the Philippines, depending on the card type and your creditworthiness.

Q3: How can I avoid paying interest?
A: Pay your full statement balance by the due date each month to avoid interest charges.

Q4: Does this include other fees?
A: No, this calculates only the monthly interest. Late payment fees, annual fees, and other charges are additional.

Q5: What if I only pay the minimum amount?
A: You'll continue accruing interest on the remaining balance, which can lead to significant debt over time.