Seylan Bank goes for new credit card

Seylan Bank launched a credit card at a low interest rate compared to prevailing rates in the credit card industry while eliminating all fees and charges.

Termed 'Freedom' credit card, it was introduced to the market in partnership with MasterCard and will offer great value to card holders, Director and Chief Executive Officer, Seylan Bank, Kapila Ariyaratne said.

Going beyond dispensing conventional fees, the Bank will extend deals and discounts the current card holders enjoy to the Freedom card holders as well, he said."Decades of experience and intensive research has helped us clearly identify the different kinds of credit card users and allowed us to tailor our products to suit each type of customer," Ariyaratne said.

"We found that while consumers appreciate the security and convenience offered by credit cards, they areincreasingly weary of the plethora of fees charged," he said. All Sri Lankans above 18 with a monthly income of Rs. 50,000 and above or a fixed deposit of over Rs. 100,000 will be eligible to apply for this credit card. 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 Rs. 500 which will be charged to the monthly statement only if the monthly credit card spend is lower than Rs. 10,000. The credit limit ranges from Rs. 50,000 to Rs. 500,000 with no annual fees.