Metrobank Credit Card Quick Cash Terms and Conditions
Quick Cash – Visit any Metrobank branch to convert your available credit limit from your Metrobank Credit Card to same-day cash at 1% monthly add-on rate and pay in installments.
1. Eligibility
All active Metrobank credit cardholders in good credit standing1 are qualified to avail of Metrobank’s Credit Card Quick Cash Installment Facility (“Quick Cash”). Quick Cash is applicable to the following: (a) Metrobank Peso Platinum Mastercard, (b) Metrobank World Mastercard, (c) Metrobank Travel Platinum Visa, (d) Metrobank Femme Signature Visa, (e) Metrobank Titanium Mastercard, (f) Metrobank Toyota Mastercard, (g) Metrobank M Free Mastercard, (h) Metrobank Rewards Plus Visa, (i) Metrobank Cashback Visa, (j) Metrobank Vantage Mastercard, (k) Metrobank Vantage Visa, (l) Metrobank Femme Visa, (m) Metrobank NCCC Mastercard, and (n) Metrobank M Lite Mastercard.
The required minimum transaction amount is THREE THOUSAND PESOS (PHP 3,000.00). The total Quick Cash amount, inclusive of the total interest amount, must not exceed the principal cardholder’s available credit limit at the time of the application. If the cardholder is a supplementary cardholder, the amount must not exceed his/her available monthly spending limit.
2. Processing Fee
A non-refundable processing fee of PHP 250 shall be charged to the cardholder at the time of transaction.
Metrobank has the right to amend the processing fee at any time, and any such modification is regarded as binding on the cardholder upon prior notification in a manner Metrobank deems appropriate.
3. Availment Channel
Cardholders may avail of Quick Cash by visiting any Metrobank branch nationwide.
4. Application Processing
Cardholders must present a valid government ID and their Metrobank credit card, and complete a Quick Cash application form at any Metrobank branch nationwide. Metrobank reserves the right to require additional documents or information as may be necessary to process the application. For approved applications, proceeds will be released within the day from date of application through over-the-counter disbursement, the applicant’s own Metrobank current or savings account or issuance of manager’s check payable to the cardholder-applicant.
Cardholders must ensure that the nominated bank account is valid and that all the provided details are accurate and complete. Corporate, time deposit, cash deposit, and dollar accounts are not applicable. Metrobank will not be responsible for any loss or damage resulting from any error or processing failure caused by an incorrectly or fraudulently provided detail such as, but not limited to, Account Name, Account Number, and/or Amount.
In cases of erroneous processing of Quick Cash where the proceeds that were credited to the nominated bank account of the cardholder were not consistent with the agreed Quick Cash transaction, Metrobank reserves the right to rectify such error by any of the following actions:
a. Shortage (e.g. amount is less than the Quick Cash transaction) – Metrobank will process the shortfall to complete the transaction using the same rate and tenor.
b. Overage (e.g. duplicate credit) – Metrobank will recover the excess amount
5. Approval
All Quick Cash applications are subject to verification and approval by Metrobank. Metrobank has the absolute and exclusive right to approve or reject Quick Cash applications.
Once the application has been approved, the principal amount and processing fees shall be deducted against the cardholder’s available credit limit at the time of application. The applicable interest will only be deducted from the cardholder’s available credit limit upon billing for the monthly amortization.
All approved Quick Cash applications are deemed irrevocable and may not be cancelled.
6. Monthly Installment Amortization
A monthly add-on rate of 1% will be levied on the amount applied for installment. The interest is computed by multiplying the principal amount with the monthly interest rate multiplied by the chosen payment term.
The Monthly Effective Interest Rate (EIR) refers to the rate that exactly discounts estimated future cash flows through the life of the installment to the net amount of the installment proceeds.
