BRSA sets new limits for credit card and mobile phone purchases

The Banking Regulation and Supervision Board (BDDK) has made new regulations concerning credit card users and citizens who will buy mobile phones.

With the decision, the limit used to determine the minimum payment rate on credit cards was increased, while the maturity limits of consumer loans used for mobile phone purchases were also rearranged.

NEW LIMIT OF 100 THOUSAND LIRAS ON CREDIT CARD

With the decision of BRSA, the limit on credit cards, which is the basis for applying the 20 percent minimum payment rate, was increased from 50 thousand lira to 100 thousand lira.

Accordingly;

The minimum payment amount for credit cards with a limit of 100 thousand lira or less will be 20 percent of the term debt.

For credit cards with a limit over 100 thousand liras, the minimum payment amount will be 40 percent of the period debt.

40 THOUSAND LIRA THRESHOLD FOR NEW PHONES

Price and maturity limits for consumer loans used for mobile phone purchases have also been redefined.

For new mobile phones, the loan maturity will be a maximum of 12 months for devices with a sales price of 40 thousand lira or less. For new phones whose price exceeds 40 thousand liras, the maturity will be applied as a maximum of 3 months.

THE LIMIT FOR REFURBISHED PHONES IS 50 THOUSAND LIRA

The price threshold for refurbished mobile phones was determined as 50 thousand liras.

Consumer loan maturity can be up to 12 months for refurbished phones with a price of 50 thousand liras and below, and up to 3 months for devices over 50 thousand liras.

INSTALLMENT BAN ON NEW PHONES WILL CONTINUE

No changes were made to the installment ban on new mobile phone sales by credit card. New mobile phones cannot be purchased in installments with a credit card.

A different application will be available on refurbished mobile phones. These devices can be purchased by credit card in installments of up to 12 months, without any amount limit.