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- October 13, 202619°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,825-1.01%
- October 13, 202619°
BRSA sets new limits on mobile phone loans and credit card installments
The Banking Regulation and Supervision Agency set loan maturities for mobile phone purchases at between three and 12 months, depending on the product’s price and whether it is refurbished. The minimum credit card payment will be 20% for cards with limits of 100,000 lira or less and 40% for cards with higher limits.
The Banking Regulation and Supervision Agency has reset the maturity, installment and minimum payment limits for consumer loans used to purchase mobile phones and for credit cards.
Loan maturities tied to mobile phone prices
Consumer loans for mobile phones priced at 40,000 lira or less will have a maturity limit of 12 months. Phones priced above 40,000 lira will have a maximum maturity of three months.
A different limit will apply to refurbished mobile phones. Refurbished phones priced at 50,000 lira or less will have a maturity of 12 months, provided that the business is a refurbishment center or an authorized retailer. Products priced above that amount will have a maturity of three months.
Refurbished products treated differently for credit card installments
The ban on installment payments for non-refurbished mobile phones purchased with credit cards will remain in place. Refurbished mobile phones, however, will be eligible for up to 12 monthly installments regardless of their price.
Minimum payment threshold increased
The threshold used to determine the minimum credit card payment has also been raised from 50,000 lira to 100,000 lira. Accordingly, the minimum payment for cards with limits of 100,000 lira or less will be 20% of the statement balance.
For credit cards with limits above 100,000 lira, the minimum payment will be 40% of the statement balance.
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