The Commercial Bank of Ceylon has introduced a Corporate Fuel Credit Card and a Prepaid Fuel Card that can exclusively be used for fuel purchases and will eliminate the cumbersome fuel allowance reimbursement process currently followed by most companies.
Designed to benefit large companies as well as small and medium enterprises that reimburse employee fuel bills every month, these cards aim to replace company fuel books and travel voucher books and significantly save time spent on verifying bills, collating and reconciling usage information, and fretting over lost receipts, the Bank said.
A Prepaid Fuel Card is essentially issued to employees of a company, at the request of a company and is a reloadable card that works like a debit card and can only be used at fuel stations. At the beginning of each month, a company can credit an employee’s monthly fuel allowance in advance to his or her ComBank Prepaid Fuel Card account which can then be used to purchase fuel.
Monthly usage is provided to the company by the Bank and the company can top up the card with the required amount to enable the employee to utilize his or her next month’s allowance.
Meanwhile, a Corporate Fuel Credit Card is enabled with an automated settlement option where the fuel usage of an employee is automatically debited from the company’s current account when the Card is used by the employee to pump fuel.
In 2019, Commercial Bank launched prepaid cards that can be topped up with funds online and used for different or specific purposes while allowing their users to better manage their spending habits and enjoy minimal exposure to risk. These cards included a multi-purpose Spend Card that can be used by individuals to provide money for spending to family members and a Prepaid Web Card for online transactions.
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 Cardholders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage.
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