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Sri Lanka Equity Forum » Stock Market Talk » Reduction of Credit Card interest on cash withdrawal

Reduction of Credit Card interest on cash withdrawal

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dsam

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Still no no news from banks.Will this be another yahapalana lie.

AAABoy

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Moderator
@dsam wrote:Still no no news from banks.Will this be another yahapalana lie.

I think there are no special interest charging for cash withdrawals only, the same interest they charge for all debts purchases and withdrawals. Anyway I believe banks should bring down high interest they charge. Amex charge about 24% Shocked . NDB and PABC are lowest. Why can't others follow the same. Government should get a action soon !!!

Dsam looks like you are out of cash these days? Razz


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raider


Manager - Equity Analytics
Manager - Equity Analytics
It is actually difficult for banks to cut the interest rate heavily given that the volumes of this product are very very low.
But hell, I want a low rate!

Btw, aren't NDB and PABC only offering such rates for the balance transferred from other cards?

dsam

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@raider wrote:It is actually difficult for banks to cut the interest rate heavily given that the volumes of this product are very very low.
But hell, I want a low rate!

Btw, aren't NDB and PABC only offering such rates for the balance transferred from other cards?
 then why Mr.Rivi K mention this his budget speech.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Which banks got the highest market share in handling credit cards & debit cards. Having a small market share it is difficult to have reasonable profit out of card business with competitive promotional campaigns going on.

There must be a standard rule applicable to all banks irrespective of various facilities offered by each card issuer. Volume of card business positively accelerate subject to reduction of high interest of 24% charged on cash withdrawal.

raider


Manager - Equity Analytics
Manager - Equity Analytics
In the point of view of a bank, it is not very sensible to boost credit card volumes by heavily slashing the rates.

Moreover, I personally feel credit card volumes will not rise significantly in response to a rate cut given that only a relatively small number from outside the well developed regions would be able to properly manage a credit card.

This whole story is just yet another illogical budget proposal.

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