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Sri Lanka Equity Forum » Stock Market Talk » Use Sri Lankan banks for credit cards and savings

Use Sri Lankan banks for credit cards and savings

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duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I'm pretty sure majority of you here have credit cards from international banks and many must have very special-advanced-gold-platinum-diamond accounts.

Wouldn't it be great if you go for credit cards from the local banks? There are lots of choices. And the offers are just the same or much better. You won't have a security guard greeting good morning with a fake smile or bank assistants who sometimes bend too much but the service will be the same and you won't be charged for every single thing. (I'm not sure but may be that good morning smile must have charged somewhere)

If you do that you're helping your banks to grow. Why pay your fees, interest to foreign banks?

Just the same, use savings accounts of local banks? More deposits mean they don't have to go for loans. This will help your banks either private or government.

Remember the hedging deal fiasco? Two or three of those international banks and one of the international banks which some of you may have savings accounts or credit cards sued your government. Sri Lankan banks withdrew. Why give those international banks more profits?

Cancel your international bank credit cards. Get a Sri Lankan one. Move your money to Sri Lankan banks. Someday these banks will be operating all over the world not just one or 2 countries, just like those international banks are.

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Not a bad thought but where people trying to break down walls around them, should we try to erect more? Very Happy

rjeranimo

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Equity Analytic
Equity Analytic
OK...That's good.But...... i have 3 Credit cards on different banks, 2 banks are local and 1 is foreign. foreign bank is increasing my Credit limit according to my purchasing capacity. i never ask them to increase my limit. but they do it according to my transaction capacity. That's better. I'm very happy with them.but local banks never do that. if i ask them to do that they ask my pay slip and a letter to do so...and blah...blah...So why i go after local banks?

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
In foreign banks, bank assistants may bend, but in local banks, if u need to do some thing u have to bend too much.

hirankb

avatar
Senior Equity Analytic
Senior Equity Analytic
Actually the best thing to do is use foreign banks credit cards for all purchases and pay full amount on time. so no interest and charges but your are using the banks money interest free for 1 month. if you really really have to it is better to draw cash from your credit card of local bank and pay the foreign credit card.When it comes to local banks I am a customer of CB and SB for the past 20+ years. I am yet to experience any issues what so ever with them though the bank staff of both these banks do not bend for you.An occational newbe acts up and a good brotherly blasting straightens them up and get the job done most effieicently and if they screw up the manager himself apologizes and takes corrective action. what more can you ask from a bank. On several urgent occation they even conducted buisness for me even after banking hours and I am no multimillionair businesmen. As for updrading credit limit.... please do not request credit more than your payment capacity.... Just like stocks .

if your request is genuine and legitamate these two banks will get it done with no issues or hazzle.

Please note I am no promoter of these two banks.

insidertrader


Manager - Equity Analytics
Manager - Equity Analytics
Good comments and I agree. Lankan credit card market is dominated by international banks and looks like it won't change.

Although stock traders are very optimistic about massive profits and massive growth in 'undervalued banks' in their view, these comments show that in reality it's a different story.

Rajitha

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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
BOC here ! Every dam account except where i get paid my monthly salary! ( Peoples bank another local)

dumindasn


Stock Analytic
Stock Analytic
@rjeranimo wrote:OK...That's good.But...... i have 3 Credit cards on different banks, 2 banks are local and 1 is foreign. foreign bank is increasing my Credit limit according to my purchasing capacity. i never ask them to increase my limit. but they do it according to my transaction capacity. That's better. I'm very happy with them.but local banks never do that. if i ask them to do that they ask my pay slip and a letter to do so...and blah...blah...So why i go after local banks?

I think the reason is, foreign banks are using AI systems (Artificial Intelligent) to monitor credit cards. so the system automatically check your all transaction, on time payment, purchasing items and many more. Based on many of those small things the systems decide whether to increase the limit or add any other facility to you. unfortunately local banks are still not in that level so that's why they are asking for pay slips and letter to increase the limit.

bakapandithaya

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Vice President - Equity Analytics
Vice President - Equity Analytics
Agree with duke. We should use local banks Credit cards

TortoizePlus

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Manager - Equity Analytics
Manager - Equity Analytics
Good point.. if we all can think about our country whenever we can then then this country should be better than this.

