Press Release on Maximum Interest Rate for Credit Cards
To be effective from 1 April 2020, the monthly maximum contractual interest rate for credit card borrowings will be 1.25% for the Turkish lira and 1.00% for foreign exchange transactions, whereas the monthly maximum overdue interest rate will be 1.55% for the Turkish lira and 1.30 % for foreign exchange transactions.
Maximum interest rates for credit cards will no more be announced for three-month periods, but will remain in effect until the introduction of any change.
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.
Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2020/ANO2020-20
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