Bank Indonesia Extends Credit Card Payment Incentive Until Year-End

Bank Indonesia announced on Thursday that it is extending the relief measures for credit card bill payments until December 31, 2026. This policy, which has been prolonged several times since its initial expiration date in June, aims to bolster economic growth and support the nation's digital payment system.

Governor Perry Warjiyo detailed that the minimum payment requirement for credit card holders remains at 5% of the total bill. Additionally, late payment fees are capped at 1% of the total bill, with a maximum limit of Rp100,000. These measures are designed to ease financial burdens and encourage continued spending.

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The minimum payment policy for credit card holders is 5 percent of the total bill, and the late fee policy is a maximum of 1 percent of the total bill and not exceeding Rp100,000.

The central bank is also extending its fee policy for the Bank Indonesia National Clearing System (SKNBI). The SKNBI fee from Bank Indonesia to banks will remain Rp1, and the maximum fee from banks to customers will be Rp2,900.

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Since we know that with the pressure on people's purchasing power, we need to support growth because this payment system policy is pro-growth.

Deputy Governor Filianingsih Hendarta emphasized that the credit card relief is a "pro-growth" policy intended to stimulate the economy, especially given current pressures on people's purchasing power. She noted that credit card transaction volumes have seen significant growth, with 45.4 million transactions totaling Rp42.9 trillion in value, representing year-on-year increases of 8.6% and 13.4% respectively.

Hendarta added that the policy primarily assists the middle class in smoothing consumption and ultimately supports credit growth. This move signals Bank Indonesia's commitment to maintaining economic momentum through supportive financial policies.

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It primarily helps the middle class to buffer consumption, and ultimately to support credit growth.