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Union Bank Credit Cards

FAQ

Applying for a Union Bank Credit Card

What Union Bank Credit Cards can I apply for?
Based on your income you can apply for the following Union Bank Credit Cards;

  • Union Bank VISA Gold - Gross monthly income of LKR 30,000
  • Union Bank VISA Platinum - Gross monthly income of LKR 100,000
  • Union Bank VISA Signature - Gross monthly income of LKR 150,000 or level of investments with the Bank.

What documentation do I need to provide when applying for a Union Bank Credit Card?
The following documents are required when applying

  • Duly filled Application Form
  • A copy of the National ID/Passport
  • Salary Slip
  • Letter from Employer confirming Salary
  • Billing proof (i.e. telephone bill, water bill or electricity bill)

Further, documentation may be required depending on the basis which you are applying

How do I apply for a Union Bank Credit Card?

I received an error message when applying for a Union Bank Credit Card. What should I do next?

I've applied for a Union Bank Credit Card, how can I check on the status of this?

  • You can call our contact center on 011 5800 800 or email us on info@unionb.com or you may write to us on P.O. Box 348 Colombo, with your National Identity Card (NIC) Number.

How long will it take to process my Union Bank Credit Card application?

  • Union Bank VISA Gold - Primary card - 4 bank working days* / Supplementary card - 3 bank working days*
  • Union Bank VISA Platinum - Primary card - 3 bank working days* / Supplementary card - 3 bank working days*
  • Union Bank VISA Signature - Primary card - 1 bank working day* / Supplementary card - 1 bank working day*
  • Subject to all documentation is completed

Activating and Using the Union Bank Credit Card

How fast can I use my Union Bank Credit Card after I have received it?

  • Your Credit Card has to be activated prior to using it. To activate your Credit Card follow the instructions on the enclosed letter or contact our 24 hour contact center on 011 5800 800 or log in to Union Bank internet or mobile banking.

How do I activate my Union Bank Credit Card?

  • To activate your Credit Card please contact our 24 hour contact center on 011 5800 800 or log in to Union Bank internet or mobile banking and follow the activation steps provided.

Will I receive a PIN and How will receive it?

  • Yes. A Personal Identification Number (PIN) will be sent to you via Post once the Credit Card has been approved

Features and Benefits of Union Bank Credit Cards

What are the features and benefits of a Union Bank Credit Cards?

  • Please visit www.unionb.com and click on the Union Bank Credit Cards page for a list of features and benefits on our Credit Cards.

What fees and charges are linked to the Credit Card?

  • Union Bank VISA Gold - Primary Annual Fee LKR 2500/=
  • Union Bank VISA Platinum - Primary Annual Fee LKR 3000/=
  • Union Bank VISA Signature - Primary Annual Fee LKR 5000/=

For other Fees & Charges please refer Credit Card Tariff

How many additional cards can add to my existing Union Bank Credit Card?

  • You can add up to 5 additional cards, provided they are your immediate family members.

Is there a Loyalty programme linked to my Union Bank Credit Card?

Yes. The Union Bank Rewards point scheme is linked to your Credit Card. You can earn points when you use your Credit Card at selected merchant outlets. There is no enrollment process. For more details on Union Bank reward points please refer Union Bank Credit Card Rewards

  • Union Bank VISA Gold - 1 point for every LKR.200 spent
  • Union Bank VISA Platinum - 1 point for every LKR.100 spent
  • Union Bank VISA Signature - 2 points for every LKR.100 spent

Where can I use my Union Bank Credit Card?

  • You can use your Union Bank Credit Card at any payment point which accepts Visa Credit Cards as a payment mode.
  • You can also use your Union Bank VISA Credit Card on over 4000 partner ATMs locally and over 01 million VISA ATMs globally.

What is the CVV number?

  • The number following your 16 digit Credit Card number at the reverse of your Credit Card

What is the interest free period on the Union Bank Credit Card?

  • The interest free period for your Credit Card is from 21 days up to 51 days, based on the date the transaction was performed and billed to your card.

How is the late charges calculated?

  • If you fail to pay the Minimum Amount Due by the Payment Due Date, a Late Payment fee of LKR 750 will be charged to your card.

What will I be charged if I use my card overseas?

  • There is an issuer handling fee which is charged on all non-Rupee transactions performed on your Credit Card.

Service Information Union Bank Credit Cards

Interest computation method

  • If the Total Due Amount is settled on or before the Payment Due Date, there would not be any interest charges levied to the card account for that statement period.
  • If the Total Due Amount is not settled on or before the Payment Due Date, interest will be charged starting from the ‘Transaction Post Date’ for the unsettled transactions until paid in full, or until the next statement date.
  • Any transaction billed in a given statement will not attract interest in the same statement period. Maximum interest free credit period is 51 days.
  • The interest charging formula is as follows:

    Outstanding amount X Interest rate X No. of Days/365
  • Interest will be levied on all unsettled transactions and charges including bank charges, and government duty.

