Turkey updates credit card limits and mobile phone financing rules

New financial regulations in Turkey have introduced significant changes to credit card minimum payments and mobile phone financing. The Banking Regulation and Supervision Agency (BDDK) has raised the credit card limit threshold for determining minimum payment rates. Previously, cards with limits exceeding 50,000 TL required a 40% minimum payment; this threshold has been increased to 100,000 TL, meaning cards with limits between 50,000 TL and 100,000 TL will now only require a 20% minimum payment.

Additionally, new rules regarding mobile phone loans allow for 12-month installments on devices priced up to 40,000 TL and up to 50,000 TL for refurbished phones. Mustafa Kemal Turnacı, President of MOBİSAD, noted that these changes are expected to facilitate consumer access to technology and shift the market toward mid-range products, potentially increasing sales by up to 10%.

In a separate regulatory update, the general identity verification threshold for financial transactions has been raised from 185,000 TL to 375,000 TL. For electronic and crypto-asset transfers, the identity verification threshold has been set at 30,000 TL.