In support of Bayanihan to Recover as One Act (BARO), GCredit is offering a one-time 60-day grace period for eligible GCredit users.
Eligible users have received an SMS/ App notification with a form inviting them to apply for the 60-day grace period program. The form is an application to deactivate auto-deduct feature, so if you did not confirm via the form, GCredit will not process the deactivation of the auto-deduct feature , however, you are still entitled to the other provisions of the grace period program (as it will be explained by FAQ#7 below).
Here are the frequently asked questions!
1. Am I eligible for this 60-day grace period program?
You are eligible for this program if you have an outstanding balance and were NOT past due by the date of implementation, September 15, 2020
Note: Eligible users will receive an SMS/App Notification from GCash; otherwise it means that you are unqualified
2. What is the covered period?
The one-time 60-day grace period shall cover Statements of Account with due dates falling within the period of September 15, 2020 to October 29, 2020 only.
3. How do I know if I am not eligible for this program?
You are not eligible if you fall in any of the following:
A. Newly registered users by Sept 15, onwards.
B. Users with “In arrears” (aka past due) status on or before Sept 15, 2020.
C. Users with zero outstanding dues by Sept 15, which means transactions made on Sept 15 onwards are not included
|Juan used Gcredit as a payment option||September 14|
|GCredit Bill (30 days billing cycle)||October 14|
|GCredit Due Date (+15 days)||October 29|
|Is Juan for grace period (Yes/No)||YES! *Use can opt to pay on Dec 28 (60 days from due date)|
|Ana used Gcredit as Payment Option:||August 30|
|GCredit Bill (30 days billing cycle):||September 29|
|GCredit Due Date (+15 days):||October 14|
|Is Ana Eligible for grace period (Yes/No):||YES! By Sept 15 (implementing date), user is in active status and with outstanding balance * User can opt to pay on December 13 (60 days from due date)|
|Jose used Gcredit as Payment Option:||September 15|
|GCredit Bill (30 days billing cycle):||October 15|
|GCredit Due Date (+15 days):||October 30|
|is Jose Eligible for grace period (Yes/No):||No, Jose is ineligible because he used GCredit on Sep 15 and did not have an outstanding balance before that - FAQ #3 - C.|
|Mary's GCredit Billed Date:||August 30|
|GCredit Due Date (+15 days):||Sept 14|
|In Arrears Date:||Sept 15|
|is Mary Eligible for grace period (Yes/No):||No, Mary is ineligible because customers who are past due on Sep 15 are ineligible - FAQ #3 - B.|
|Maria registered to GCredit:||Sept 15|
|is Maria Eligible for grace period (Yes/No) :||
No, Maria is ineligible because customers who registered on Sep 15 onwards are not eligible - FAQ #3 - A.
4. My GCash got automatically deducted, can I request to credit it back to my wallet?
Yes, you can still request a refund, provided you are eligible for the grace period.
IMPORTANT NOTE: Once the amount is successfully credited back to your GCash wallet, your GCredit will return in its “past due” status and your account will remain suspended.
In case you want to proceed, please follow the format below:
Email Subject: “Application for 60-Day Grace Period- Refund My payment”
Amount Requested for Refund:
GCash/Gcredit Registered Mobtel:
Send to: firstname.lastname@example.org
Note: Refund request will only be accepted until October 31, 2020.
5. Are my interest fees waived as well?
No. Interests will continue to Increase and will be applied on your billing date. Only penalties are waived under this program.
|Billing Cycle:||September 14- October 13, 2020; Due Date; October 29, 2020|
|Used GCredit to Pay Bills:||Sept 14|
|On Billing Date (1,000*5%):||Php 50|
|Total:||Php 1,050 **** accrued interest is still payable; in case you missed paying on due date, 200 peso penalty is waived|
6. Will my GCredit auto-deduction feature be disabled?
Yes, provided that you have registered using our online form found on the SMS/ App Notif we have sent you. But note that we have to further validate if your account is eligible before we deactivate the feature.
7. I did not apply through the online form sent to me, will I be eligible for the grace period?
You won’t be entitled to deactivation of auto-deduct feature, but you would still be subject to the following:
- GCredit as a payment option will still be suspended if account is unpaid after due date. (see FAQ#8)
- Accrued interest will still be applied on Statement of Account billing date. (see FAQ #5)
- Any payments made in advance (either through auto-deductions and push payments) can be refunded upon a separate request (see FAQ #4).
- Once grace period is applied and user fully pays his amount dues, succeeding transactions are deemed to be excluded from the grace period. (see FAQ #9)
- Penalty is waived (see FAQ #9)
8. Can I still use GCredit as a payment option even if missed my due date?
If you already missed payment on your due date (Sept 15- Oct 29), your GCredit as a payment option will remain suspended. Lifting of account suspension is not subject to the implementation of the Bayanihan 2 program. We recommend paying your missed dues as soon as possible to be able to use GCredit again.
9. How much penalty fees are to be waived?
Provided that you are eligible for the program and you have missed paying on your due date, you are entitled for the following penalty waiving:
- 200 Php (for 1-30 days past due date)
- 300 Php ( for 31-60 days past due date)*only applies on the same loan subject to 200 peso waiving
Note: If you missed paying your due dues at 1-30 days, we are waiving your 200 peso penalty.
In case you have managed to fully pay your outstanding dues within that 30-day period and was able to use GCredit as a payment option but missed your succeeding due date , that loan is no longer entitled for the grace period.
10. Can I request to increase my GScore and/or credit limit?
GScore increases as you maintain good credit standing; so in case you missed paying on your due date, regardless if 60-day grace period is applied, you are not allowed to request for GScore and credit limit increase.
11. Will my due date on Statement of Account, Gcash app, SMS/email reminders have an additional 60 days to pay when I avail?
Your statement of account will still reflect your due date, the same with what appears on your GCash app, SMS/email reminders. But regardless of what is stated on those reminders, you can still opt to pay 60-days from your due date, provided you are qualified to the program.
12. Can I still pay for my GCredit dues even if I am eligible?
Definitely yes! We highly encourage you to pay for your dues on your due date to avoid higher interest charges and for you to avoid your credit line suspension.