Attention credit card users: Increase in interest rates

The Central Bank of the Republic of Türkiye (CBRT) has made a change to the calculation method for the maximum monthly contractual interest rate on credit cards.

It has been decided that the rate in question will be determined by adding 114 basis points instead of 55 basis points to the monthly reference rate.

According to the new method, the calculated maximum monthly contractual interest rate has risen from 3.66 percent to 4.25 percent.

The Central Bank announced that the securities maintenance ratio has been reduced from 4 percent to 1 percent.

The Central Bank stated: "The maximum monthly contractual interest rate to be applied to credit card transactions has been increased from 3.66 percent to 4.25 percent. It has been decided to reduce the securities maintenance ratio applied to liabilities subject to securities maintenance from 4 percent to 1 percent, and to terminate the practice regarding securities maintenance based on credit growth."

News Source: İHA