Friday, December 2

Which bank has the best Credit Card in Sri Lanka?

Which bank has the best credit card in Sri Lanka?

Its easy to determine the best of credit card in Sri Lanka when you know exactly the purpose of having the card.
You may use the credit card for online shopping, for fueling, to buy things on zero interest installments or even to buy things when you’re completely broke!

With contact delivery options readily available after Covid-19 pandemic in Sri Lanka, most merchants either in-store or online got along with major banks in Sri Lanka to offer contactless delivery. This created a need for debit/credit cards, mainly amongst the youth!

But before you get yourself a credit card, make sure you have at least these minimum requirements

    • A valid National Identity Card / valid driving license
    • Over the age of 18
    • Minimum salary of Rs.25,000 p.m. (for at least 3 months) or consistent monthly deposits to your bank (entrepreneurs)
  • Tip: The easiest banks to get a credit card is HSBC Sri Lanka. They literally come to your house!

American Express / AmericanExpress (Amex) or Visa or Mastercard Credit card is better in Sri Lanka?

Visa & Mastercard is well accepted anywhere in Sri Lanka. Even if you head towards the 4 corners of the Sri Lanka, Visa & Mastercard will be accepted.

American Express or most famously known as Americanexpress in Sri Lanka or Amex in Sri Lanka is a different story. Most merchants don’t accept American Express mode of payment in Sri Lanka.

Amex is mostly available in Colombo but not in other parts of the country. So might as well have both Amex and a Visa/Mastercard with you!

So, which bank has the best credit card in Sri Lanka?

Once again, this depends on your requirement. Let me explain.

If your requirement is to use your card to pump fuel, you should be very selective as most banks has a surcharge for pumping fuel. These cards are recommended.

There is Bank of Ceylon, with their BOC Fuel Card. Its interesting what they offer (Click here to visit bank page)

Tip: American Express in Sri Lanka is offered by 2 banks, Nations Trust Bank & Sampath Bank. Head over to Nations Trust Bank’s American Express, Sri Lanka credit card as it has more perks!

But if your requirement is to buy expensive things you love, on zero percent interest on installment basis, check these out.

    • HSBC – HSBC all cards offer installment basis more than any other bank.
    • Nation Trust Bank American Express – Amex from NTB has call & convert during most seasons

All other banks offer installment basis payment plans for during Christmas, New Years and sometimes during the month of August or September.

Also, Union bank has a cool introductory offer. For newcomers, they offer 18 month 0% instalment plan on anything for a transactions above LKR 25,000/- (without the handling fee).

Problem of having a credit card in Sri Lanka!

  • If you’re planning to take a loan in the future, don’t have multiple credit cards
  • Your availability of credit for a loan will reduce based on your credit card credit limit. The more credit cards you have, the less the loan amount will be!
  • You have unlimited power! And you will spend like you’re Elon Musk! So be careful.
  • HIGH interest rates – some banks have high rates of even 35% interest. If you have a credit balance of Rs.100,000, you will have to pay a total annual interest of Rs.35,000!

There are so many banks out there which has different benefits based on your requirements. The most used credit cards are Sampath Bank Visa, Mastercard, American Express cards / Nations Trust American Express Credit Cards / Bank of Ceylon Visa Credit Card / Commercial Bank Credit Card
So, make sure you make the right choice!

How can I improve my credit limit?

It depends on your monthly deposit or salary that you’ve mentioned in the application & based on your spending patterns (it depends on the bank – HSBC doesn’t expand your limit even if you spend the credit limit everyday)

But there are 2 ways to improve;

  • Use your card
  • Provide income statement to extend
  • Request to increase credit limit (depends on your spending)
  • Apply for an upgrade
  • Pay your bills on time (strong credit score)
  • Be patient until the miracle happens

Tip: Having a high credit limit shows that you have a high credit score, which makes getting your next loan approved faster.

How can I improve my credit score with a credit card?

Sri Lanka has a credit information bureau which is called as the CRIB (http://www.crib.lk/). A crib report gives details of all credit facilities availed of by an individual or corporate entity from any of the authorized lending institutions (banks, other financial institutes etc.)\

All your credit transactions are monitored through this bureau. Any transaction that you make from your credit card will be recorded here whilst giving you a credit score.

Having a credit card, given the fact that you can repay the balance before the due date will show that your ability to repay credit is strong, thus increasing your credit score.

So, if you have a credit card and you pay back instantly, it will be easier for you to get your next loan approved by a bank!
Which credit card offers most perks/benefits in Sri Lanka?

Its hard to say as all banks go crazy with their promotions during seasonal times. But banks like HSBC, Seylan Bank, Sampath Bank, National Development Bank & NTB AMEX offers promotions frequently than other banks.

What is American Express – Amex Platinum Card?

It sounds like I am promoting Amex or Amex platinum card, but I am not! Out of all the cards out there, Amex Platinum card has most benefits compared to everyone else! Plus you get points too, which can be redeemed by the end of your term!

The other plus point which other cards doesn’t offer is, most of these promotions are valid world-wide, which is insane!

Apply for a Amex Platinum card – check this link: Amex Platinum card

You can apply online from any bank for credit cards in Sri Lanka. All you have to do is to go to the respective bank, put your details and they will call you back the next second!

Hope your doubts are cleared? If you still need to figure more credit card related problems, check this link: (Click here)

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