Attention credit card users: You may be able to get your money back

After the increase in credit card annual fees in January, consumers have started facing disputes with banks. Legal regulations emphasize that users have the right to request a no-fee card option.

With the number of credit cards in Turkey reaching 129 million, the recent increase in annual credit card fees in January has caused significant backlash among consumers. While banks have the legal right to charge annual fees, consumers also have the right to choose alternative no-fee card options.

According to data from the Interbank Card Center (BKM), the total number of credit cards in Turkey is approximately 129 million, with 67 million of them held by individuals aged 15 and older. This means that, on average, each person holds about two credit cards, contributing to the increase in fee-related expenses.

ANNUAL FEES AND CONSUMER REACTIONS

Credit card holders frequently encounter problems with banks due to annual fees. The increases in fees, especially in January, have further fueled user discontent. For consumers with multiple credit cards, these fees can become a significant financial burden. Starting January 1st, there has been a noticeable rise in complaints about card fees on social media and complaint platforms.

LEGAL REGULATIONS AND BANKS’ RIGHT TO CHARGE FEES

According to legal regulations, banks have the right to charge membership fees for credit cards. This right was formalized by the “Regulation on Procedures and Principles Regarding Fees Charged to Financial Consumers,” published on October 3, 2014, and reinforced by the fee and commission regulation issued on March 7, 2020.

ALTERNATIVE CARD OPTIONS

Although banks are entitled to charge annual membership fees for certain services, there are also provisions protecting consumers. The law mandates that banks must offer no-fee credit cards. In such cases, a consumer has the right to request that their fee-paying credit card be replaced with a no-fee one, and the bank is obligated to fulfill this request.

source: cumhuriyet.com.tr