FAQs
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Frequently Asked Questions:


1. What if I lose my Credit Card?

Loss of card should be immediately reported to our 24/7 Seylan Customer Care Centre via hotline +94112008888 and should be follow up with a letter handed over to the nearest branch or via Internet Banking - User Message. Once reported, the customer will not be liable for any transactions performed subsequent to informing the loss of the card to the bank.

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2. How long will it take to obtain a Seylan Credit Card?

It will take a minimum of 5 working days and maximum of 7 working days once the relevant documents are handed to the branch / sales officer.

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3. How to calculate minimum payment of my Seylan Credit Card?

Minimum Payment = 3.00% of total outstanding (purchases and cash advance) + 100% of Interest + fees and the overdue amount (if any).

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4. On what basis will the bank charge the Late payment Fee for Seylan Credit Card?

If the customer fails to pay the Minimum Payment by 3.00 PM on the due date.

Example : Late Payment Fees

Statement Date           : 31st January 2022
Payment Due Date     : 21st Feb 2022 Minimum Payment LKR 393.04
Payment Data              : 21st Feb 2022 after 3.00 PM
Late Payment Fees*   : LKR 1,500.00

*Late Payment Fee will be reflected on 28th February 2022 Billing Statement. 

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5. On what basis is the over limit fee charge for Seylan Credit Card?

If the customer exceeds the approved Credit Limit at any given date of the particular billing cycle, an over-limit fee will be charged.

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6. What are the two forms of processing fee applied on Card?

Dynamic Currency Conversion

Dynamic Currency Conversion (DCC) is the conversion of the purchase price of goods or services from the currency in which the purchase price is displayed to the cardholder's billing currency. That currency then becomes the transaction currency, regardless of the merchant's local currency.

DCC is not a Visa / Master service, but merchants and ATMs offer it through their acquiring bank. At checkout, the merchant or ATM may convert the advertised price to the currency agreed by the cardholder, and usually assesses a conversion-related markup (over a wholesale exchange rate or government-mandated rate). The cardholder must be offered a choice to accept or decline the DCC and must actively choose the DCC option prior to the merchant or ATM processing the transaction. The merchant or ATM must accept the cardholder's choice; if the cardholder refuses DCC, the merchant or ATM must process the transaction in their local currency

Multi-Currency Transactions – LKR

Transactions performed locally in LKR at merchant outlets / web sites but the Acquiring Bank of the Merchant is not a Locally registered Bank. Hence the Bank to Bank settlement is in Foreign Currency.

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7. How to log a complaint?

Call our 24/7 Seylan Customer Care Centre via hotline +94112008888 or send an e-mail to callcentre@seylan.lk from your registered e-mail address with the Bank. Seylan Cards Team will revert back within 2 working days.

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8. What is the procedure to follow during a Credit Card transaction discrepancy or dispute?

Call our 24/7 Seylan Customer Care Centre via hotline +94112008888 or send an e-mail to callcentre@seylan.lk from your registered e-mail address with the Bank. Seylan Cards team will revert back within 2 working days. However, the resolution time may vary according to VISA & MasterCard standard timelines.

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9. What are the disadvantages to a customer in case of non-payment?

In event of non-payment of Minimum Monthly Amount/s due, the Cardholder will be billed with Late Payment Fee/s in addition to applicable Interest, calculated on the outstanding amounts, which will be reflected on the monthly Billing Statements. If the overdue position reaches 90 days, the computer system will automatically update such adverse status with the Credit Information Bureau (CRIB), showing the delayed number of days, in accordance with the (mandatory) CRIB reporting procedure. At the same time, the Card Account will be classified as “Non-performing” (i.e. Bad Loan) according to the Rules and Regulations of Central Bank of Sri Lanka, which would thereafter entail standard recovery actions, until the overdue amounts are fully settled. Further, inordinate delays in overdue settlements may finally lead to litigation procedures intended for the recovery of such unsettled Credit Card debts.

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