Turkey has increased maximum interest rates for credit card transactions, allowing banks to charge higher interest rates. From 1 October 2018, the maximum contractual interest rate for credit card transactions in Turkish Lira increases from 2.02% to 2.25%, as well as for foreign currency credit card transactions from 1.62% to 1.80%. Similarly, the maximum default interest rate for Turkish Lira credit card transactions increases from 2.52% to 2.75%, as well as for foreign currency transactions from 2.12% to 2.30%.
The Amendment to the Communiqué Regarding Maximum Interest Rates Applied to Credit Card Transactions was published in Official Gazette number 30541 on 20 September 2018. Please see this link for the full text (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.