Credit Card Interest Rates Changed! According to breaking news, interest rates for all credit cards have been revised. This development affects all credit card users. The announcement reports a reduction in the interest rates applied to credit card use. According to the Central Bank statement, the maximum monthly contractual interest rate applicable to credit card transactions denominated in Turkish Lira has been reduced by 1.25 percentage points. The Central Bank also announced a reduction in the maximum monthly late payment interest rate, which has been lowered to 1.55%. These interest rate reductions announced by the Central Bank will take effect as of April 1, 2020.
Central Bank’s Credit Card Interest Announcement
The Central Bank of the Republic of Turkey issued an urgent announcement regarding credit card interest rates. In its statement, the Central Bank said that the maximum monthly contractual interest rate applied to TL-denominated credit card transactions has been lowered to 1.25%. The Bank emphasized that maximum credit card interest rates will no longer be announced on a quarterly basis and that published rates will remain in effect until any future change is officially announced.
The Central Bank also confirmed that the newly reduced credit card interest rates will be effective from April 1, 2020. According to the recent announcement, the specific reductions to credit card interest rates are as follows:
- The maximum monthly contractual interest rate for TL-denominated credit card transactions has been reduced from 1.4% to 1.25%,
- The maximum monthly late payment interest rate has been reduced from 1.7% to 1.55%,
- The maximum monthly contractual interest rate for foreign currency–denominated credit card transactions has been reduced from 1.12% to 1.0%,
- The maximum monthly late payment interest rate for foreign currency–denominated transactions has been reduced from 1.42% to 1.3%.