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Get a Credit Card

Get a Credit Card

Why do you need a Credit Card?

  • Safer than carrying cash
  • It’s like cash, when you are running low on cash you can use your card to pay
  • Credit Card helps to build your credit record with the bank so its easier for you to obtain a loan
  • You will receive discounts, rewards, loyalty programmes and other offers when you pay through your Credit Card
  • Helps you plan your spending by keeping a track on your purchases
  • You can obtain a security free loan any time you want by way of a cash advance

 

How can you ensure your Credit Card application is approved ?


There are some things you can do to improve your chances of getting a Credit Card.

  • Fill in all details required in the application and submit it together with all supporting documents.
  • The minimum age limit to get a Credit Card is 18 years. However if you are below the age of 18 years you can still be an authorized user on your parents’ Credit Card, through a supplementary card holder.
  • While income limits may vary from bank to bank, regular monthly income is necessary to be eligible for a Credit Card.
  • Banks prefer applicants who have been in continuous employment. If you’ve been constantly changing jobs and have periods of unemployment, you may not get approval.
  • Having a good credit report makes all the difference. All banks, finance companies and Credit Card issuers maintain a detailed track record of your payments and these are centrally reported and maintained with the Credit Information Bureau of Sri Lanka (CRIB).
  • Your Credit Card application will be scored based on all details provided in your application such as personal and employment details.
  • If you hold any existing loans or other borrowed facilities, make sure they are serviced repaid without delay in payment. If not, Credit Card issuers will be hesitant to give you a Credit Card, assuming you may fail to make payments.
  • Generally your residence, employment and income will be verified independently before approving your Credit Card. So please ensure to provide accurate and uptodate information.

 

What are the different types of cards available ?


ATM Cards

An ATM Card is a PIN-based card. You can use the ATM Card to withdraw cash from Automated Teller Machines.

 

Debit Cards

A Debit Card looks just like a regular ATM Card, and you can use it at ATMs. The difference is that a Debit Card has a Visa® or Mastercard® logo on its face. That means you can use a Debit Card wherever Visa® or Mastercard® Debit Cards are accepted, for example, department stores, restaurants, or online.

A Debit Card is not a Credit Card. When you use a Debit Card, the money is deducted from your Current or Savings Account

ATM and Debit Cards allow you to use ATMs, a safe and convenient way to manage your money. There are millions of ATMs worldwide and you can use many ATMs 24 hours a day, 7 days week. ATM and Debit Cards are also a convenient way to make purchases without carrying cash that help you keep better track of the money you spend.

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Credit Cards

Credit Cards offer a line of credit (i.e., a loan) that is interest-free if the monthly credit card bill is paid on time. Instead of being connected to a personal bank account, a Credit Card is connected to the bank or financial institution that issued the card.  

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