Credit card use popular

Harshini Perera

Credit cards use has rapidly increased due to the positive economy at present. Sampath Bank has issued 836,000 cards upto January this year.

Sampath Credit Cards have not had an impact and have managed to overcome the sales drop in credit cards, this year, Sampath Bank Card Centre Chief Manager Nirosha De Silva said.

“The number of frauds involving Sampath Credit Cards has gone down due to the security measures taken by the bank.

“We have seen a drop in the number of default cards due to the collection methods followed by the Bank. Sampath Bank will not outsource services for collection,” she said.

Many card holders in general find it hard to limit their purchases using the credit cards.

Sampath will volunteer to educate the customers on how to use the card.

Sampath makes it their responsibility towards its customers, she said.

Sampath has been offering numerous offers for credit card holders and as a result of it there has been an increase in cardholders this year.

De Silva said that Sampath Bank is at present building a network with merchants in the Jaffna peninsula as part of the promotions to popularize credit card use in Jaffna.

“The interest rates reduction associated with credit cards depends on the cost of funds available while Sampath is positive of the further reduction in interest rates” she said.

Sampath Bank has reduced monthly interest rates from 3.8 percent last year to three percent this year for credit cards.