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Aug 14 2018

Turkish banking regulator limits credit card spending

Turkey’s banking regulator has placed new limits on credit card instalments amid a currency crisis, independent news site T24 said.

The new regulations ban the use of instalments for the purchase of jewelry, telecoms, overseas goods, food, alcoholic drinks, fuel, cosmetics, office equipment, and gift cards.

Credit cards can now only be used for a maximum of 12 months’ worth of instalments for the purchase of goods or services, or borrowing money.

Only three months’ worth of instalments will be possible for electronic goods, while computers and travel payments will be limited to six months and payments relating to health or taxation will be limited to nine months.

The new regulations also limit the timeframe over which debt restructuring that can take place for credit card debt.