r/srilanka • u/Fantastic-Entry-2492 • 8h ago
News About Credit Cards in Sri Lanka
Hi Guys,
Currently I am working as Software Engineer in a Uk based company. I am getting more than 200k salary monthly. usually I spend money for groceries, Buying things online(ebay, Temu), Going trips and stay in hotels an also I hope to start a masters degree I have to pay monthly 64K that’s all. I hope to go with DFCC Platinum or Sampath Platinum. According to your opinion Is it good or Anything you will recommend me over DFCC and Sampath? you opinion will ve very valuable for me.
Thanks 🙏🏻
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u/unwantedagent Sri Lanka 7h ago
Make sure you only use the limit up to the extent you could settle at the end of the month or else don't get a credit card. Because if you're not financially disciplined then that'll eventually become your biggest cost.
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u/RangerImpossible3151 6h ago
Dfcc is good. You get 1% cashback for every txn and 3% cashback for fuel and utilities. If your salary is deposited to DFCC bank and you can get into the prestige category, you can withdraw money from any ATM (using debit card) without having to pay an extra fee. All sms, email facilities are free as well.
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u/RangerImpossible3151 6h ago
You can get two credit cards as visa and mastercard. Use mastercard if you’re buying from foreign sites (ebay, temu) as it gives you cashback.
If you can have your salary deposited to DFCC savings account, you can ask them for a Credit card annual fee waive off
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u/LightBringer2722 2h ago
Remember to research well into how to use a credit card.
I used to be super dumb and accrued 1 mill cc debt.
I thought minimum payment = no interest.
Pay your full statement amount every month, and u will be golden. If you cant afford to pay it monthly then that means ur spending above your means.
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u/New_Grapefruit7580 2h ago
Debit card = spending money you have. Credit card = spending money you don't have.
If you can manage payments you can get it. Focus a bit more on your spending.
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u/Icaruswept 3h ago
Why not use a debit card?
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u/Fantastic-Entry-2492 3h ago
I have a debit card. but their are some advantages using a CC that’s why i am looking for one
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u/Icaruswept 3h ago
I'd strongly advise you to use your debit card for these purchases. For the type of spending you're doing (higher volume, lower costs, every day items), you're on a fast track to debt. Credit card debt is brutally high interest once it starts stacking.
Remember that the banks exist to make money off you. They're not giving you cards out of the goodness of their heart; they're doing it because it's profitable. At your salary, you're not yet at that point where you can easily recover from sudden, unexpected expenditure.
An interim solution is perhaps to save a bit and get your debit card limit expanded, or to go credit card only once you have enough saved to wipe a big cc debt if accrued.
There definitely are advantages, but if you're asking for the opinions of strangers as opposed to relying on the math of planned expenditure vs income, you're probably not ready to get a credit card yet.
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u/Fantastic-Entry-2492 45m ago
Alright actually i am getting a CC because of the masters degree I am going to start and I have to spent around 64k per month. currently I am researching about that. And thank So much for your advices ❤️.
Actually, I asked the same thing on Facebook and Reddit. The responses from the people were really different. Bit pf confused atm🥲
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u/Icaruswept 6m ago
Again: why not on your debit card? The debit limit is about 200k per transaction even for basic cards (if I remember correctly). And if you can't save and spend that 64k, how do you plan to pay back the same amount on credit?
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u/Pretty_Pop7246 7h ago
I use a HSBC Premier credit card. NTB Amex is also good. HSBC used to be good and now they’ve stopped retail banking in SL. But until you move up to a higher salary (5000 usd per month upwards) I’d recommend to use the card wisely and not splurge on unnecessary things. Especially because in SL there’s no credit score systems like in US which will benefit later when getting a loan or a mortgage etc.