Turkish MP calls for oversight of high credit card fees

Mühip Kanko, a Member of Parliament for the Yeni Parti in Kocaeli, has raised concerns regarding high credit card annual fees in the Grand National Assembly of Turkey. Kanko highlighted that some card fees have increased by up to 70%, with certain cards exceeding 5,000 TL per year.

Kanko addressed calls for oversight to the Minister of Treasury and Finance, the Minister of Trade, and the Chairman of the Banking Regulation and Supervision Agency (BDDK). He noted that with over 150 million credit cards in circulation, many citizens are facing financial strain due to these costs. Additionally, he reported claims that some banks require spending commitments of up to 108,000 TL for fee waivers and that fees are being applied even to long-unused cards. He emphasized that banks are legally obligated to provide fee-free card options to customers upon request.