Best Credit Cards In Sri Lanka for 2019 - Compare & Apply Online

The Best Credit Card Decisions Start By Comparing Interest, Fees and Features. Compare & Apply Credit Cards from various categories such as Travel, Shopping, Rewards, Cash back, Premium, Balance Transfer, Benefits and Fees etc. Find the Best Credit Card for you - Fast, Simple & Clear Comparison.

We help you to Compare, Choose and Apply for the best credit cards in Sri Lanka.

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Rates last updated October 15th, 2019.

Select a Bank   
  • Type 

  • Joining Fee (LKR)

  • Annual Fee (LKR)

  • Min. Salary (LKR)

  • Credit Limit (LKR)

  • Interest Rate (p.a.)

Cargills Master Gold Card Cargills Bank Cargills Master Gold Card

  • Type

    Master Card Logo in Sri Lanka
  • Joining Fee

    500
  • Annual Fee

    1,000
  • Min. Salary

    10,000
  • Min. CreditLimit

    20,000
  • Interest Rate(p.a.)

    20%
  • Apply Now

Cargills Master Platinum Card Cargills Bank Cargills Master Platinum Card

  • Type

    Master Card Logo in Sri Lanka
  • Joining Fee

    2,000
  • Annual Fee

    3,500
  • Min. Salary

    75,000
  • Min. CreditLimit

    250,000
  • Interest Rate(p.a.)

    20%
  • Apply Now

Cargills Master Titanium Card Cargills Bank Cargills Master Titanium Card

  • Type

    Master Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    2,500
  • Min. Salary

    35,000
  • Min. CreditLimit

    100,000
  • Interest Rate(p.a.)

    20%
  • Apply Now

Pan Asia Master Black Card Pan Asia Bank Pan Asia Master Black Card

  • Type

    Master Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    3,000
  • Min. Salary

    60,000
  • Min. CreditLimit

    200,000
  • Interest Rate(p.a.)

    22%
  • Apply Now

Pan Asia Master Gold Card Pan Asia Bank Pan Asia Master Gold Card

  • Type

    Master Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    2,000
  • Min. Salary

    25,000
  • Min. CreditLimit

    100,000
  • Interest Rate(p.a.)

    22%
  • Apply Now

Peoples Bank Visa Classic Card Peoples Bank Peoples Bank Visa Classic Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    400
  • Annual Fee

    750
  • Min. Salary

    30,000
  • Min. CreditLimit

    100,000
  • Interest Rate(p.a.)

    22%
  • Apply Now

Peoples Bank Visa Gold Card Peoples Bank Peoples Bank Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    750
  • Annual Fee

    1,750
  • Min. Salary

    50,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    22%
  • Apply Now

BOC Visa Platinum Credit Card Bank of Ceylon BOC Visa Platinum Credit Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    3,000
  • Min. Salary

    100,000
  • Min. CreditLimit

    250,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

BOC Visa Gold Card Bank of Ceylon BOC Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    2,000
  • Min. Salary

    30,000
  • Min. CreditLimit

    75,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

BOC Master Gold Card Bank of Ceylon BOC Master Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    2,000
  • Min. Salary

    30,000
  • Min. CreditLimit

    75,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

BOC Visa Classic Card Bank of Ceylon BOC Visa Classic Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,000
  • Annual Fee

    1,000
  • Min. Salary

    15,000
  • Min. CreditLimit

    50,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Commercial Visa Infinite Card Commercial Bank Commercial Visa Infinite Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    6,500
  • Min. Salary

    Inivitation Only
  • Min. CreditLimit

    2.5 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

Commercial Master Premium Card Commercial Bank Commercial Master Premium Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    5,000
  • Min. Salary

    200,000
  • Min. CreditLimit

    750,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Commercial Visa Signature Card Commercial Bank Commercial Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    5,000
  • Min. Salary

    200,000
  • Min. CreditLimit

    750,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Commercial Visa Platinum Card Commercial Bank Commercial Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,250
  • Annual Fee

    3,000
  • Min. Salary

    100,000
  • Min. CreditLimit

    300,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Commercial Visa Gold Card Commercial Bank Commercial Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,000
  • Annual Fee

    2,000
  • Min. Salary

    50,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Commercial Visa Classic Card Commercial Bank Commercial Visa Classic Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    750
  • Annual Fee

