Dear Valued Customer,
Following our conversion to RFHL’s technology platforms on September 1, 2021, we would like to update you on the change 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 for ease of reference.
The minimum payment is calculated as follows:
1/36 months x Principal + Interest + Fees
1/36 (2.77%) x $1,000.00 + $34.96 + $65.00 =$127.74
Here’s what you can expect:
• 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 1-767-448-4725 or email us at conversion@rfhl.com should you have further questions or concerns.
Stay tuned to our social media pages or website, www.republicbankdominica.com/rbec-conversion for more information.
Sincerely,
Gina Severin
Country Manager
Republic Bank (E.C.) Dominica