TCMB - Press Release on the Maximum Interest Rates for Credit Cards in Q1 2020 (2019-51)
Central bank: tcmb | Type: decision | Date: 2019-12-28

Press Release on the Maximum Interest Rates for Credit Cards in Q1 2020 (2019-51)
No: 2019-51
28 December 2019
Press Release on the Maximum Interest Rates for Credit Cards in Q1 2020
To be effective from 1 January 2020, the monthly maximum contractual interest rate for credit card borrowings in Turkish lira has been revised as 1.40 percent and the monthly maximum overdue interest rate will be 1.70 percent. Whereas, the monthly maximum contractual interest rate for credit card borrowings in foreign exchange has been revised as 1.12 percent and the monthly maximum overdue interest rate will be 1.42 percent.
The CBRT advises credit card holders with short-term credit needs to seek a consumer loan rather than borrowing on personal credit cards, by taking into account factors such as pricing and maturity.
Press Release on the Maximum Interest Rates for Credit Cards in Q1 2020 (2019-51)