New regulation for credit card interest rates

The Central Bank has made a change regarding the fees applied to commercial customers and the reference rate taken into account in the maximum contractual and late interest rates for credit cards.

The reference rate, which is announced on the fifth business day from the last day of each month, will be calculated by taking into account the most up-to-date data on the date of the meeting, in case a Monetary Policy Committee meeting is held after this day. With the regulation, the CBRT decided to apply the reference rate as 1.36% instead of 0.81% in July. According to the July reference rate, the credit card maximum contractual interest rate will be 1.91%.

Source: Sabah / Prepared by Irem Yildiz

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