Attention credit card users: Interest rates increased
Following the interest rate decision by the Central Bank of the Republic of Turkey (TCMB), late payment interest rates on credit cards have increased. The maximum late payment interest rate, which was 3.11 percent, will be 3.56 percent starting October 1.
12punto
The Central Bank of the Republic of Turkey's (TCMB) interest rate hike last week has also been reflected in credit card interest rates.
The monthly maximum late payment interest rate on credit cards increased from 3.11 percent to 3.56 percent as of October 1.
The monthly maximum contractual interest rate applied to credit card transactions in Turkish Lira (excluding cash withdrawals or usage transactions) is determined by adding 55 basis points to the monthly reference rate. The monthly maximum contractual interest rate to be applied to cash withdrawals or usage transactions made via credit cards is determined by adding 131 basis points to the monthly reference rate.
The maximum late payment rate to be used for cash withdrawals also increased from 3.87 percent to 4.32 percent.
The TCMB had raised the policy rate by 500 basis points to 30 percent last week.