NDB brings relief for credit cardholders

Thursday, 9 October 2014 00:00 - - {{hitsCtrl.values.hits}}

High interest rates on outstanding credit card balances keep credit cardholders in debt for long periods of time. This can be frustrating to cardholders as it limits their financial freedom, instead of actually expanding their purchasing power as expected with a credit card. NDB’s latest financial solution is expected to bring relief to those stifled with ago

nising burdens of high credit card interest payments. NDB Good Life Credit Cards now offer a balance transfer option; where one could simply transfer his/her outstanding credit card balances with other banks to an NDB Good Life Credit Card and payback at an interest rate as low as 16% p.a. Since the current market interest rates vary between 22%-24% p.a.; this would mean that cardholders can save up to 1/3rd of the interest portion payable on their outstanding credit balances when they make the transfer to an NDB Good Life Credit Card. Commenting on the latest proposition, NDB Assistant Vice President of Cards Gehan Dias said, “High interest rates on Credit Cards can drain you of your hard earned money. A mere Rs. 1,000 can easily increase by at least another Rs. 200 more, if left to linger in an outstanding credit card balance. That’s why even well-intended people fall behind on their card payments and end up barely able to make the minimum payments each month. This co

uld mean that you would take years to pay off for the purchases you make. With time, this becomes a cycle that ties down the card holder with a monthly burden that will limit his/her ability to use the credit card liberally. The main reason for all this is the high interest rates charged on credit card balances. “With the introduction of our new suite of NDB Good Life Credit Cards one month ago, we pledged to offer the best of lifestyle deals at the lowest interest rates to all Sri Lankans; so that everyone could have access to the ‘Good Life’. Now, with the introduction of the balance transfer option, we are taking our credit cards proposition a notch further to ease the financial burdens of those with outstanding credit card balances; so that they too could enjoy the financial flexibility they desire through NDB Good Life Credit cards. This is a reiteration of our pledge to give the best in life with enviable advantages to our valued clientele that appreciate the incentives of the ‘Good Life’.” The balance transfer could be simply made effective by submitting the most recent three month’s credit card statements from other banks along with an NDB Good Life Credit Card application form; at any one of the 82 NDB bank branches island wide.