Legal AlertLegal Alert Turkey

2 March 2019

According to the Regulation Amending The Regulation Related to Bank Cards and Credit Cards published in the Official Gazette dated 11.01.2019 and numbered 30652, installment period for payment of goods and services procured or cash withdrawal by credit card is determined by the Banking Regulation and Supervision Board (“Board”) by taking the opinion of the Turkish Republic Presidency, Strategy and Budget Office, the Ministry of Treasury and Finance and the Ministry of Commerce. Briefly stated, the number of credit card installments is directly regulated by Board decision according to the amendment. Since Board decision is sufficient for regulating the matter, amendments are available in the “Announcements > Press Releases” section on the official website of the Banking Regulation and Supervision Agency (“BRSA”)but no longer be published in the Official Gazette.

According to the Press Release published on the website of BRSA on 26.02.2019, pursuant to the Board Decision dated 11.01.2019 and numbered 8198, the credit card installment periods were decided to be increased;

  • from six months to twelve months in purchases on computer and expenses regarding transportation, except for tablet purchases;
  • from nine months to twelve months in expenses related to domestic travel regarding travel agencies, in relation to health and social services,
  • from nine months to twelve months regarding the general installment limit on corporate credit cards.