NEWS Accounting        13/06/2019

BDDK announces changes to credit card payment instalments

The Banking Regulation and Supervision Agency (BDDK) announced yesterday June 12th on its website changes to the maximum number of instalment payments that may be made by credit card. For purchases of furniture, maximum instalments have been extended from 12 to 18 months, for electronical goods, from 3 to 6 months, for televisions with value up to TL 3,500 to 12 months, and for electrical goods from 12 to 18 months. With regard airlines and accommodation payments, maximum instalments have been increased from 9 to 12 months. Instalments on tax payments increase from 9 to 12 months. In the case of corporate credit cards, the general limit has been increased from 12 to 18 months.


Today, June 13th, 2019, BDDK announced that the minimum amount to be paid on monthly credit card outstanding balances will be 30%, as published in Official Gazette no. 30800 dated 13.06.2019.


In accordance with the above credit card instalment changes, the Trade Ministry will now subsequently publish in the Official Gazette the number of instalments applicable to consumer products. The change to instalments for electronical goods and in particular for television sets will also cover mobile telephones. Electrical goods will include refrigerators, washing machines, and dish washers.


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