Mastercard Freedom Credit Card | Banks in Sri Lanka

A Mastercard Titanium with EMV.
Up to 51 days of Interest – Free – Credit
Free SMS Alert in every transaction to ensure high security.
Enjoy attractive Promotional discounts right throughout the year, when you pay with your Seylan Freedom Credit Card.
Manage your Credit Card payments with convenience using the Call & Convert Installment Plan Facility.
Enjoy purchasing with 0% interest free Installment Schemes on selected categories
View your statements on the go with Seylan e-statement.
Purchase your “Return Air Ticket” using your Mastercard Credit Card and obtain a Travel Insurance cover at a minimal rate.
Get a “Cash Advance” from your Seylan Credit Card from any ATM machine.
Supplementary Credit Card for your loved ones.
Enjoy Flexible payment plans with “Seylan Express Cash”.
Transfer your other bank Credit Card balances to Seylan Credit Card and enjoy savings using Seylan Bank Balance Transfer Instalment Plan option ( T & C apply)
Seylan Maretercard Freedom Credit Card is now NFC (Near Field Communication) enabled making transactions swift and easy for all customers
Get your Seylan Credit Card updates via a SMS Anywhere, Anytime

Special Features:

The card has a spend commitment of LKR 10,000.00 per month. If Spend Commitment is not met a maintenance charge of LKR 1,500.00 will be recovered. The Calculation of the Minimum Spend Commitment is done based on the transactions billed on the respective billing cycle.
No Other Fees applicable except for the maintenance charge* and the four types of Fees mentioned in the below table.

Credit Limits, Interest Rates & Fees

Details	Limits
Credit Limit	LKR 75,000.00 to LKR 999,999.00
Interest Rate %p.a.	36.00% p.a.- w.e.f. 01 August 2022
Fees	No other Fees applicable except for the maintenance charge* and the four types of Fees mentioned below.
Cash Advance Limit	40%
Fuel Surcharge	1%
Maintenance Charge*	LKR.1,500.00
Cancellation Letter Issuance Fee	LKR 2,000.00
Urgent Application Processing Fee	LKR 1,500.00
Travel Insurance Fee (per Policy) - up to 30days	LKR 2,500.00
Overseas Transactions	All overseas transactions will be converted using the applicable Telegraphic Transfer (TT) exchange rate of the Bank at the time of billing. In order to mitigate local exchange rate movements, the final billing amount will consist of an additional amount of minimum 6.00%, apart from the initially authorized amount. This applies to all Card transactions done at overseas merchants /service providers and websites registered outside of Sri Lanka but billed in Sri Lankan Rupees (LKR) as well, since the settlement of such transactions from the Bank to Merchant occurs in a foreign currency. Rate is subject to foreign exchange market rate fluctuations.
Processing Fee	Not Applicable

Overseas spend thresholds

Spend Type	Weekly Limit*(LKR)
Purchases	500,000.00
Cash	100,000.00

* Above limits are subject to country risk evaluation, hence certain countries may have lower spend limits.

Get started:

Eligibility

Sri Lankan citizens of 25 years and above
Have a minimum monthly income of LKR 200,000.00(net).

Instant Credit Card when you place a Fixed Deposit as Security, with 90% of you deposit value as your Credit Card Limit. Click here to view tariff

Documents Required

Duly completed application form
National Identity Card
Last 3 Months Certified Pay slips
Billing Proof
Letter of Confirmation

Note : Any other documents pertaining to the matter will be requested by the bank, to ensure better customer service in the future.

Apply Now:

Option 1 : Simply call us on 24/7 our customer care +94 11 200 88 88

Option 2 : Simply submit a request.

Option 3 : Visit the nearest Branch

Check your Balance via SMS;

For a single card:

Type SBK CC & Send to 3040 from your registered mobile number

If you have multiple cards,

Type SBK CC (Last 4 digits of your credit card) & Send to 3040 from your registered mobile number.

