The Central Bank of the Republic of Turkey (CBRT) has announced that the maximum interest rate of credit cards will not change until 1 April 2014.
On 14 September 2013, the bank set the monthly maximum contractual interest rates on credit card transactions at 2.02% for the Turkish lira, 1.70% for the US dollar and 1.64% for the Euro, and the monthly overdue interest rate at 2.52% for the Turkish lira, 2.20% for the US dollar and 2.14% for the Euro.
The rates were made effective from 1 October 2013.
The bank will continue with the same interest rates for the next three-month period starting from 1 January 2014 till 31 March 2014.
CBRT said the maximum contractual and overdue interest rates for the next three-month period starting on 1 April 2014 will be announced before the set date.
According to CBRT, banks in turkey and in other countries have set the credit card interest rates higher than the interest rates on consumer loans. It has, therefore, advised credit cardholders to use consumer loans than personal credit cards for short-term credit needs.