Credit Card Charges

I talked to a credit card officer last night because of my finance charge. I got a finance charge of almost Php 3,000 but I only left around Php 3,000 unpaid balance and paid more than the minimum amount . I asked the officer why is the finance charge so big that it is almost 100% of the unpaid balance. The officer told me that they charged me based on the total amount of the credit used in the last statement and not on the unpaid balance. So if I have Php 10,000 on my last statement and I paid Php 9,999 which is higher than the minimum payment required, the bank will still charge me based on the Php 10, 000 balance of the last statement. This is very deceiving. I used to think that they only charge me 3.5% of the unpaid balance. So watch out for your next statement. Spend wisely.

Finance charge reference