Jun 24, 2022

Credit card interest rates upped again?

In what appears to be a second round effect of the April 8 mega policy rate hike,

Banks have imposed another hike in interest rates charged on credit cards, reports say.

Banks had initially raised their rates from 20% - 30% from May onwards in response to the April policy rate hike. It is said that a certain bank had announced its decision to raise cards’ interest rate by another 6 percent to 36 percent effective from July.

According to data from the Central Bank of Sri Lanka, 1,973,481 credit cards were active in Sri Lanka by the end of April.