June 29, 2019 / 7:28 AM / 5 months ago

Turkish central bank revises maximum monthly credit card rates

ANKARA, June 29 (Reuters) - Turkey’s central bank said on Saturday it had revised the maximum interest rate credit card lenders could charge each month to 2% for Turkish lira and 1.60% for foreign exchange transactions.

The interest rate where payments are overdue will be a maximum 2.4% for Turkish lira charges and 2% for transactions in foreign currencies. The revisions will come into effect on July 1, the bank said in a statement.

The bank advised credit card holders with short-term credit needs to seek a consumer loan rather than borrow on personal credit cards.

Reporting by Tuvan Gumrukcu Editing by Edmund Blair

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