DFCC Vardhana Bank launches credit cards

HARSHINI PERERA

The total number of credit cards used in Sri Lanka at the end of 2008 was 900,000, which is 10 percent of the total transactions, said CEO/Managing Director, DFCC Vardhana Bank, L.G. Perera.

He was speaking at the launch of credit cards by DFCC Vardhana Bank, marking another milestone in their effort to provide the best banking services.

The credit cards will be available in Vardhana Visa Classic and Gold. The Vardhana Credit Cards can be used at over 30,000 VISA merchants islandwide and at over 20 million merchants around the world. It also facilitates transactions at 1,000 ATMs islandwide and two million ATMs around the world and it could be used up to 50 percent of the individual credit limit, he said.

Explaining as to why they selected VISA credit cards, the CEO said that the VISA credit card which has been affected by the economic crisis still finds it way to stay vulnerable not because of its credit value but due to the convenience it delivers.

He said that credit cards are used in most transactions and Visa cards were the market leader - 58 percent - 60 percent worldwide.

Initially, the DFCC Vardhana Bank only introduced Visa Credit cards but in due course it would introduce Debit cards and connect all credit cards to the one million international ATMs.

He said that existing customers including the business community would be the first to receive the facility since the DFCC Vardhana Bank had recorded the highest growth in deposits during the last quarter in 2009.

The interest will be one percent below the market rates. The Chairman of DFCC, Rajan Britto said that they would open four new branches and would improve their services to the North with the peaceful conditions prevailing.