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ARTICLE · 09 NOVEMBER 2020

Changes To Credit Card Interest Rates

Esin Attorney Partnership
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The Central Bank of the Republic of Turkey ("CBRT") published the Communiqué No. 2020/16 on the Maximum Interest Rates for Credit Card Transactions ("Communiqué") changing the monthly maximum...

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Yarkin Sanli
Yarkin Sanli
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Recent Development

The Central Bank of the Republic of Turkey ("CBRT") published the Communiqué No. 2020/16 on the Maximum Interest Rates for Credit Card Transactions ("Communiqué") changing the monthly maximum interest rates to be applied to credit card transactions. The Communiqué entered into force upon its publication in the Official Gazette No. 31290 dated October 31, 2020 and replaced the previous Communiqué No. 2016/8.

What Does the Communiqué Say?

• The Calculation of Maximum Interest Rates: According to the Communiqué, the CBRT will use the following calculation methods in order to determine the monthly maximum interest rates:

  • The calculation of interest rates for credit card transactions in TRY: The maximum contractual interest rate for credit card transactions in TRY will be calculated by adding 55 basis points to the monthly reference rate which is (i) calculated over the weighted average flow interest rate applied by banks to all types of TRY

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