Starting today, new interest rates on credit cards in Turkey officially take effect. The Central Bank of Turkey (CBRT) has implemented a 25 basis point cut, adjusting both credit card and overdraft interest rates.
With this decision, the contract rate has been reduced from 4.75% to 4.50%, while the late payment rate has dropped from 5.05% to 4.80%. This move follows the regulation that was previously published in the Official Gazette on September 18 and now becomes enforceable across the country.
POS Commission Fees Also Updated
Alongside the interest rate adjustment, the CBRT has revised the system for POS commission rates. Until now, a single 3.56% commission was applied to all card-based transactions. With the new arrangement, credit card and debit card transactions are now separated under different rules.
For credit card purchases, the commission rate remains unchanged. However, for debit card transactions, the maximum POS commission has been lowered to 1.04%.
Additionally, if a business prefers blocked account processing instead of paying commission, the maximum blocking period has been cut from 40 days to 15 days for debit card payments. These new rules will also apply to prepaid cards and account-to-account merchant payments starting from November 1.
The Central Bank’s latest move provides some relief for consumers with lower credit card borrowing costs, while also supporting businesses with reduced POS commissions on debit card transactions. As these changes roll out, both cardholders and merchants are expected to feel the impact in their daily financial operations.
Keywords:
#Turkey #Central #Bank #credit #card #interest #rate #payment #debit #card #commission #finance #banking #consumer #business #regulation #economy #fees #market #update
