Increase in Credit Card Usage
Citizens struggling with economic difficulties such as high inflation and high cost of living prefer to make their expenses through credit cards. According to Interbank Card Center (BKM) data, expenditures made by credit card in May increased by 103% compared to the previous year and reached 1.3 trillion TL.
New Regulations in Credit Card Usage
Credit card usage is increasing rapidly in Turkey. According to BKM data, card payments have more than doubled in the last year, while the total number of cards has reached 410 million. The Banking Regulation and Supervision Agency (BDDK) is expected to make new regulations regarding credit card limits in the near future. Within the scope of these regulations, the maximum limit for short-term card users will be 4 times the monthly income, while customers who have been making regular payments for a long time will be allocated a limit of 8 times the sum of their salaries and side incomes.
In addition, reducing the number of installments in order to reduce high installment expenses is also on the agenda. It seems that the regulations made by the Central Bank to restrict the use of credit cards do not reduce card use. The main reasons for the increase in credit card expenditures are high inflation and the increase in loan interest rates.
