Monthly maximum contractual interest rate for credit card borrowings in Turkish lira has been revised as 1.40 percent
According to the news published by Central Bank of Republic of Turkey, 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 cardholders 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.
Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2019/ANO2019-51
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