Maximum Interest Rates for Credit Cards

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The reference rate to be used in calculating maximum interest rates to be applied to credit card transactions by banks is the latest two-week weighted average of the weighted average interest rates that banks apply to all deposit types in Turkish liras for a maturity of 32-45 days.

The monthly maximum contractual interest rate on credit card transactions in Turkish lira will be determined by adding 55 basis points to the 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 rate on credit card transactions in Turkish lira will be calculated by adding 30 basis points to the monthly maximum contractual interest rate 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.

 

Validation Date

 

Reference Rate

(%)

Monthly Maximum Contractual Interest Rates on Credit Card Transactions (%)

Monthly Maximum Overdue Interest Rates on Credit Card Transactions (%)

Turkish lira

Foreign Exchange

Turkish lira

Foreign Exchange

1/4/2021

1.34

1.89

1.51

2.19

1.81

1/3/2021

1.34

1.89

1.51

2.19

1.81

1/2/2021

1.34

1.89

1.51

2.19

1.81

1/1/2021

1.24

1.79

1.43

2.09

1.73

1/12/2020

1.04

1.59

1.27

1.89

1.57

1/11/2020

0.91

1.46

1.17

1.76

1.47