I cancelled my HSBC card and got SAMPATH one year ago.. because I got better service.. even less intrest..

I never go to IOC for pump Petral even they sell for the same price.. why we should increse profit of a foreign company..

Kithsiri

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Hope soon some will not participate in the Forum because the Data base is held somewhere in a Foreign Cloud lol!

Kumar

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Be srilankan and use all the srilankan amenities are good principal.
But most of the stuffs what we are eating,drinking,using etc are importing from abroad no?
Due to globalisation,now a days these patriotic desires won't work.
Even the government in third world countries need the WB and others to support their day to day running.

Liber Abaci


Senior Equity Analytic
Senior Equity Analytic
@duke wrote:
............Wouldn't it be great if you go for credit cards from the local banks? There are lots of choices. And the offers are just the same or much better.
.........................................................................
No one should do it for “greatness”.
Evaluate the rate of interest , charges . Even service vise, compare and see which service is beneficial cost-wise. Minimum interest/charges ( including the cost of services ) should be the only criteria , when you decide on a credit card provider. Why should you consider any other criteria in financial transactions ?

If you do that you're helping your banks to grow. Why pay your fees, interest to foreign banks? Just the same, use savings accounts of local banks? More deposits mean they don't have to go for loans. This will help your banks either private or government.

Why should you HELP local BANKS ?
Whether local or foreign , the fundamental objective of every BANK is to maximize the return to shareholders. Shareholders appoint directors to do that, and compensate them accordingly. Directors appoint CEO and other employees to do that and remunerate them with salaries bonuses, share options etc.
Your decision in banking transactions should be return on your investment and the lower cost ( including services ). Nothing else.
Banks, whether local or foreign , don’t need your HELP. They only need your money ....... to make more bonuses to employees, more dividends /capital gains to shareholders. That’s all.
If you really want to HELP some “Institutions “, there are enough LOCAL charities . Most of you read, quote, follow ( yet some worship ) a person called Warren Buffett . Why don’t you follow him in charitable work also ?

Remember the hedging deal fiasco? Two or three of those international banks and one of the international banks which some of you may have savings accounts or credit cards sued your government. Sri Lankan banks withdrew. Why give those international banks more profits?
International banks did not sue the Government. They sue Ceylon petroleum corporation, because CPC entered into a legally enforceable contract with them and CPC failed to honor the contract . Shouldn't rule of law prevail ? .
Sri Lankan banks withdrew because of political pressure, not for any other reason.

Yes, we clearly remember the role of politicians including cabinet of ministers ( with head of state at chair ), cabinet sub committee, minister in charge of CPC. Also we are clearly aware the role of Central Bank Governor, Treasurer Secretary, Attorney General, CPC -chairman, finance director. Do I have to mention who appointed those beaurocrats to those positions, ( and the education qualifications of chairman CPC) ?
Forgetting all these, should we withdraw savings accounts from international banks, just because they sue OUR government ?.


................ Move your money to Sri Lankan banks. Someday these banks will be operating all over the world not just one or 2 countries, just like those international banks are.

This is interesting.
As you have predicted suppose someday Sri Lankan Banks set up operations in countries all over the world. Whenever that day,“ truly patriotic “ people will be there in every country, ( they won’t disappear) and suppose they decide to act as you suggest , (ie withdraw savings and credit cards). Then these international /Sri Lankan banks will suffer and the share prices of those banks ( at CSE) will drastically come down.
Forum members......those who hold Bank shares for long term ......be aware !!!!!


smallville

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Associate Director - Equity Analytics
Associate Director - Equity Analytics
I was in the same view and blaming these guys for lethargic reactive work.
But if you give good thought on this, what the foreign bank does is taking you to hell with more and more credit.. Too much- no controlled credit destroyed CSE even so what guarantee you have that you can stay away from using it..

when we know we can buy something on credit, regardless of our repayment abilities we do jump in and buy it..
Then when the CC bill comes, weep on the payments..
No stopping there.. we cannot pay their monthly sum but we keep buyin till the credit runs out..
Then they keep increasing the limits.. so we buy more and more..
when we cant pay the huge bills anymore they start calling us Wink

See the unnecessary hassles we're putting ourselves into?

