As the economic normalization process gains momentum in Turkey, the Banking Regulation and Supervision Agency (BRSA) is planning to reorganize all limits concerning credit card limits and cash advance transactions, in line with the directives issued last year.
According to a report in Sözcü, as of 2024, banks, under the instructions of the BRSA, had limited cash advances on credit cards to 25 percent of the card limit and reduced the 12-month installment period for these transactions to 3 months. These steps are considered part of the fight against high inflation and the monetary tightening process.
Furthermore, the 250 basis point interest rate cut implemented by the Central Bank of the Republic of Turkey (CBRT) in December and the repetition of this decision in January enabled banks to lower their loan interest rates. Although these interest rate cuts did not create a change in credit card interest rates, the recent decline in consumer loan interest rates is contributing to the normalization process in credit card transactions.
News Source: 12punto
