June 10, 2015 (LBO) – Sri Lanka’s Seylan Bank launched a new line of credit cards eliminating all fees and slashing down the interest rate, the bank said.
“We found that while consumers appreciate the security and convenience offered by credit cards, they are increasingly weary of the plethora of fees charged,” Kapila Ariyaratne, Director and Chief Executive of Seylan Bank said.
“Easing these worries together with MasterCard, we now dedicate the Seylan Freedom Credit Card to Sri Lankan consumers.”
The new cards, brought to market in partnership with MasterCard, has waved out traditional fees and charges while providing deals and discounts.
“Decades of experience and intensive research has helped us clearly identifing the different kinds of credit card users and allowed us to tailor our products to suit each type customer.”
All Sri Lankans over the age of 18 with a monthly income of 50, 000 rupees and above or a Fixed Deposit of over 100, 000 rupees will be eligible to apply for this new credit card from Seylan Bank.
With up to 51 days interest free credit, cardholders will be charged a nominal interest of 20 percent per annum.
Doing away with the multiple fees associated with credit cards, Seylan Bank will be charging a one off maintenance charge of 500 rupee which will be charged to the monthly statement only if the monthly credit card spend is lower than 10, 000 rupees.