The Commercial Bank of Ceylon has given fresh expression to its commitment to Small & Medium Enterprises (SMEs) with the launch of an exclusive Credit Card for the sector.
One of the largest lenders to SMEs in Sri Lanka, the Bank will issue the Mastercard-branded Credit Card to entrepreneurs that fall into the SME category as defined by the Central Bank of Sri Lanka (CBSL), and meet the standard credit evaluation criteria. For members of the Bank’s Biz Club, the card has been named ‘ComBank Biz Club SME Credit Card’ while for other SMEs of the card bears the name ‘ComBank Business SME Credit Card,’ the Bank said.
The card will confer several additional benefits to cardholders, such as a waiver of the joining fee and annual fee for the first year, free access to Commercial Bank’s Mobile Banking (USSD and SMS) services, free registration for the Bank’s Online Banking platform combined with a waiver of the annual fee for the first year of use, and free registration for Paymaster – the Bank’s bulk payments platform – and a waiver of the fee for the first month of use and a travel insurance for overseas travels.
Commercial Bank’s SME Credit Cards will also be eligible to Mastercard sponsored international and domestic offers exclusive to that category of cards and will be eligible to earn higher ComBank Max Loyalty points at the rate of one point for every Rs 400 spent via the card, the Bank said.
Among the value additions provided by Commercial Bank to the SME sector is the Bank’s ‘Biz Club’ launched in 2017 with the objective of providing SMEs with extensive networking opportunities, support beyond lending and a range of other benefits including special bank concessions and a personalised Biz Club Debit Card. Members also receive economic updates and alerts on new business developments via email and SMS and free registration for Online Banking facilities. Additionally, Biz Club members are entitled to free financial advisory services and invitations to exclusive business seminars which are beneficial to the development of their businesses.
Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Card holders under its Max Loyalty Rewards scheme.
The Bank was also a pioneer in extending promotional discount offers, which were traditionally only offered for Credit Cards to its Debit Cards.
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