Interest Calculation examples

  • Scenario 1 – Cardholder settles Total Due Amount on or before the Payment Due Date
Statement Date 05th February 2017
Transaction Post Date Transaction Date Transaction Type Billing Amount
LKR
    Opening Balance 100,000.00
07th January 2017 05th January 2017 POS purchase 6,500.00
20th January 2017 20th January 2017 Payment CR 100,000.00
28th January 2017 28th January 2017 Cash Advance 20,000.00
28th January 2017 28th January 2017 Cash Advance fee 1,200.00
05th February 2017 05th February 2017 Interest and fees 10,000.00
05th February 2017 05th February 2017 Closing Balance 37,700.00
Payment Due Date 26th February 2017
Minimum Due Amount XXXX
Statement Date 05th March 2017
Transaction Post Date Transaction Date Transaction Type Billing Amount
LKR
    Opening Balance 37,700.00
10th February 2017 01st February 2017 POS Purchase 6,500.00
25th February 2017 25th February 2017 Payment CR 37,700.00
05th March 2017 05th March 2017 Closing Balance 6,500.00
Payment Due Date 26th March 2017
Minimum Due Amount XXXX

Interest calculation: No interest charged

  • Scenario 2 – Cardholder settles less than Minimum Due Amount on or before or after the Payment Due Date
Statement Date 05th February 2017
Transaction Post Date Transaction Date Transaction Type Billing Amount
LKR
    Opening Balance 100,000.00
07th January 2017 05th January 2017 POS Purchase 6,500.00
20th January 2017 20th January 2017 Payment CR 100,000.00
28th January 2017 28th January 2017 Cash Advance 20,000.00
28th January 2017 28th January 2017 Cash Advance fee 1,200.00
05th February 2017 05th February 2017 Interest and fees 10,000.00
05th February 2017 05th February 2017 Closing Balance 37,700.00
Payment Due Date 26th February 2017
Minimum Due Amount 1,508.00
Statement Date 05th March 2017
Transaction Post Date Transaction Date Transaction Type Billing Amount
LKR
    Opening Balance 37,700.00
10th February 2017 01st February 2017 POS Purchase 6,500.00
26th February 2017 26th February 2017 Payment CR 1000.00
05th March 2017 05th March 2017 Interest XXXX
05th March 2017 05th March 2017 Late Payment fee 900
05th March 2017 05th March 2017 Closing Balance XXXX
Payment Due Date 26th March 2017

Interest calculation: Interest is calculated on following charges from the Transaction postdate to payment made date (26/02/2017) on the total value. There onwards, the interest is applied on the balance amount after payment allocation, until the statement generated date (05/03/2017).

Transaction Post Date Transaction Date Txn Type  Billing Amount LKR
07th January 2017 05th January 2017 POS Purchase 6,500.00
28th January 2017 28th January 2017 Cash Advance 20,000.00
28th January 2017 28th January 2017 Cash Advance fee 1,200.00
5th February 2017 5th February 2017 Interest and fees 10,000.00

Statement cycles

Following statement cycles are available. If you wish to change your existing statement cycle, please contact our 24 hour Contact Centre on 011 5800 800.

  • Statement generated on 5th of every month/ Payment Due Date nearly fall on 26th of every month
  • Statement generated on 22nd of every month/ Payment Due Date nearly fall on 12th or 13th of every month

Minimum due amount computation / Penalty fees

Minimum due amount computation

Minimum Due Amount is calculated with 100% amount of Government taxes/charges and 4% of all other transactions and charges. The minimum mandated amount for Minimum Due Amount is Rs.500. If the Total Due Amount is less than this minimum mandated amount, the Total Amount would be demanded in full as the Minimum Due Amount.

If the cardholder has any past dues, such would get added to the current total Minimum Due Amount.

Please be advised that your account may be categorized as delinquent in the event the Minimum Due Amount is not paid by the Payment Due Date. This may also have an adverse effect on your credit rating and result in negative information being passed to the Credit Information Bureau (CRIB).

Late payment fee

Late Payment fee will be charged if at least the Minimum Due Amount is not received on or before the Payment Due Date.

Over limit fee

Over limit fee is charged if the allowed credit limit is exceeded.

Stamp duty charge

Stamp Duty is charged on credit card transactions performed in foreign currency. Stamp Duty is charged at Rs25.00 on every Rs.1, 000.00 or part thereof on all such transactions.

Payment allocation method

Payments are set-off against the charges and purchases in the following order:

  • Government charges
  • Fees (Late Payment fee/ Over Limit fee)
  • Fees (Cash Advance fee)
  • Fees (others)
  • Interest charges
  • Scheduled monthly installment payments (Transactions)
  • Scheduled monthly installment payments (Balance Transfer)
  • Cash Advances
  • Point of sale purchases and other

Payment allocation for same type of transactions is done on First-in First-out (FIFO) basis.