New brake on credit cards from BRSA: Attention to those with limits above that amount!

The BRSA has put a new regulatory package for credit cards and consumer loans into effect. The limits of consumers whose total card limit exceeds 400 thousand TL will be reduced, and overdue debts can be restructured for up to 48 months.

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New brake on credit cards from BRSA: Attention to those with limits above that amount!

The Banking Regulation and Supervision Agency (BRSA) has announced that new practices for credit cards and individual loans have been implemented to strengthen financial stability and protect consumers.

REDUCTIONS FOR LIMITS ABOVE 400 THOUSAND TL

According to the new regulation, for accounts where consumers' total credit card limit across all banks exceeds 400 thousand TL, limits will be reduced by rates ranging from 50 percent to 80 percent. In practice, banks will take the highest card usage level within the last 12 months as a basis.

LIMITS TO BE DETERMINED ACCORDING TO INCOME

The BRSA has made it mandatory for banks to align credit card limits with customers' monthly and annual incomes by January 1, 2027. In this context, the income-limit balance will be checked regularly.

48-MONTH RESTRUCTURING FOR OVERDUE DEBTS

An opportunity for restructuring has been granted for individual credit cards whose periodic debt has not been paid partially or in full, and for consumer loans with payments overdue by more than 30 days. These debts can be paid in installments with a maximum maturity of 48 months.

News Source: 12punto