BRSA updated phone loan and credit card minimum payment limits

BRSA updated the phone loan limits: 12 months maturity for devices under 40 thousand TL, while the credit card minimum payment limit increased to 100 thousand TL.

Banking Regulation and Supervision Agency (BDDK) made a significant change in the maturity limits of consumer loans extended for mobile phone purchases and credit card minimum payment rates. With the new decision, the loan maturity for smartphones worth 40 thousand TL and below is determined as 12 months, while a 3-month maturity limit is applied for devices over 40 thousand TL.

New Limit and Maturity Regulation for Smartphone Loans

Price changes and currency fluctuations in the technology market directly affect consumers' access to financing models. According to the latest board decision announced by BRSA, the price scale for consumer loans taken directly for the purchase of new mobile phones has been revised to 40 thousand TL. Thus, many mid-segment and budget-friendly smartphones can be purchased through consumer credit with installments of up to 12 months. For flagship and high-end devices whose prices exceed the 40 thousand TL limit, the loan maturity continues to be limited to 3 months.

Refurbished Devices and Credit Card Installment Status

The regulation also closely concerns the "refurbished product" market, which has increased in popularity in recent years. Within the scope of the decision, the rules determined on the condition that the commercial workplace is a "renewal center" or "authorized dealer" are shaped as follows:

Refurbished Phone Loan: A consumer loan term of 12 months is granted for refurbished phones priced at or below 50 thousand TL, and a consumer loan term of 3 months is granted for devices priced above 50 thousand TL.

Installments by Credit Card: The ban on credit card installments for new mobile phones remains the same. On the other hand, for refurbished phone purchases offered by authorized centers, installments can be made to a credit card for up to 12 months without any price limitation.

Minimum Payment Level for Credit Cards Increased to 100 Thousand TL

The BRSA decision is not limited to mobile phone purchases; The threshold for minimum payment amounts, which affects the monthly cash flow of credit card users, also increases. The limit, which was previously applied as 50 thousand TL, was reduced to 100 thousand TL. According to the new framework:

For cards with a total limit of 100 thousand TL and below, the minimum payment rate is 20 percent of the period debt,

For cards with a limit exceeding 100 thousand TL, 40 percent of the period debt is collected.

While this regulation provides breathing room in terms of cash flow, especially for users who want to buy mid- and entry-level smartphones; enabling it to further expand its share of the refurbished device market.