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| Sunday, 6 January 2002 |
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Business |  |
| News Business Features Editorial
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Credit Card and for the common man Asia's first Visa Electron credit card was launched by Sampath Bank recently. "Globally this is used as a debit card, but we thought of introducing it as a credit card to help the common man," Managing Director of Sampath Bank Anil Amarasuriya said. He said: "It is very much like a traditional credit card, but can be used only at merchant outlets where a Point of Sale EDC terminal facility is available." A person with an annual income over Rs. 100,000 can apply for the card by paying an initial fee of Rs. 250. The minimum credit limit is Rs. 5000. Ten per cent of the total outstanding amount has to be settled within a period of 45 days. The membership fee is Rs. 250 per year. The card can be used at over 22 million merchant locations worldwide and 2000 locations in Sri Lanka. Among the other benefits are global convenience, 24-hour banking support, discounts, fast cash, worldwide recognition, extended working hours, wide-spread branch network, quick and easy access to cash and flexibility. Assistant General Manager Card Centre Ranjith Narangoda said that the bank processes around 800 - 1000 applications for a month, but 40 per cent of the applications are rejected due to the applicants inability to show the required income. The new card will overcome this difficulty and give everybody an opportunity to own and use a credit card. (SG). |
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| Editorial | Security Produced by Lake House |