    1,000
  • Min. Salary

    25,000
  • Min. CreditLimit

    50,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

DFCC Premier Infinite Visa Card DFCC Bank DFCC Premier Infinite Visa Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    Free
  • Min. Salary

    Inivitation Only
  • Min. CreditLimit

    5 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

DFCC Visa Signature Card DFCC Bank DFCC Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    4,500
  • Min. Salary

    175,000
  • Min. CreditLimit

    750,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

DFCC Visa Platinum Card DFCC Bank DFCC Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,000
  • Annual Fee

    2,500
  • Min. Salary

    50,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

DFCC Visa Gold Card DFCC Bank DFCC Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    400
  • Annual Fee

    1,500
  • Min. Salary

    25,000
  • Min. CreditLimit

    100,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

HNB Visa Infinite Card HNB HNB Visa Infinite Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    5,000
  • Min. Salary

    Inivitation Only
  • Min. CreditLimit

    2.5 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

HNB Visa Signature Card HNB HNB Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    4,000
  • Min. Salary

    375,000
  • Min. CreditLimit

    2 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

HNB Visa Platinum Card HNB HNB Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    3,000
  • Min. Salary

    125,000
  • Min. CreditLimit

    500,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

HNB Visa Gold Card HNB HNB Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    2,000
  • Min. Salary

    50,000
  • Min. CreditLimit

    250,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

HNB Visa Classic Card HNB HNB Visa Classic Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    1,000
  • Min. Salary

    30,000
  • Min. CreditLimit

    100,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

HSBC Advance Visa Platinum HSBC HSBC Advance Visa Platinum

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    Free
  • Min. Salary

    500,000
  • Min. CreditLimit

    2.5 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

HSBC Visa Signature Card HSBC HSBC Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    2,500
  • Annual Fee

    7,000
  • Min. Salary

    200,000
  • Min. CreditLimit

    750,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

HSBC Visa Platinum Card HSBC HSBC Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    4,000
  • Min. Salary

    50,000
  • Min. CreditLimit

    200,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

NDB Visa Infinite Card NDB NDB Visa Infinite Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    2,500
  • Annual Fee

    6,500
  • Min. Salary

    400,000
  • Min. CreditLimit

    1 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

NDB Visa Signature Card NDB NDB Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    2,500
  • Annual Fee

    5,000
  • Min. Salary

    250,000
  • Min. CreditLimit

    500,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

NDB Visa Platinum Card NDB NDB Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    2,500
  • Annual Fee

    3,500
  • Min. Salary

    150,000
  • Min. CreditLimit

    300,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

NDB Visa Gold Card NDB NDB Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    2,500
  • Min. Salary

    50,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

NDB Visa Silver Card NDB NDB Visa Silver Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    1,500
  • Min. Salary

    20,000
  • Min. CreditLimit

    50,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Sampath Visa Infinite Card Sampath Bank Sampath Visa Infinite Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    7,500
  • Min. Salary

    Inivitation Only
  • Min. CreditLimit

    2.5 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

Sampath Platinum Ultramiles Sampath Bank Sampath Platinum Ultramiles

  • Type

    Amex Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    7,500
  • Min. Salary

    160,000
  • Min. CreditLimit

    750000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Sampath Visa Signature Card Sampath Bank Sampath Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    5,000
  • Min. Salary

    250,000
  • Min. CreditLimit

    750,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Sampath Visa Platinum Card Sampath Bank Sampath Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,000
  • Annual Fee

    3,000
  • Min. Salary

    85,000
  • Min. CreditLimit

    200,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Sampath Visa Gold Card Sampath Bank Sampath Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,000
  • Annual Fee

    2,500
  • Min. Salary

    50,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Seylan Visa Platinum Card Seylan Bank Seylan Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    2,750
  • Annual Fee

    4,000
  • Min. Salary

    65,000
  • Min. CreditLimit

    200,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Seylan Visa Gold Card Seylan Bank Seylan Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,250
  • Annual Fee

    2,500
  • Min. Salary

    35,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Seylan Visa Classic Card Seylan Bank Seylan Visa Classic Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,250
  • Annual Fee

