Credit card and overdraft account (KMH) interest rates will increase in parallel with the Central Bank’s policy rate increase. The credit card and KMH interest rates are currently at 1.36 percent per month. Rates will rise in August as the Central Bank raised its policy rate to 15 percent.
When the government insisted on a low interest rate policy despite the warnings, the economy entered a crisis, and ‘market-favorable’ names such as Mehmet Şimşek and Gaye Erkan were brought into office to tidy things up. The new administration is expected to ‘normalize’ its economic policies. As a first step, the Central Bank increased the interest rate by 6.5 percentage points to 15 percent.
A popular account on Twitter known for sharing about the economy on Twitter, shared his forecast about how much credit card and KMH interest rates would rise according to different increase rates. The credit card and KMH interest rates are currently at 1.36 percent per month. Rates will rise in August as the Central Bank raised its policy rate to 15 percent. Accordingly, the maximum interest rate on the credit card will reach 1.81 percent on August 1.
The delay interest (until the minimum amount is not paid), will increase to 2.11 percent.
