Taking steps towards the use of credit cards, the authorities announced decisions that will balance the use of cash advances.
Although it varies from bank to bank, it essentially provides advantages to consumers. cash advance The application continues to be a matter of concern due to the long-standing debate around credit cards. Central Bank of the Republic of Türkiye The new steps taken by the CBRT within the scope of tightening justified these concerns.
Aforementioned CBRTWith the decision published in the Official Gazette, the company changed the monthly maximum contractual interest rate calculation method for both cash advance and overdraft accounts. Received from cash advance in the context of the decision interest rate has increased.
The interest rate of 4.42 percent was increased to 5 percent.
With this change, it is said that the cash advance interest, which remained low compared to the consumer loan interest, was balanced. While the rates are valid as of today, there have been restrictions on both the limit and the number of installments of cash advances in recent days. First of all, cash advance limit reduced to 25 percent. extending up to 12 The number of installments has been reduced to 3.
Apart from this, there are also changes in the TL share targets applied to real and legal persons. Now for the legal entity TL share monthly increase target was introduced. Such a month-to-month increase target was not possible before. For real person TL share monthly increase targets updated. When these targets were not met, the commission rates applied also increased.
It has been talked about for a long time that such limitations would come to credit cards. Because BRSA data; He announced that loans grew by 50 percent and credit cards by 150 percent in 1 year. Authorities also reminded that regulations regarding credit cards were on the agenda. What do you think about these regulations?
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