‘Total credit around Rs. 30m at any given time’:

Credit card usage on the increase

Gayan KANCHANA

At present around nine hundred thousand credit cards are being used in the local market and the total credit on these cards is around Rs. 30 million at any given time,” said AGM BoC Card Centre, Bank of Ceylon, Sarath Stembo.

“At present the BoC enjoys a 7 percent market share in the credit card market and we have a strong customer base. The BoC has a 7.5 million-strong customer base. The BoC could not afford to compromise on quality in favour of volume as we could depend on our existing customers to expand our card base,” he said.

Stembo said that the BoC recently launched its latest addition to their card family - the visa platinum card (BoC Black). It is renowned throughout the world as a prestigious and exclusive credit card. The discerning customer with a high net worth of the bank requires a credit card with worldwide recognition, prestige and privileges.

The benefits that go with the BoC black card are unparalleled to that of any other card in the world and we felt we owed it to our prime customers to offer them this exclusive card, he said.

In addition to the exclusive privilege and extraordinary international offers provided by the BoC black card, a cardholder and his family members automatically get entitled to a comprehensive worldwide travel insurance cover up to a maximum of US$.250.000 and its members become beneficiaries of a medical insurance cover scheme to a maximum of US$ 100,000 without any premium cost.

He said, “The BoC was the first bank to issue a credit card in February 1989 by launching the ‘Ceybank Visa card’.

Soon after the BoC was honoured by Visa International for building the credit card merchant network throughout the island, which is vital for a vibrant credit card industry”.