Local banks request a slip to make sure u have the capacity to pay back the full amount within a certain time period..

So Don't be stupid..

amilaela

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
thnaks for info

https://www.facebook.com/profile.php?id=100001851586843

Hawk Eye

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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Smallville is correct.

You will help the local banks by holding a debit card. First cancell all the debit cards in foreign banks and shift to local banks.

Flashmark


Equity Analytic
Equity Analytic
Yes I partially agree with you duke. Because foreign bank providing credit cards with higher credit limit. But local banks credit limit too low.
Local banks annual fee, other charges(stamp duty?) and interest rate lower than foreign bank credit cards.

taking about loans, Foreign bank well ahead than local banks. Low interest rate,higher loan amout(sometime 5 times or more than local banks), friendly and quick service (they come to our office or home to collect all the details.No need to go there and waste our time)...etc.

Our local banks should need to improve there are services as foriegn banks.I hope it will happen soon.

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Whether it is locally issued or otherwise, fools spend beyond their means & weep.
So the Foreign bank is at fault is very ludicrous.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Well friend i have equal number of local and foreign credit cards, here i will say in my opinion why local banks are behind foreign banks on the credit card market.

01) Most of us used to travel to overseas for several reasons, so when you try to use the local card in the foreign country they look card with suspect, even one time i told the cashier at world known hotel that your requirement is VISA or MasterCard connection and that logo was there on the card, so why you worry about the issuing bank.

02) Up to recent time Annual Fees was lower on the local cards but recently one International Bank gave 2 type of cards free for life.

03) when you call for customer service line GENERALLY you have wait for long time to get the respond you wanted in local banks

04) Its true that issuing credit cards have issues to the banks, but sometimes local banks tend to asked for more documents and other proof before issuing the cards to even there long term customers

I personally feel if the local banks sort out some of this practical issues i hope they will get more share on this market as well

rijayasooriya

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
We should divert to local banks but at the sametime local banks should improve their service which can be done with attitude change of employees.

Kumar

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Talking about ethics won't work.
First we need to follow.
BTW the following points not directly related to this subject, but I hope they got some sort of influence.

In our country most of the public as well as private sector employee's behaviour towards customers need to be uplift.
Particularly most of the govt organisation are corrupted.
Red tape mania still in the govt sector.
Eradicate bribe is the most wanted thing.

Liber Abaci


Senior Equity Analytic
Senior Equity Analytic
@smallville wrote: .......................................
when we know we can buy something on credit, regardless of our repayment abilities we do jump in and buy it..
Then when the CC bill comes, weep on the payments..
No stopping there.. we cannot pay their monthly sum but we keep buyin till the credit runs out..
Then they keep increasing the limits.. so we buy more and more..
when we cant pay the huge bills anymore they start calling us Wink
See the unnecessary hassles we're putting ourselves into? ..............................
This is interesting !!!
# when someone can’t manage his /her personal finance ( with a credit card facility ) , blame the creditor (and ..... if they are a foreign party , chase them out of the Country )
Similarly, I suggest
# when we purchase shares from the market , and if the price declines , blame the seller, call him manipulator (and ...... let’s try to put him in the jail )
# when we buy shares from an IPO , and if the price declines in the first day of trading , blame the Issuer (and..... let’s try to hang him in the open Court )

( Can someone tell me the meaning of ......” crybabies “)

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Liber Abaci wrote:
This is interesting !!!
( Can someone tell me the meaning of ......” crybabies “)
You have already defined it nicely. Very Happy
Blame others and take no responsibility is a Sri Lankan (endemic) trait. Shocked

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