The Commercial Bank of Ceylon has announced that its merchant base registered to offer Easy Payment Plans (EPPs) and 0% interest purchase to the Bank’s Credit Card holders has reached 2000, significantly enhancing the benefits and convenience enjoyed by this customer segment.
Easy Payment Plans and 0% interest purchase allow Commercial Bank Credit Card holders to purchase goods and services and pay in equal monthly installments over a period of three to 60 months.
The 2000 merchants registered with Commercial Bank to offer EPPs and 0% interest include lifestyle stores, educational institutions, jewellery stores, hospitals, travel companies, and a number of online vendors.
Commercial Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe said the size of the participating merchant base and the width of the spectrum of goods and services represented are particularly relevant at times like the present, when an economic downturn affects disposable income, making Easy Payment Plans and 0% interest invaluable.
Upon entering an Easy Payment Plan and 0% interest purchase, cardholders will be billed the instalment value monthly until the agreed period is completed. When making an EPP purchase, the available balance in the Credit Card account will be held by an amount equal to the purchase made. However, with every monthly instalment the cardholder settles, the available balance increases, the Bank explained.
Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Cardholders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.
The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year and operates a network of 268 branches and 865 ATMs in Sri Lanka. The Bank has won over 50 international and local awards in 2019, and was ranked among the 10 Most Admired Companies in Sri Lanka in 2019.