Credit card spending nears 200 billion TL

A new record level of spending was observed on credit cards during the month of November.

According to the "Bank Card and Credit Card Transaction Amount" data published by the Central Bank of the Republic of Turkey (TCMB), the total transaction amount for the week ending November 17 rose by 9.2 percent to 198.4 billion TL, marking a new record.

It was observed that the discount campaigns in November were effective in these increases.

According to the data, while the increases were widespread, the most significant weekly increases occurred in the clothing, electrical-electronics, supermarket-shopping mall, furniture-decoration, and fuel expenditure groups. Among the few sub-groups with increased spending, airline expenditures stood out.

It was also observed that tax and BES (Private Pension System) payments had an upward impact on the change in this period, with an increase of 5.1 billion TL.

Data on online spending also drew attention to the impact of campaigns on digital marketplaces.

In the week of November 17, a weekly increase of 8 billion TL was observed in online shopping. With this increase, online spending in the relevant period rose to 61.3 billion TL.

According to the calculations of economist Haluk Bürümcekçi, the annual change in the 4-week moving average of total shopping, including online but excluding tax and BES payments, ended its slowdown and turned toward an increase with a 110 percent rise.

TCMB HAD ISSUED A CREDIT CARD INTEREST RATE REGULATION

While credit card spending hit a record in November, the TCMB stated that there would be no change in credit card interest rates for December.

According to the statement made by the TCMB, there will be no changes in the maximum credit card interest rates and maximum merchant commission rates in December.

The reference rate for December will be announced on November 24, 2023, which is the fifth business day before the end of the month.

News Source: 12punto