Update on relief granted on credit cards

The below relief measures mandated by the Central Bank of Sri Lanka will end as of 30th September 2020. Revised information is as follows:

• Commencing 01st of October 2020, late payment fees will be applicable according to the “revised tariff for Credit Cards” of the Bank. Please refer latest tariff sheet for information. (https://www.unionb.com/credit-cards/service-information/credit-card-tariff/ )
• The interest rate on Credit Cards have been revised down to 18% with effect from 06th September 2020.
• Please note that the interest concession given for spends up to LKR 50,000 will be discontinued for statements generated post October 2020.

Support for COVID-19 Impacted Borrowers

In line with instructions issued by the Central Bank of Sri Lanka (CBSL) following concessions have been issued in support of Personal Banking customers of Union Bank.

Credit Cards

• The  extended due date for payment of Union Bank credit card are as follows:

The standing instructions set up on your Union Bank account will not be effected on the original due date & will be effected on the extended due date. However, should you require to make a payment to the card account, you may do so via our digital platforms.

• Late payment fee will not be charged until 30th September 2020.
• Minimum monthly payment due have been reduced by 50% (from 4% to 2%). This is applicable for statements where the billing date is after 25 March 2020. If you do not wish to effect this change on your statement, please forward a written request to your respective Union Bank branch.**
• Interest rate on your credit card is revised to 15% p.a for all local purchases carried out from 25 March 2020 subject to a limit of LKR 50,000. Any transactions performed above the limit of LKR 50,000 will be subject to the normal interest rate**
  • Interest will not be charged on settlement of the total statement balance on or before the due date.
  • If you have not done any transactions after 25 March 2020 interest rebate will not apply & the current interest rate on your credit card will apply on your statement balance. Please note below examples for further clarification
  • ex.(i) – For a credit card statement where the billing cycle is after 25 March 2020 and the total transaction value is LKR 120,000 an interest rate of 15% p.a. will be charged up to LKR 50,000. Current interest rate will apply for the balance LKR 70,000.
  • ex.(ii) – For a credit card statement where the billing cycle is after 25 March 2020 and the total transaction value is LKR 120,000 and a payment is made for LKR 20,000 within the same billing period an interest rate of 15% p.a will be charged up to LKR 50,000. Current interest rate will apply for the balance LKR 50,000.
  • ** Applicable until further notice. Terms and conditions apply