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 March 29, 2022.
- New Interest Rates: Interest rates 18%.
- 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 principal payment: Your minimum payment is 2.77% of your outstanding balance or a minimum of XCG 15.
- Interest Free Period: 50-day interest free period on outstanding credit card balances.
- Cash advance fees: Republic Group’s cash advance fee will be 3.2% or a minimum of XCG 15.
- 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.republicbankstmaarten.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 tables below stated in XCG 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:
• You have a longer interest free period as a result of the change in billing cycles.
• 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 1-721-584-4725 (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.republicbankstmaarten.com/rbec-conversion for more information.
Sincerely,
Sterl Lyons
General Managing Director
Republic Bank (St. Maarten) N.V.