    2,500
  • Min. Salary

    20,000
  • Min. CreditLimit

    50,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Standard Charted Visa Infinite Standard Charted Standard Charted Visa Infinite

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    Free
  • Annual Fee

    Free
  • Min. Salary

    Inivitation Only
  • Min. CreditLimit

    2 Mil
  • Interest Rate(p.a.)

    28%
  • Apply Now

Standard Charted Visa Signature Standard Charted Standard Charted Visa Signature

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    7,000
  • Min. Salary

    200,000
  • Min. CreditLimit

    750,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Standard Charted Visa Platinum Standard Charted Standard Charted Visa Platinum

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    5,000
  • Min. Salary

    50,000
  • Min. CreditLimit

    200,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Standard Charted Visa Gold Standard Charted Standard Charted Visa Gold

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    500
  • Annual Fee

    2,500
  • Min. Salary

    30,000
  • Min. CreditLimit

    150,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Union Visa Signature Card Union Bank Union Visa Signature Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    2,500
  • Annual Fee

    5,000
  • Min. Salary

    150,000
  • Min. CreditLimit

    500,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Union Visa Platinum Card Union Bank Union Visa Platinum Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,500
  • Annual Fee

    3,000
  • Min. Salary

    100,000
  • Min. CreditLimit

    300,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

Union Visa Gold Card Union Bank Union Visa Gold Card

  • Type

    Visa Card Logo in Sri Lanka
  • Joining Fee

    1,250
  • Annual Fee

    2,500
  • Min. Salary

    30,000
  • Min. CreditLimit

    70,000
  • Interest Rate(p.a.)

    28%
  • Apply Now

* Credit cards compared on this page are chosen from a range of credit cards five.lk has access to track details from and is not representative of all the products available in the market.  Products are displayed in no particular order or ranking. You must consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Your Guide To Credit Cards In Sri Lanka

Compare & Apply Credit Cards from various categories such as Travel, Shopping, Rewards, Cash back, Premium, Balance Transfer, Benefits and Fees etc. To choose the right credit card for you, you need to look at how you plan to use it, your current financial situation and your future goals.

There are many people & institutions who would recommend that you get a credit card, but before you do consider, it’s critical to provide yourself with the knowledge on how to use one to avoid getting yourself in an expensive pile of debt. A credit card can offer you many benefits through its features and can be a great tool to manage your finances and a credit card is a great alternate option for cash provided that you are able to repay the amount you spend each month. However, if you are not careful, you can get yourself into the credit card trap.

  • It’s safe to carry around than a wad of cash
  • You get to enjoy extra benefits including protection on your purchases, cashback, air miles and rewards, and discounts or promotions with retail outlets or restaurants
  • It can be good for your credit score to build credit history, which is needed when applying for other personal finance products such as loans and mortgages
  • It can also help you pay for expensive purchases with a 0% interest easy payment plan that splits your lump sum payment into affordable installments over duration of months or over a few years.

Our comprehensive guides on financial products such as credit cards, personal loans etc. will help you to equip you with the necessary information you need to avoid landing yourselves in huge amount of debt traps.

How Do Credit Cards Work In Sri Lanka?

Much like personal loans, credit card works. In Sri Lanka, when you buy something using the credit card, basically you borrow money from the card issuer which needs to be repaid back by the end of each month. You have to pay the whole amount you have borrowed or else an interest is charged on unpaid amount.

Credit cards, no doubt are good to help manage your finances and can earn you a good credit score if used properly. But if you fail to understand how it works, you will find yourself trapped in a bigger debt.

Let’s read in detail about the components of how a credit card works:

For Purchases: To purchase anything using credit card is a simple process. You can buy things online or offline by entering the card details while making payments. For online purchases, provide your credit card details and the payment will be processed under proper security checks. The transaction may fail if you have exceeded the credit limit. To shop something at land based stores, you need to swipe the card or tap it at the payment terminal and the transaction will be processed with your signature or PIN number. Enjoy a hassle free shopping experience with credit card. Here are five parties involved in the entire transaction process:

  • Cardholder: A cardholder can be any person i.e. you, your wife, your children or any other person.
  • Card issuer: Banks, financial institutions and consumer finance companies are the issuers.
  • Credit card network: Organizations like Visa, American Express and Master card act as the middlemen between the banks and merchant acquirers. They set up the payment system to make shopping a seamless experience.
  • Merchant: Any company or website that accepts credit card to make payments.
  • Merchant acquirer: Banks or institutions are the acquirers as they process credit card transactions for merchants with the help of POS terminal.

