COMBank first off the block to cut credit cards interest rates

Thursday, 4 November 2010 07:07 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has effected an immediate reduction in the interest rate applicable on all credit cards issued by the Bank thereby becoming the first in the industry to announce such a move.

“The interest rate on outstanding balances on our Gold, Silver and Electronic cards has been reduced from 35 per cent to 22 per cent per annum or 1.83 per cent per month with effect from 1 November 2010,” a spokesman for Commercial Bank said.

“This reduction is in line with the trend of reducing lending rates, and is even less than the 24 per cent rate requested by the Central Bank from the credit card issuing banks of Sri Lanka, and comes in addition to the many promotional benefits, discount packages and zero per cent installment benefit schemes available on Combank Credit Cards,” he added.

The Commercial Bank’s operations in Sri Lanka consist of 185 branches and Supermarket Banking Counters and an ATM network of 385 terminals. The Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinanceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.