Credit card rate hike from July 1

Sri Lanka’s credit card interest rates are scheduled to increase from 1 July.

The rate hike comes following the recent decision by the Monetary Policy Board of the Central Bank of Sri Lanka to raise the Overnight Policy Rate (OPR) by 100 basis points. This policy adjustment has already led to a corresponding rise in market interest rates.

In line with this development, several banks have begun increasing credit card interest rates and have informed customers that the annual rate will be revised from 26% to 28%, effective 1 July.

The increase comes amid a continued rise in credit card usage. According to the Central Bank of Sri Lanka, the number of active credit cards in the country reached 2,166,186 by the end of 2025, and increased further to 2,215,853 by the end of the first quarter of 2026.

Meanwhile, data also shows a steady growth in outstanding credit card debt. The total balance stood at Rs. 189,706 million as of 31 December 2025, rising to Rs. 194,105 million by 31 March 2026, indicating an increasing reliance on credit despite the expected rise in interest rates.