From the Central Bank of the Republic of Türkiye:
NOTIFICATION ON AMENDMENTS TO THE NOTIFICATION ON MAXIMUM INTEREST RATES TO BE APPLIED IN CREDIT CARD TRANSACTIONS (NUMBER: 2020/16) (NUMBER: 2024/22)
ARTICLE 1 – Article 4 of the Notification on Maximum Interest Rates to Be Applied in Credit Card Transactions (Number: 2020/16) published in the Official Gazette dated October 31, 2020, and numbered 31290 has been amended as follows:
“ARTICLE 4 – (1) The monthly maximum contractual interest rates to be applied to credit card transactions in Turkish lira (excluding cash withdrawal or usage transactions and corporate credit card transactions) are calculated and announced based on the monthly reference rate determined within the framework of the principles and procedures set forth in the Notification on Fees Charged by Banks to Commercial Customers (Number: 2020/4) published in the Official Gazette dated February 10, 2020, and numbered 31035;
a) For credit cards with a period debt below twenty-five thousand Turkish lira: 39 basis points,
b) For credit cards with a period debt between twenty-five thousand and one hundred fifty thousand Turkish lira: 114 basis points,
c) For credit cards with a period debt above one hundred fifty thousand Turkish lira: 164 basis points.
(2) The monthly maximum contractual interest rate to be applied to corporate credit card transactions in Turkish lira (excluding cash withdrawal or usage transactions) is determined by adding 164 basis points to the monthly reference rate.
(3) The monthly maximum contractual interest rate to be applied to cash withdrawal or usage transactions in Turkish lira made via credit cards is determined by adding 189 basis points to the monthly reference rate.
(4) The monthly maximum contractual interest rate to be applied to credit card transactions in foreign currency is determined by rounding to two decimal places 70% of the monthly maximum contractual interest rate applicable to cash withdrawal or usage transactions in Turkish lira made via credit cards.”
ARTICLE 2 – The following temporary articles have been added to the same Notification.
“Transition Period
TEMPORARY ARTICLE 4 – (1) The rates calculated under the changes made in Article 4 with the Notification that introduces this article will be announced by the Central Bank on October 24, 2024, and these announced rates will be applicable as of November 1, 2024. Until the date on which these rates are to be implemented, the rates specified in Article 4 that were in effect before the publication date of this article will apply.
Maximum Interest Rates to Be Applied in Restructuring Credit Card Debts
TEMPORARY ARTICLE 5 – (1) In accordance with Article 1 of the Banking Regulation and Supervision Agency Decision numbered 10972 dated September 26, 2024, the monthly contractual interest rate applicable in the restructuring of credit card debts cannot exceed the monthly reference rate announced within the framework of the principles and procedures set forth in the Notification on Fees Charged by Banks to Commercial Customers (Number: 2020/4). The monthly maximum late payment interest rate to be applied in these transactions is the highest late payment interest rate determined under Article 5 of this Notification. The interest rate and late payment interest rate specified in this article will apply respectively as profit share rate and late payment penalty rate for participation banks.”
ARTICLE 3 – This Notification shall enter into force on the date of its publication.
ARTICLE 4 – The provisions of this Notification shall be executed by the Governor of the Central Bank of the Republic of Turkey.
Source: Official Gazette
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