The computation of the Monthly Installment Amortization shall be based on the diminishing balance method. The interest per installment period shall be calculated based on the remaining principal balance of the loan at the beginning of each installment period, and the principal and interest components of the computed installment amortization for the duration of the term will vary per billing month. The Monthly Installment Amortization shall be posted on the cardholder’s monthly Statement of Account (SOA) together with the cardholder’s other transactions, if any, and will form part of the cardholder’s Total Amount Due. Succeeding monthly amortizations shall be billed to the cardholder until Total Amount Payable is billed in full.
7. Payment
The cardholder agrees to settle the Monthly Installment Amortization. In the case of partial amortization payment(s), the amount due under Quick Cash shall be given last priority in the application of the said partial payment(s). Amounts paid after the due date shall be charged with interest and penalties similar to those charged to other past due accounts.
Should the cardholder decide to pay only the Minimum Amount Due or any amount below the Total Amount Due, only a portion of the Monthly Installment Amortization is considered paid. The entire remaining principal amount will be billed with the corresponding interest charges based on the application of payment. The unpaid portion of the Monthly Installment Amortization shall be included in the revolved amount that will be carried over to the next statement period and shall be subject to the regular finance charges. Failure to pay any monthly installment when due shall constitute default, wherein the remaining balance shall automatically become due and demandable with notice.
8. Pre-Termination by Cardholder
If the cardholder chooses to accelerate the Quick Cash transaction, a pre-termination fee of P550 or 5% of the remaining principal balance, whichever is higher, shall be billed to the cardholder. Any remaining balance (i.e. remaining principal amount based on the diminishing balance calculation and/or penalties, interest, and other charges) will be billed in full together with the corresponding interest charges, if any, on the following statement cycle date.
9. Suspension, Cancellation, Non-Renewal or Breach
If the Metrobank Credit Card is suspended, cancelled, or not renewed due to non-payment or a breach of the Metrobank Credit Card Terms and Conditions, all unpaid installment amortizations and outstanding balances in the cardholder's account shall automatically become due and demandable for immediate payment with notice.
10. Rewards Points
Quick Cash is not eligible to earn rewards points.
11. Data Privacy Statement
The cardholder agrees, consents, and authorizes Metrobank to disclose personal data, as defined by the Data Privacy Act of 2012 and its Implementing Rules and Regulations, to agents or service providers tasked with processing, collecting, and storing personal data for installment transactions, or to any third party, receiving bank, or financial institution involved in the installment transaction for purposes of implementing the Metrobank Quick Cash application.
12. Other Terms and Conditions
Metrobank Quick Cash is further governed by Metrobank’s General Banking Terms and Conditions and the Metrobank Credit Card Terms and Conditions. Cardholders acknowledge and agree that Metrobank may, in its sole discretion, suspend, cancel, or discontinue, whether temporarily or permanently, Metrobank Quick Cash or amend the fees, minimum amount, or interest rates at any time, upon reasonable notice in a manner Metrobank deems appropriate, without prejudice to approved applications prior thereto. Metrobank shall not be responsible for any liability, losses, damages, or expenses (including any penalty or finance charges imposed upon the cardholder) in connection with the foregoing.
By availing of Metrobank Quick Cash, the cardholder acknowledges that he/she has read, fully understood, and agreed to all the terms and conditions herein stated. Metrobank has the right to amend these terms and conditions at any time, and any such modification is regarded as binding on the cardholder upon at least sixty (60) days prior notice in a manner Metrobank deems appropriate, unless otherwise directed by the Bangko Sentral ng Pilipinas, existing laws, rules and regulations. The cardholder’s continued availment of Metrobank Quick Cash constitutes his/her acceptance of the updated terms and conditions.
Visit the official Metrobank website at www.metrobank.com.ph for announcements and updates related to Metrobank credit cards and the Metrobank credit card terms and conditions at www.metrobank.com.ph/articles/credit-card-terms-and-conditions For inquiries or concerns, cardholders may call the Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an email to customerservice@metrobankcard.com.ph.
Metrobank is regulated by the Bangko Sentral ng Pilipinas https://www.bsp.gov.ph
