Relief Measures on Credit Cards

Relief measures on Credit Cards to support Customers and Community
  • Minimum Payment reduced by 50% for all Customers effective 1st April 2020 till 30th September 2020. Accordingly, the Minimum Payment will now be 2.5% of the statement outstanding amount as at the next statement generation date. This will be reflected commencing the 1st statement cycle in April which will be 9th April 2020. Kindly contact our hotline on 0112462462 or email [email protected] in the event you need your Standing Instruction reduced from 5% to 2.5%. The change will be reflected by the next statement cycle.
Update: Taking into consideration customer convenience and the current economic situation in the country, we are pleased to confirm that the above relief measure will be continued until 31st December 2020.
  • Late Payment Fees will not be charged commencing the 9th April 2020 statement cycle till 30th September 2020. The Bank will reverse the Late Payment Fees for Customer’s who were charged with a Late Payment between the period 24th March 2020 to 8th April 2020.
Update: The above fee will recommence w.e.f. 01st October 2020 and will be 0.75% of the credit limit or the total outstanding whichever is lower subject to a minimum of Rs. 750.
  • All payment due dates between the period 20th March 2020 to 25th April 2020 have been given a payment extension till 30th April 2020. Accordingly, the 20 March, 25th March, 3rd April, 13th April, 20th April and 25th April payment due dates have been given an extension till 30th April 2020. If the statement balance is paid in full, interest will be reversed and reflected in the May 2020 statement.
  • The above mentioned payment extension has been further extended from 30th April 2020 to 22nd May 2020. Accordingly, the 20 March, 25th March, 3rd April, 13th April, 20th April, 25th April, 4th May, 13th May and 19th May 2020 payment due dates have been given an extension till 22nd May 2020. If the statement balance is paid in full, interest will be reversed and reflected in the June 2020 statement. 
Update: The due dates will apply as per the Credit Card statement  w.e.f. 24th May 2020
  • Reduced interest rate from 28% to 15% for Customers with statement closing balance up to Rs. 50,000 till 30th June 2020. The prevailing interest rate of 28% p.a. will apply for statement closing balance exceeding Rs. 50,000. For example, if the statement closing balance is Rs. 70,000, an interest rate of 15% p.a. will apply for Rs. 50,000 and the prevailing interest rate of 28% p.a. will apply for the remaining Rs. 20,000. Following Customers will be excluded from the interest rebate;  
    • Exclude Customers who were not charged with an interest (Customers who makes full payments as no interest is charged).
    • Exclude Customers who have not performed a single local transaction (Retail or Cash advance) since 24th March 2020.
    • Exclude non-performing Credit Card customers.
  • The interest rebate will be credited on the subsequent statement cycle. For example, the interest rebate applicable for the 24th March 2020 – 23rd April 2020 statement cycle will be reflected on the 24th May 2020 statement cycle. Maximum interest rebate per statement cycle will be Rs. 534.24 (Rs. 50,000 *13% (30/365)).
Update: We are pleased to confirm that the interest rate on credit cards has been reduced from 28% to 18% per annum.