Credit Card Installments for Travel Expenses Increased to 18 Months! According to the latest breaking news, the number of installments allowed for certain credit card purchases has been raised to 18 months. Under a regulation published by the Ministry of Trade in the Official Gazette, installment limits for domestic credit card spending related to airlines, travel agencies and lodging have been increased to 18 months.
Separately, the Banking Regulation and Supervision Agency (BRSA) announced on June 9, 2020 that it had raised the installment limit for these types of expenses from 12 months to 18 months. The Ministry of Trade’s regulation specifically applies to domestic spending for airlines, travel agencies and accommodation, and establishes an 18-month installment option for eligible credit card purchases.
Installment Rules for Credit Card Purchases Revised
The installment rules for credit card purchases have been revised. The Ministry of Trade’s amendment to the “Regulation on Principles and Rules to be Applied in Retail Trade” was published in the Official Gazette and is now in force. The published regulation revises the maximum installment periods that retailers may offer consumers for purchases made on credit.
Accordingly, installment plans for domestic purchases related to airlines, travel agencies and lodging will be limited to 18 months. In line with this, the Banking Regulation and Supervision Agency has also set the installment limit for these expense categories at 18 months, increasing it from 12 months as of its June 9, 2020 announcement.