Under normal conditions, credit card users could withdraw cash advances with an interest rate of 1.36%. In fact, it was like taking a small short-term loan. But now that period is over. As of next Monday, banks will stop giving cash advances to credit cards. Here are the details…
Cash advance feature is removed from credit cards!
With the new regulation published by the Central Bank on May 16, 2023, it brought a security obligation in consumer loans. Within the scope of this obligation, it was decided that 30 percent of the credit card expenditures and cash withdrawal transactions would be subject to the establishment of securities.
Regarding the subject, banking resources (dunya.com) said, “Consumers were meeting their needs with this cash advance. He was taking a cash advance on his credit card. With an interest rate of 1.36. “With the securities requirement, most banks have closed cash advances from credit cards as of Monday,” he said.
Our news is being updated…