The Commercial Bank of Ceylon now offers ‘Flexi Plan’, an easy payment scheme for credit card holders who have been unable to convert their high value transactions into easy payment plans at the point of purchase.
Any credit card transaction above Rs 25,000 may now be converted to an equated monthly instalment plan within a month of the transaction, at a nominal processing fee, the bank said.
Intended to ease the repayment burden on cardholders, the Commercial Bank Flexi Plan is designed for the purchase of air tickets, electrical appliances and consumer products or for the payment of educational or medical bills.
Cardholders who could not avail of the instalment plans available at a large number of merchant outlets, can make their purchases and thereafter call the designated hotline within 30 days and request a conversion to the Flexi Plan.
The bank said that the existing credit limits of customers could also be enhanced subject to their credit rating for this purpose. Cardholders who wish to increase their credit limits in order to avail of aFlexi instalment plan suited to their current income levels and repayment capacity can make requests in advance via the same hotline.
The fees applicable for such conversions are pegged to the duration of the instalment plan and start at 3 percent of the value of the purchase for repayment over three months. A fee of 5 percent applies to six month repayment, 8 percent for 12-month repayment and 12 percent for repayment in 24 monthly instalments.
Commercial Bank’s cardholders are eligible for special benefits through ‘Comdeals’ – a programme which provides value addition through discounts at a number of major retail outlets in the country and  0% easy payment schemes for Credit Card holders. They are also eligible to participate in global promotions carried out by Visa and Mastercard and receive more benefits under ‘ComBank Max Loyalty rewards.’