Credit card limit reduction requests skyrocket

Credit card holders with limits exceeding 100 thousand liras are showing intense interest in lowering their limits due to the newly introduced tax. Credit card limit reduction requests are expected to exceed one million within this week.

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Credit card limit reduction requests skyrocket

According to a report by Dünya newspaper, QNB General Manager Ömür Tan stated that customers have begun submitting requests in high volumes to lower their card limits.

"APPLICATIONS HAVE EXCEEDED HUNDREDS OF THOUSANDS"

According to information obtained from sources at Turkey's 5 largest private banks, applications have already exceeded hundreds of thousands and are expected to reach one million within this week. Bank executives conveyed to us that while 10 percent of the applications were made through call centers, 90 percent came via mobile and internet banking channels.

CREDIT CARD HOLDERS ARE CALLING BANKS

Citizens expressing their reactions on social media have also been calling bank call centers over the weekend to submit requests to have their card limits reduced to below 100 thousand TL.

HALF OF ALL CARDS HAVE LIMITS ABOVE 100 THOUSAND LIRAS

According to data from the Banks Association of Turkey (TBB), the proportion of cards with limits of 100 thousand TL and above accounts for half of all credit cards.

Looking at the TBB's August 2024 report, there are 37.9 million people in Turkey with individual credit cards.

The total amount of card limits is 1 trillion 635 billion TL. The average amount per person is 43.1 thousand TL. When looking at the distribution of the number of people according to credit card limit ranges, those with cards having limits of 100 thousand TL and above make up 49.2 percent of total card users.

LEGISLATIVE PREPARATIONS RESONATE WITH THE PUBLIC

It was observed that many users on social media platforms were sharing information on how to reduce their credit card limits through their banks' mobile applications.

News Source: 12punto