Banking
Pan Asia Bank gives a human face to credit cards with the lowest interest of 19.75%
View(s):Pan Asia Bank has redefined the local credit card arena with the introduction of MasterCard Black card which comes with the lowest interest rate of 19. 75% per annum giving a human face to credit card transactions, a top official of the bank said.
Credit card owners who are paying very high interest rates and hidden charges on their card balances are going to be relieved through the value additions and offerings aimed at making life easy through Pan Asia Bank credit cards, Deputy General Manager –Retail Banking and SME Irishad Ally told Sunday Times in an interview with Finance and Banking segment .
Mr. Irishad Ally – DGM Retail Banking & SME
He commented that the MasterCard Black which was launched this week with lowest interest rate in the market also contains value additions such as EMV chip card with added security, attractive discounts from local merchants, many international benefits, a free credit period of 51 days, free SMS alerts on mobile phones of customers and ATM cash advances through Cirrus ATM net work world wide.
Mr. Irishad Ally asserted that one of the most significant benefits offered by Pan Asia Bank Black is the ability for cardholders to transfer their high interest paying balances from other credit cards to this card and start paying a much lower interest on those balances immediately.
This facility to transfer balances free of charge is another genuine attempt at giving a human face to credit card business in Sri Lanka. To further support this initiative, he said that the Black card is being offered without Joining Fees for the primary as well as supplementary cards. He also commented that there are absolutely no hidden charges for Pan Asia Bank credit cards.
“Credit card business operates predominantly on interest but if the interest is very high, cardholders will find it difficult to repay the debt due to high cost of living” he said adding that Pan Asia Bank Black Card’s lowest interest rate of 19.75% is 4.25% less than the Central Bank’s stipulated 24% interest for credit cards”.
Mr Ally said that the launch of the bank’s lowest interest Black card is a positive response from Pan Asia Bank to Central Bank’s requests to banks to reduce interest rates on lending to stimulate the economy. “We have taken this initiative to take off some burden and eased off repayment difficulties from the card holders and give much needed support to drive the economic activities of the country,” commented Mr. Ally.
He also noted that the bank is taking action to introduce novel credit card practices for the benefit of card holders who have been badly affected by various types of fees, charges and other questionable billing practices. ” He further added that he is hopeful that Pan Asia Bank’s new initiative will motivate other banks also to take positive measures to ease these burdens which will be beneficial to customers.
“In addition, many exciting value added services are in store to be introduced gradually to Pan Asia Bank card holders making their life easier and convenient for them” he revealed.
Mr. Ally added that Pan Asia Bank is working closely with MasterCard International to introduce value added credit cards in Sri Lanka and it was as a part of this strategy that the bank last year commenced issuing “World MasterCard” which is the highest category of MasterCard currently being issued in the world. This version of the MasterCard provides incomparable membership access and privileges with higher credit limits and additional features that goes beyond the regular discount and special offers available in the local market. Pan Asia Bank was the first Sri Lankan bank to introduce World MasterCard in Sri Lanka, he added.
Mr. Ally stated that Pan Asia Bank remains strongly focused on its new product development strategy to come up with true value products that provide a real tangible benefit to its customers. “Recently launched innovative products such as “Suwa Savi” Fixed Deposit that offers a free family medical insurance cover along with an attractive interest, Daskam Children’s Savings account which offers an additional 10% deposit on top of each and every deposit and Champion Saver Savings Account which for the first offered 8% interest p.a., (8.33% A.E.R.) on regular savings deposits are all examples of our bank’s strong commitment to the above strategy. The launch of the Pan Asia Bank Black card with the lowest interest rate of 19.75% p.a is also a result of this commitment and we are confident that all Sri Lankan financial services consumers will benefit immensely due to the competitiveness we have infused to the market with our true value products” concluded Mr.Ally.
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