Credit card repayment:Paying back the credit card money is important or else you will end up having big debts at end of the year. Also, if you don’t pay the full amount back within the grace period of 30 or 50 days, the bank will charge some interest on the outstanding amount. So to avoid paying the interest, it is recommended to repay the whole amount or at least the minimum amount. Not paying back the full amount entitles you to pay extra costs in the form of interest rate.

Eligibility Criteria for Credit Cards in Sri Lanka

The general eligibility criteria to avail a credit card in Sri Lanka are as follows:

  • If you are applying for a principal credit card, you must be above 21 years
  • The minimum income requirement is LKR15, 000.

You will have to submit the following documents while applying for a credit card:

  • A copy of NIC or passport
  • Latest 3 months’ salary slip for permanent employees
  • If you are self-employed, you must submit a copy of Business Registration and latest 6months’ bank statements.

Credit Card Interest Rates In Sri Lanka

Sri Lanka’s banks have recently raised the interest rates on their credit card and several other loan products as the Central Bank gave them the green light to price their loans to reflect market interest rates. Therefore, In Sri Lanka, credit card interest rates are commonly ranging in between 24 - 28% p.a.

  • Bank

    Interest Rate (p.a.)

  • Bank of Ceylon Credit Cards
    28%
  • Commercial Bank Credit Cards
    28%
  • DFCC Bank Credit Cards
    28%
  • Hatton National Bank Credit Cards
    28%
  • Nations Trust Bank Credit Cards
    28%
  • NDB Bank Credit Cards
    28%
  • Pan Asia Bank Credit Cards
    28%
  • Peoples Bank Credit Cards
    28%
  • Sampath Bank Credit Cards
    28%
  • Seylan Bank Credit Cards
    28%
  • Standard Chartered Bank Credit Cards
    28%
  • HSBC Credit Cards
    28%

Credit card payments in Sri Lanka

You can pay the amount due in full before the due date, this way you will not be charged any interest. The right way to use a credit card is to make the payment in full each month. When you aren’t charged any interest, you can accrue substantial rewards. It will also help you build a good credit score when you are paying your balance in full every month.

If you are carrying over the balance for the next month, you will be charged interest on the balance. The interest for cash advances is higher than the interest charged on the purchases of goods and services.

If you wish to enjoy no interest on your credit card, you will have to pay the balance in full. The banks and credit card companies will wait for two billing cycles to determine if the interest will be waived off. You must ensure that you are paying the balance in full before the due date, otherwise you will not get the interest waiver if there is interest of the previous month carried forward.

Although credit card is quite handy, it can push you in a terrible condition due to inappropriate or improper use. Follow these things before you choose a credit card:

So when you choose a credit card, here are important things to consider:

  • Spending habits
  • The interest rate
  • Credit limit
  • Fees and penalties
  • Balance computation method
  • Incentives

Spending habits: Before you take a credit card, you have to analyze your spending habits. If you are a person who is fond of frequent shopping or likes to spend on luxury items but have the habit to carry balance from month to month, then credit card might take a dig on you. For what purpose do you want to use the credit card? Do you need it for emergencies or for every small thing you need?

  • If you are a person who pays the bill on time and do the same for credit card also, then go for a card without any annual fee and a longer grace period. For you, interest rates don’t matter at all
  • If you have the habit to carry on the balance, you need a card with lowest interest and introductory offers.
  • Take a credit card having rewards program feature and good credit limit if you are going to make it the major part of your purchases.
  • A low interest card is best for a person who is going to use it for emergency purposes.

The interest rate: The interest rate on a credit card depends on various factors. It is called as annual percentage rate which is of two types i.e. fixed and variable. A fixed rate credit card allows you to know the interest rate that will be charged from month to month but in variable rate credit card, the interest fluctuates. If you pay your credit card amount before or late, or go over the stipulated limited, even the fixed rate can change. Also, the card issuer can change the rate if he wants by notifying you about the change.

