June 13, 2019 / 6:27 AM / 2 months ago

Turkey sets credit card payments at minimum 30 percent of debt

ISTANBUL, June 13 (Reuters) - Turkey has set the minimum amount of monthly credit card payments at 30 percent of debt on all cards, lowering the payment level on cards with higher limits, the country’s Official Gazette said on Thursday.

Previously, the minimum monthly amount to be paid was 35 percent of debt on cards with a 15,000-20,000 lira ($2,577-$3,436)limit. Users were paying a minimum 40 percent of their debt for credit cards with limits of more than 20,000 liras.

The minimum amount due for credit cards with a limit of up to 15,000 lira was kept steady at 30 percent, according to the BDDK banking watchdog statement, published in the Official Gazette.

The BDDK said late on Wednesday it had increased the number of credit card instalments for certain purchases including travelling expenses and tax payments, in an apparent move to support consumption.

Furniture purchases can now be paid over a period of up to 18 months while domestic travel spending can be paid over 12 months. Previously, the maximum instalment period for these expenses were 12 and 9 months respectively.

Turks made 182.96 billion lira worth of credit card transactions in the first quarter of this year, up some 18% year-on-year, according to Interbank Card Centre (BKM) data.

$1 = 5.8205 liras Writing by Ezgi Erkoyun Editing by Daren Butler and Edmund Blair

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