The announcement of the Central Bank of the Republic of Türkiye (CBRT) on the reduction of interest rates applied to credit cards has been published.
“Notice on amendments to the Notice on Maximum Interest Rates Applicable for Credit Card Transactions” of CBRT has been published in the Official Gazette and is effective.
According to the release, the maximum monthly interest rate applicable to credit card transactions denominated in Turkish lira has been increased to 30 thousand lira for credit cards with term debt less than 25 thousand lira. The basis points added to the operating interest rate, which serves as the basis for calculating the maximum interest rate for these cards, have been reduced from 39 to 14.
While the limit set for credit cards with term debt between 25 thousand lira and 150 thousand lira has increased to about 30 thousand lira and 180 thousand lira, the basis points used to determine the maximum interest rate for credit cards in this group have been reduced from 89 to 64.
The upper limit for cards with term debt over 150 thousand liras has been increased to 180 thousand liras. The base points used to calculate the maximum interest rate for these cards have been reduced from 139 to 114.
CASH ADVANCED INTEREST IS ALSO REDUCED
On the other hand, interest rates on advance and overdraft accounts have been reduced from 4.50% to 4.25%.
The maximum contractual interest rate of a credit card will be 3.25% for credit cards with a balance of less than 30 thousand liras, 3.75% for credit cards from 30 thousand liras to 180 thousand liras and 4.25% for credit cards with a balance of 180 thousand liras. These rates will take effect on January 1, 2026.
