How to pay for my SkyroCredit?

With SkyroCredit, you only pay for what you’ve spent. There are 2 payment options for your SkyroCredit:

1. Minimum payment

2. Interest-free payment

1. Minimum payment option

“Minimum payment” keeps your account active with a smaller amount, but interest will apply to what you spent until it's fully paid. This is the the required amount you must pay to avoid late fees.

It’s 10% of your credit limit. If you choose to pay only the minimum, a 7% interest will apply to the outstanding balance until it is paid off.

Paying this smaller amount helps you avoid late payment fees and maintain a good credit history, but interest will continue to apply to the unpaid amount until the outstanding balance is paid off.

• Example: If your credit limit is ₱5,000, and your balance on the bill date is ₱1,000, the minimum payment is ₱500.

Note: The MP is never more than your outstanding balance, even if it's lower than 10% of your credit limit. So if your balance on the billing date is ₱150, the MP is ₱150.

Some important things to remember about SkyroCredit minimum payment, boss:

• It’s enough only to cover the interest and keep your payments on schedule, but it won’t help you to pay off your balance in a short period of time.

• It does not serve as an installment regular payment, similar to cash or Product Loans.
  
  If you can’t pay your outstanding balance by the due date, we highly recommend you to:
  1. Pay a higher amount than the minimum payment. This helps reduce your repay your balance faster and saves you money on interest.
  2. Pay just after the billing date, not on due date. This will reduce your balance ~2 weeks sooner and during that week the interest will be less because of that.

Remember, boss: If you only pay the minimum amount, a 7% interest will apply to the outstanding balance until it is paid off.

a. Autopay for minimum payment using SkyroPondo

You can use SkyroPondo to automatically pay your SkyroCredit minimum payment every month, boss. Just make sure you have enough balance in your account.

5 days before your due date, we’ll automatically use your SkyroPondo balance to cover your minimum payment due.

The autopay amount is not fixed. It depends on the amount shown on your SkyroCredit block on the home screen.

Note: Autopay for SkyroCredit does not apply to interest-free payments.

2. Interest-free payment option

“Interest-free” means paying your full bill on time, no interest added. The interest-free payment is shown on your SkyroCredit screen in the app. No need to compute anything, boss! This is the amount you used from your limit during the billing period.

Pay this amount on or before your due date to avoid interest charges. You will have up to 45 days to pay, starting from your previous billing date.

• Example: If your credit limit is ₱5,000 and you spend ₱2,000, paying the full ₱2,000 on or before your due date means no interest.

Tip: If you want to avoid interest charges and late payment fees, make sure to pay your full outstanding balance on or before your due date, boss.

To learn more about how SkyroCredit’s billing cycles work, go here. {link}