The reference rate to be used in calculating maximum interest rates to be applied to credit card transactions by banks is calculated and announced by the method determined within the scope of the Communiqué on the Procedures and Principles Regarding the Fees That Banks Can Charge Their Commercial Clients No: 2020/4.
The monthly maximum contractual interest rate on credit card transactions in Turkish lira (excluding cash withdrawal or usage transactions) will be determined by adding 114 basis points to the monthly reference rate. The monthly maximum contractual interest rate to be applied in cash withdrawal or usage transactions made through credit cards is determined by adding 189 basis points to the monthly reference rate.
The monthly maximum contractual interest rate on credit card transactions in foreign exchange will be calculated by taking 80% of the monthly maximum contractual interest rate on credit card transaction in Turkish lira and rounding off the number to two decimal places.
The monthly maximum overdue interest rates on credit card transactions in Turkish lira will be calculated by adding 30 basis points to the monthly maximum contractual interest rates on credit card transactions in Turkish lira.
The monthly maximum overdue interest rate on credit card transactions in foreign exchange will be calculated by adding 30 basis points to the monthly maximum contractual interest rate on credit card transactions in foreign exchange.
Monthly contractual profit sharing rates to be applied to credit card transactions by participation banks shall not exceed monthly maximum contractual interest rates; and monthly overdue penalty rates shall not exceed monthly maximum overdue interest rates on credit card transactions.
In addition, it is stipulated in the Communiqué on Deposit and Loan Interest Rates and Participation Accounts Profit and Loss Participation Rates No:2020/3 that the maximum contractual and overdue interest rates to be applied in overdraft accounts cannot exceed the maximum rates determined by CBRT.
The interest rates in the table below are the maximum rates valid for the relevant periods, and banks freely determine the interest rates to be applied to credit card transactions, provided that they do not exceed these ceiling rates.
|
Validation Date
|
Reference Rate (%)
|
Turkish Lira
|
Foreign Exchange
|
|
Credit Card Transactions
|
Cash Withdrawal or Usage Transactions*
*Also applies to overdraft accounts
|
Credit Card Transactions
|
|
Maximum Contractual Interest Rates (%)
|
Maximum Overdue Interest Rates (%)
|
Maximum Contractual Interest Rates (%)
|
Maximum Overdue Interest Rates (%)
|
Maximum Contractual Interest Rates (%)
|
Maximum Overdue Interest Rates (%)
|
|
1/5/2024
|
3,11 |
4,25 |
4,55 |
5,00 |
5,30 |
3,40 |
3,70 |
|
6/4/2024
|
3,11
|
4,25
|
4,55
|
5,00
|
5,30
|
3,40
|
3,70
|
|
1/4/2024
|
3,11
|
3,66
|
3,96
|
5,00
|
5,30
|
2,93
|
3,23
|
|
16/3/2024
|
3,11 |
3,66 |
3,96 |
5,00 |
5,30 |
2,93 |
3,23 |
|
1/3/2024
|
3,11
|
3,66
|
3,96
|
4,42
|
4,72
|
2,93
|
3,23
|
|
1/2/2024
|
3,11
|
3,66
|
3,96
|
4,42
|
4,72
|
2,93
|
3,23
|
|
1/1/2024
|
3,11
|
3,66
|
3,96
|
4,42
|
4,72
|
2,93
|
3,23
|
|
1/12/2023
|
3,11
|
3,66
|
3,96
|
4,42
|
4,72
|
2,93
|
3,23
|
|
1/11/2023
|
3,11
|
3,66
|
3,96
|
4,42
|
4,72
|
2,93
|
3,23
|
|
1/10/2023
|
2,71
|
3,26
|
3,56
|
4,02
|
4,32
|
2,61
|
2,91
|
|
1/9/2023
|
2,26
|
2,81
|
3,11
|
3,57
|
3,87
|
2,25 |
2,55
|
|
1/8/2023
|
1.58
|
2.13
|
2.43
|
2.89
|
3.19
|
1.70
|
2.00
|
|
1/7/2023
|
1.36
|
1.91
|
2.21
|
1.91
|
2.21
|
1.53
|
1.83
|
|
1/6/2023
|
0.81
|
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/5/2023
|
0.81 |
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/4/2023
|
0.81 |
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/3/2023
|
0.81 |
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/2/2023
|
0.81 |
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/1/2023
|
0.81 |
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/12/2022
|
0.81 |
1.36
|
1.66
|
1.36
|
1.66
|
1.09
|
1.39
|
|
1/11/2022
|
0.95
|
1.50
|
1.80
|
1.50
|
1.80
|
1.20
|
1.50
|
|
1/10/2022
|
1.08
|
1.63
|
1.93
|
1.63
|
1.93
|
1.30
|
1.60
|
|
1/9/2022
|
1.18
|
1.73
|
2.03
|
1.73
|
2.03
|
1.38
|
1.68
|
|
1/8/2022
|
1.25
|
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/7/2022
|
1.25
|
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/6/2022
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/5/2022
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/4/2022
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/3/2022
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/2/2022
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/1/2022
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/12/2021
|
1.25 |
1.80
|
2.10
|
1.80
|
2.10
|
1.44
|
1.74
|
|
1/11/2021
|
1.43
|
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/10/2021
|
1.43 |
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/9/2021
|
1.43 |
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/8/2021
|
1.43 |
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/7/2021
|
1.43 |
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/6/2021
|
1.43 |
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/5/2021
|
1.43 |
1.98
|
2.28
|
1.98
|
2.28
|
1.58
|
1.88
|
|
1/4/2021
|
1.34
|
1.89
|
2.19
|
1.89
|
2.19
|
1.51
|
1.81
|
|
1/3/2021
|
1.34 |
1.89
|
2.19
|
1.89
|
2.19
|
1.51
|
1.81
|
|
1/2/2021
|
1.34 |
1.89
|
2.19
|
1.89
|
2.19
|
1.51
|
1.81
|
|
1/1/2021
|
1.24
|
1.79
|
2.09
|
1.79
|
2.09
|
1.43
|
1.73
|
|
1/12/2020
|
1.04
|
1.59
|
1.89
|
1.59
|
1.89
|
1.27
|
1.57
|
|
1/11/2020
|
0.91
|
1.46
|
1.76
|
1.46
|
1.76
|
1.17
|
1.47
|