Credit limit: The credit limit is the amount which you can spend in a particular duration and this limit is decided by the card issuer. You can borrow any amount depending on your credit history with the bank. It is always suggested not to go close to the credit limit or else it will ruin your credit score and the bank will cut your limit to the minimum balance of your account. Also, if you go beyond the credit limit, a penalty is charged.

Fees and penalties: Penalties are quite a common scenario with a credit card as the card issuer never leaves any chance to take money from you. Transaction fees, balance transfers, cash advances, late payments or making payments by phone etc. are the common charges. If you intend to increase your credit limit, you have to pay some fee and if you go over the credit limit, then also there are penalty charges.

To save the fee or penalty charges, take the cards with reasonable fee or zero percent interest rates especially if you are not a regular card user. To get rewards program, you don’t have to pay extra fees.

Eric Tyson, author of personal finance suggests understanding all the rules and regulations before accepting a credit card to prevent horrendous situations. Never go for the card having huge fees even if the benefits are outstanding.

Balance computation method: The daily balance is added together which is then divided by the number of days in the billing cycle to calculate the finance charge. Some credit cards use two billing cycles to compute finance charge which costs you a lot of money in financing fees so stay away from such cards.

Incentives: Incentives are attractive no doubt, but they should be beneficial also. The card issuers in order to tempt you to use the credit cards give rewards programs and don’t charge for that. Always take a credit card that has flexible options of redeeming the reward points in the form of cash or travel. It’s also suggested looking for the restrictions of rewards programs before taking a card. The number of points on your purchases should be good and whether they expire or not must be carefully looked upon.

Finding the best credit card is not possible until you know the different kinds of cards. Since every person has different needs, the credit cards are different so there is no single best card in Sri Lanka. Instead, you should learn about these below mentioned factors to find the right card for you.

Every credit card has its own benefits for different people. Depending on your spending habits, there are a number of credit cards available. Also, it is important to know your pattern of making credit card bill payments to find the best card. So before you take a credit card, here are few features to consider:

  • Cash back: With each purchase, you will get cash back in your account so choosing a card having cash back option will benefit you in the longer run.
  • Interest rates: Interest rates vary from card to card so it is essential to check this factor not to get trapped in huge interest rates at the end of your billing cycle.
  • Discounts: The card issuer provides discounts and offers to the cardholders if they make purchases through their partners or tie-up organizations.
  • Reward schemes: Reward points keep on adding whenever you use your credit card to make purchases and benefit you at particular vendors. You can redeem these points later on so choose credit cards with rewards programs which suits your requirements and spending habits.
  • Card Fees and Charges: Before you choose any credit card, make sure to check all the charges like credit card limit exceed fee, annual fee, reward point fee, international transaction fee, and cash advance fee to save your extra expense.
  • Payments: Maintaining a proper amount in a month is important so take a look at the minimum repayment value to avoid interest rate charges.

Apart from knowing the benefits which you will get as a credit cardholder, other factors are also there to consider. While the basic features, application process and document requirements are must, you cannot miss out on other sections also. Here are few more things to consider when taking a credit card:

You must take into consideration the following while applying for a credit card:

  • Check your credit score: By checking your credit score with the bank, you are eligible to get a credit card that offers better benefits. If your score is low, you can get a secured credit card by getting an approval.
  • You must check which type of credit card will suit your need: To choose the type of credit card you need, it is important to check your expense list. If you are a shopping person, a credit card that offers reward points is good for you. If you are a person who likes dining out with friends or family, a dining credit card is your type of card.
  • Read through the terms and conditions: Before taking a credit card, it is suggested to check the rules, terms and conditions etc. Also, the interest rate charged on your credit card must be known if you don’t want to pay huge charges on payment delays. Keep a check on the installment payment plans and balance transfers from the credit card.
  • Look out for specific features: If you get a card from the issuer that allows you to increase the credit limit automatically without charging any fee, it would be best. Ask the company if it offers extra benefits at minimal prices.
  • Compare the card with other banks credit card: Never rush into taking a credit card, rather compare few cards from different banks or institutions. Compare the rewards and cash back you can earn and whichever gives you the best, go for that. Plus, it is important to check whether you are investing in a good credit card to avail the reward point program.
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