Sampath Cards Balance transfer programme allows customers to transfer their other bank outstanding credit card balances along with accrued interest to a Sampath Credit Card at a lower interest rate and pay in monthly installments for a greater saving while enjoying array of special offers throughout the year.
- Transfer up to 100% of the credit limit of the Sampath Credit Card.
- Repayment options of 3, 6, 12, 18 & 24 months at a lower monthly interest rate.
- Minimum transfer amount will be Rs.25,000/-
Example for a Balance Transfer of Rs 100,000/-
|Repayment Period||Capital (Rs)||Other Bank Interest Fee at 18% p.a for the period (Rs)||Total Interest Fee for the period with SAMPATH Balance Transfer||Your Savings (Rs)|
||4,500/-||0.6% p.m Rs. 1,800/-||2,700/-|
||9,000/-||0.6%p.m Rs. 3,600/-||5,400/-|
|12 Months||100,000/-||18,000/-||0.6% p.m Rs. 7,200/-||10,800/-|
|18 Months||100,000/-||27,000/-||0.5% p.m Rs. 9,000/-||18,000/-|
|24 Months||100,000/-||36,000/-||0.5% p.m Rs. 12,000/-||24,000/-|
How to apply
Simply complete the Sampath Credit Card Balance Transfer Application Form and hand over to Sampath Bank- Card Centre or any Sampath Bank Branch along with 3 months statements of the other bank credit card.
Terms and Conditions
- The Sampath Bank PLC (the Bank) has the sole discretion to accept or reject any Balance Transfer (BT) application any time.
- The Balance Transfer (BT) programme is made by Sampath Bank (the Bank) to Credit Cardholders and can be withdrawn or amended at any time at the sole discretion of the Bank.
- Please note that the payment made will be used to settle the BT outstanding balance first and then the normal card outstanding.
- In the event Cardholder’s BT application is approved, the signed application form shall serve as the Cardholder’s written authorization to the Bank to execute the BT transaction, unless otherwise indicated by the Cardholder in writing.
- Should the Cardholder’s credit limit be insufficient to cover the BT Amount applied for, the Bank has the discretion to determine and approve only a portion of the BT amount as it deems appropriate.
- Once a BT application is approved, the approved BT amount will be debited on a monthly installment basis to the Cardholder’s Sampath Bank Card and the entire approved BT amount will be remitted to the Other Bank by the Sampath Bank via a payment mode acceptable to Sampath Bank & the Other Bank subject to the rules and regulations of the Central Bank of Sri Lanka.
- Subject to clause 5 above, the total outstanding on the Other Bank Credit Card (OBCC) will be taken over by Sampath Bank and converted to an equated monthly installment at prevailing concessionary interest rate, (i.e. different from the prevailing interest rate applicable to Sampath Bank Credit Card) which is required to be repaid over a selected number of installments. Each month the installment (Capital, Interest and other applicable charges) shall be added to the outstanding of the Sampath Bank Credit Card.
- The interest rate applicable for the BT amount will not be applicable for other outstanding balances/transactions performed on the Sampath Credit Card.
- Once CBT application is submitted and approved, the details cannot be changed and part acceleration is not allowed.
- The credit limit on the card account will be reduced/ blocked to the extent of the balance transfer amount and interest amount availed and will be released as and when the monthly installments are billed and paid for in the subsequent months.
- The Bank will take a minimum of 14 working days in order to settle the outstanding due on the OBCC to the Other Bank from the date of BT approval, unless otherwise indicated by the Bank.
- In the event the total outstanding including BT installment is not settled, on or before the due date of the Sampath Bank Card of a particular month, the unsettled portion of the installment will be charged at the prevailing interest rate applicable to the Sampath Bank Credit Card.
- Payments made in excess of the Sampath Bank Card outstanding will not be adjusted against unbilled installments and will hence not result in prepayment of the BT amount.
- In the event the Cardholder defaults on payment of any of the installments, Sampath Bank reserves the right to foreclose the outstanding balance transfer amount and debit the entire outstanding amount as one consolidated amount.
- If the cardholder closes the card or cancels the balance transfer option before due period, a 4% early settlement fee shall be applicable from the outstanding balance transfer amount.
- Sampath Bank will not be liable and shall be indemnified against all or any losses incurred in the form of interest, or any over-payment of the OBCC outstanding, any overdue charges, late payment fees, finance charges, or any other charges/liabilities of OBCC mentioned above, due to any payment delays that the Cardholder may incur as a result of failure or delay by Sampath Bank in making the payment before the due date of the Cardholder’s OBCC.
- Subject to the balance transfer request being approved by the Bank, the Cardholder shall pay the applicable processing fee as specified in the Sampath Credit Card Terms & Conditions, New Cardholders are required to pay the annual and joining fees for the Sampath Card.
- The terms of this offer shall be in addition to and not in derogation of the terms contained in the Cardholder Agreement. This offer is by way of a special facility for selected cardholders and nothing contained herein shall prejudice or affect the terms and conditions of the Cardholder Agreement.