New Credit Card Regulation: No Refund of 750 TL Even If the Card Is Canceled!

A new proposal in Turkey suggests that a fee of 750 Turkish Lira will be charged to credit cards with a limit exceeding 100,000 TL, which will go to the Defense Industry Fund. Here are the details of the new credit card regulation:

 Automatic Deduction Every Year on January 5th

If the proposal prepared by the AK Party is approved, it will be discussed in the Parliamentary Plan and Budget Commission. The projected annual collection is expected to reach 63 billion TL. The 750 TL fee will be deducted annually from credit cards with limits over 100,000 TL, with the charge occurring automatically on January 5th each year. Even if the card is canceled, the fee will not be refunded. The fee will be detailed in the credit card statement.

 Increase Based on Revaluation Rate

The fees will be adjusted according to the revaluation rate, which is expected to be 45% this year.

 No Refund of 750 TL for Canceled Cards

If a card’s limit exceeds 100,000 TL at any point during the year, or if the card’s limit is increased to over 100,000 TL, the fee will be charged in the month the card is activated or the limit is increased. The 750 TL annual fee will not be refunded even if the card is canceled. If the card is renewed for any reason during the year, no additional fee will be charged if the annual fee has already been paid. Additionally, no extra fee will be charged for supplementary cards or virtual cards created within the physical card’s limits.