Seylan Bank PLC unveiled yet another groundbreaking product - Freedom credit card partnering with MasterCard at a recent press briefing to fulfil the needs of its every potential credit card holder.
The credit card in the process excludes the need to pay traditional fees and any other fees that would free its users from the discomfort of monthly expenses.
“For the first time in Sri Lanka a credit card has been launched with no fees, basically we have taken away all the fees -- annual fee, joining fee, late payment fee, over limit fee, enhancement fee, etc.,” said Seylan Bank Chief Manager Cards Nimesh Fernando.
Every customer who earns a basic of Rs.50,000 or with a fixed deposit of Rs.100,000 is entitled to own the card with the additional benefit of only 20 percent nominal interest per annum.
The credit card holders are expected to spend a minimum of Rs.10,000 per month and those who do not reach this limit would be charged with just Rs.500 per month.
“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. We found that while consumers appreciate the security and convenience offered by credit cards, they are increasingly weary of the plethora of fees charged,” Seylan Bank Director and Chief Executive Officer Kapila Ariyaratne said.
“Seylan Bank has identified customers who use the card on a monthly basis who could easily spend Rs.10,000 on a monthly basis,” Fernando added.
“Simply speaking, they can have the card but we need to get a commitment of Rs.10,000 a month, the only fee we would charge if at all is Rs.500 if the customer does not keep the commitment,” he elaborated.
“Just because the customers do not have to pay fees doesn’t mean they do not get to enjoy offers that Seylan Bank has been offering,” he further added, explaining about the privileges and special discounts of a MasterCard that can benefit its users.
Thus, Freedom credit card holders are subjected to many perks as a result of Seylan Bank’s trusted excellence.