BRSA introduced new restrictions for mobile phone loans and credit card payments

According to the statement made by the Banking Regulation and Supervision Board (BDDK), the board determined the maturity limit for consumer loans extended for the purchase of mobile phones as 12 months for mobile phones whose price is 40 thousand liras and below, and 3 months for those whose prices are above 40 thousand liras.

It was decided that the maturity limit for mobile phones that are "refurbished products", provided that the workplace is a "renewal center" or an "authorized dealer", will be 12 months for those whose price is 50 thousand liras and below, and 3 months for those whose prices are above 50 thousand liras.

It was decided that the ban on installment payments for mobile phone purchases (except for those that qualify as refurbished products) with a credit card will continue, and that the installment period for mobile phone purchases that qualify as "renewed products" will be 12 months without any amount limit.

- Minimum payment amount on credit cards

On the other hand, the 50 thousand lira limit amount taken into account in determining the minimum payment amount for credit cards has been increased.

The minimum amount for credit cards was determined as 20 percent of the term debt for those with a limit of 100 thousand liras and below, and 40 percent of the term debt for those with a limit of over 100 thousand liras.