New Maturity Regulation from BRSA on Credit Card and Mobile Phone Purchases
The Banking Regulation and Supervision Agency updated card minimum payment rates and phone loan limits with its new steps in financial markets.
The Banking Regulation and Supervision Agency has readjusted the consumer loan maturity and limit thresholds applied to credit card minimum payment rates and mobile phone purchases.
Credit Card Minimum Payment Thresholds
The Banking Regulation and Supervision Agency has taken new decisions regarding consumer loans and credit card regulations. With the new regulation, the limit threshold used as the basis for determining the minimum payment amount on credit cards has been updated.
New Rates and Limit Thresholds
The limit, which was previously 50 thousand liras, has been increased to 100 thousand liras. For credit cards with a limit of 100 thousand liras and below, the minimum payment rate will be applied as 20 percent of the period debt, and for cards over 100 thousand liras, as 40 percent.
Mobile Phone Loan Maturity Limits
On the other hand, consumer loan maturity and amount limits for mobile phone purchases have also been changed. Regulations were brought to the rules determined according to brand-new and refurbished devices.
Refurbished and Brand-New Device Rules
The maximum loan maturity will be 12 months for brand-new mobile phones priced at 40 thousand liras and below, and refurbished phones priced at 50 thousand liras and below. While the installment ban on purchasing brand-new mobile phones with a credit card continues, a 12-month installment opportunity without any amount limit was granted for purchases of devices with refurbished product characteristics.