No interest will be levied (except on cash advances) if full payment is made on or before the due date. You will enjoy up to 51 days free of interest (depending on the transaction date), provided the previous months total outstanding is paid by the due date in full.
If full payment is not settled on or before the due date, interest will be calculated from respective transaction dates up to the billing date on reducing balance basis.
Interest/ Finance charges will be charged if full payment is made after the due date
Interest will not be charged for purchases billed in current month but will be charged on the following month (from the transaction date) if not settled in full by the due date.
Interest to a particular transaction will be charged from the transaction date on the following month and there onward from the billing date, if rolled over.
Payments are first applied to charges and then to purchase and cash advances on FIFO basis.
Cash advances will accrue interest from the date of transaction until it is paid in full.
Sample Interest calculation.

Mode of Payment	Payment Cut-off Time	Payment Updating Time
Payments through Seylan Internet Banking or Seylan Mobile Banking Application.	3.00 PM	Real - Time
CEFTs transfers from a current or saving account through CEFTs-enabled banks’ Internet Banking or Mobile Banking applications.
Cash deposits at any Seylan Cash Deposit Machine.
Cash Payments at Cargill’s Food City Outlets (Subject to a handling fee of 0.75% flat).
Cash Deposit at any Seylan Bank Branch counter.	Branch Closing Time
Cheque Deposits at any Seylan Bank Branch.	1.00 PM	Same day if it is a Seylan Bank cheque or else upon realization
Automatic transfer instruction from Seylan Savings or Current Account (Direct Debit/Standing Instruction)	N/A	Same Day( when the Direct Debit / Standing Instruction is effected)

Terms and Conditions

No refund of Maintenance Fees will be made if the card is terminated or not accepted.
No Financial Charges will be levied (except on Cash Advance) if full settlement is made monthly on or before due date.
Additional expenses, such as legal fees, credit transfers, cheque issuance and overseas charges (e.g. courier, fax, postage etc.) will be levied where incurred.
Secure Card (against Fixed Deposits) will be issued “First Year Free” and will attract “Lower” Interest rate.
LKR 25.00 will be charged for every LKR1,000 spent on foreign transactions (Government Stamp Duty)
The Bank reserves the right to change the above rates at any time with prior notice.

FAQs

Loss of card should be immediately reported to our 24/7 Seylan Customer Care Centre via hotline +94112008888 and should be follow up with a letter handed over to the nearest branch or via Internet Banking - User Message. Once reported, the customer will not be liable for any transactions performed subsequent to informing the loss of the card to the bank.

It will take a minimum of 5 working days and maximum of 7 working days once the relevant documents are handed to the branch / sales officer.

Minimum Payment = 3.00% of total outstanding (purchases and cash advance) + 100% of Interest + fees and the overdue amount (if any).

If the customer fails to pay the Minimum Payment by 3.00 PM on the due date.

Example : Late Payment Fees

Statement Date : 31st January 2022

Payment Due Date : 21st Feb 2022 Minimum Payment LKR 393.04

Payment Data : 21st Feb 2022 after 3.00 PM

Late Payment Fees* : LKR 1,500.00

*Late Payment Fee will be reflected on 28th February 2022 Billing Statement.

If the customer exceeds the approved Credit Limit at any given date of the particular billing cycle, an over-limit fee will be charged.

Dynamic Currency Conversion

Dynamic Currency Conversion (DCC) is the conversion of the purchase price of goods or services from the currency in which the purchase price is displayed to the cardholder's billing currency. That currency then becomes the transaction currency, regardless of the merchant's local currency.

DCC is not a Visa / Master service, but merchants and ATMs offer it through their acquiring bank. At checkout, the merchant or ATM may convert the advertised price to the currency agreed by the cardholder, and usually assesses a conversion-related markup (over a wholesale exchange rate or government-mandated rate). The cardholder must be offered a choice to accept or decline the DCC and must actively choose the DCC option prior to the merchant or ATM processing the transaction. The merchant or ATM must accept the cardholder's choice; if the cardholder refuses DCC, the merchant or ATM must process the transaction in their local currency

Multi-Currency Transactions – LKR

Transactions performed locally in LKR at merchant outlets / web sites but the Acquiring Bank of the Merchant is not a Locally registered Bank. Hence the Bank to Bank settlement is in Foreign Currency.