Communiqué from the CBRT on credit card maximum interest rates

The Communiqué on Maximum Interest Rates to be Applied in Credit Card Transactions was published in the Official Gazette and entered into force.

31.10.2020 10:13:000

Republic of Turkey Central Bank of Turkey (CBT) method for the determination of the maximum contractual and default interest rates applied to credit card transactions and principles of regulations aimed Credit Card to be applied in the Transaction Maximum Interest Rates on published Notification in the Official Gazette came into force.

The Communiqué of the CBRT on the Maximum Interest Rates Applicable in Credit Card Transactions was published in the Official Gazette.

In the communique, which aims to regulate the procedures and principles regarding the determination of the maximum contractual and delay interest rates to be applied in credit card transactions, the determination of the maximum contractual interest rates was explained as follows:

“The monthly maximum contractual interest rate to be applied to credit card transactions in Turkish lira is within the framework of the procedures and principles determined by the Communiqué on the Procedures and Principles Regarding the Fees that can be collected from Commercial Customers by Banks (Number: 2020/4) published in the Official Gazette dated February 10, 2020 and numbered 31035. The monthly maximum contractual interest rate to be applied in foreign currency credit card transactions is determined by rounding 80 percent of the maximum monthly contractual interest rate applicable to credit card transactions in Turkish lira to two digits after the comma. . “

In the Communiqué, the determination of the maximum delay interest rates, “The monthly maximum delay interest rate to be applied in Turkish lira credit card transactions is determined by adding 30 basis points to the monthly maximum contractual interest rate to be applied to credit card transactions in Turkish lira. The maximum delay interest rate is determined by adding 30 basis points to the monthly maximum contractual interest rate applicable for foreign currency credit card transactions. ” expressed in the form.

Maximum rates to be applied by participation banks

In the communiqué, which also includes the procedures and principles of the maximum rates to be applied by participation banks, “The monthly contractual profit share rates to be applied by participation banks in credit card transactions are determined according to the 4th article, the monthly delay penalty rates are the monthly maximum determined according to the 5th article. delay cannot exceed interest rates. ” It was said.

Credit cards will be implemented in transactions monthly maximum contractual and default interest rates, the Republic of Turkey Central Bank of the fifth business day of the end of each month the official communique reported will be announced on the website of Bank Cards and Credit Cards The provisions of the Law of the month following Without prejudice to the first It was stated that it will be applied to be effective from the day.

In the Communiqué, it was stated that the Communiqué on Maximum Interest Rates to be Applied in Credit Card Transactions published in the Official Gazette dated 12 November 2016 and numbered 29886 (No.

In the notification, which also included a temporary article, the following were recorded:

“October 23, 2020 Date of the maximum contractual and default interest rates are calculated in accordance with provisions of this Communiqué through reference rate declared Turkey’s Central Bank is valid from November 1, 2020. If until the date on which to start implementation of the said ratio removed credit repealed by Article 8 ‘of this Communiqué The rates specified in the Communiqué on the Maximum Interest Rates to be Applied in Card Transactions (Number: 2016/8) are applied. “

the provisions of the Decree entered into force as of today holds Chairman Central Bank of the Republic of Turkey.

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