Economy in Turkey: Credit card interest rates raised to 4.25 percent

The maximum contractual monthly interest rate applicable to credit card transactions has been raised to 4.25 percent.

The maximum contractual monthly interest rate applicable to credit card transactions (excluding cash withdrawals or usage transactions) has been raised from 3.66 percent to 4.25 percent.

The Central Bank of the Republic of Turkey (CBRT) has made changes to the method of calculating the maximum contractual monthly interest rate for credit cards. It was decided to determine the monthly reference rate by adding 114 basis points instead of 55 basis points.

According to the new method, the calculated maximum contractual monthly interest rate has increased from 3.66 percent to 4.25 percent.