Dear Valued Customer,
We are getting closer to our conversion to the Republic Financial Holdings Limited’s (RFHL) technology platforms and would like to share the following with you regarding your credit card, to prepare you for our Go-Live date April 4, 2022.
- New Interest Rates: Interest rates 16.5% for MasterCard Gold credit cards and 19.5% for all other credit cards.
- New billing cycle: Your credit card statement will be issued on the 20th of each month and your payment will be on the 10th of the following month.
- New minimum payment: Your minimum payout is 2.77% of your outstanding balance or a minimum of USD $20.00
- Interest Free Period: Up to 50-days interest free period on outstanding credit card balances.
- Cash advance fees: We’ve standardised fees to reflect existing fee structures across the Republic Group, including introducing a cash advance fee of 3.2%, or a minimum of USD $5.00
- Republic Bank BalanceCover Insurance Programme: BalanceCover repays the credit card balance, in full, in case of death or critical illness. Click here for more information, https://www.republicbankbvi.com/personal/republic-bank-credit-card-faqs
Please also take note of the changes to your Credit Card’s Minimum payment.
Previously, your minimum payment would have been calculated using 3% of the full outstanding balance, which would be inclusive of all fees and interest charges.
Your minimum payment is now calculated using 2.77% of the outstanding balance, which is then added to your outstanding interest and any fees.
Please see table below stated in USD for ease of reference.
The minimum payment is calculated as follows:
2.77% x Principal + Interest + Fees
(2.77%) x $1,000.00 + $34.96 + $65.00 =$127.74
Here’s what you can expect when the system goes live April 4, 2022:
• Your minimum payment may differ from what you usually pay because your payment is now calculated to include the interest amount that is due. Paying the monthly interest amount protects you from paying interest on interest.
If you are having challenges in meeting the new minimum payment, we can offer restructure and refinance options to assist with navigating these changes. We’re here to help.
Please call us at 1-284-494-4725 (4RBL) or email us at conversion@rfhl.com should you have further questions or concerns.
Stay tuned to our social media pages or website https://www.republicbankbvi.com/bvi-conversion for more information.
Sincerely,
Marion Blydens
Managing Director
Republic Bank (BVI) Limited