Commercial Bank reduces interest rate on credit cards

Wednesday, 12 November 2014 00:41 - - {{hitsCtrl.values.hits}}

Announces new rate of 1.83% per month on all credit cards

The Commercial Bank of Ceylon has announced a reduction in the interest rate applicable on all credit cards issued by the bank, effective from 5 November. The interest rate on outstanding balances on Platinum, Gold, Silver and Classic cards has been reduced from 24%to 22%per annum or 1.83% per month, the bank said. This reduction is in line with the trend of reducing lending rates, is timely in the context of the approaching festive season, and comes in addition to the many promotional benefits, discount packages and zero percent instalment benefit schemes available on Commercial Bank Credit Cards, the bank added. Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. The bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

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