2.3 Regulations and other Actions Regarding the Financial System 

2.3.1 Maximum Interest Rates for Credit Cards

Since November 2020, the maximum interest rates for credit cards have been determined by a predictable, rule-based method reflecting current market conditions. Accordingly, the maximum interest rates for credit cards are based on the reference rate calculated according to the Communiqué on Procedures and Principles Regarding the Fees that Banks Can Charge Commercial Clients (No. 2020/4), and the calculation method for these rates is as follows (Table 2.3.1.1).

In the scope of the arrangement, rates calculated according to this method are announced on the CBRT website on the fifth-to-last business day of each month and take effect on the first day of the following month. In this regard, the maximum contractual and overdue interest rates that have been applied on credits cards since December 2021 are shown in Table 2.3.1.2.

2.3.2 Regulations on Fees

Regulations Regarding Fees Chargeable to Commercial Clients

The “Communiqué No. 2020/4 on Procedures and Principles Regarding the Fees that Banks Can Charge Commercial Clients” arranges the fees that banks can charge their commercial clients for products and services they offer. The purpose of the Communiqué is to enhance predictability and transparency in transactions between banks and their commercial clients, to ensure consistency of concepts and terminology, and to prevent excessive pricing.

Some changes have been introduced in the Communiqué No. 2020/4 with the amendments published in Official Gazettes of 29 January 2022 and 23 September 2022. Accordingly, with the amendment dated 29 January 2022, the calculation method of the reference rate, which is used to calculate the maximum merchant fee, was changed. Prior to the regulation, in the calculation of the reference rate, only the weighted average current interest rate applied by banks to all types of Turkish lira deposits with maturities of 32-45 days was taken into account, however, with the regulation, in addition to this rate, the rate calculated by adding 10% to the CBRT policy rate started to be taken into account as well.

Moreover, with the amendment made on 23 September 2022, it was decided that the maximum commercial loan disbursement fee of 1.10% would be based on the number of days of maturity for maturities shorter than one year and be proportionally decreased. The amendment also stipulated that the annual maximum limit of 0.25% for the maximum commercial loan allocation fee would continue as it is, however, in case of renewed limits, an allocation fee of 0.125% of the renewed limit would be applied.

Fees Chargeable to Financial Consumers  

The Communiqué on Procedures and Principles Regarding the Fees to be Charged to Financial Consumers (No. 2020/7) published in the Official Gazette No. 31061 of 7 March 2020 regulates the fees chargeable to financial consumers for products and services offered. The purpose of Communiqué No. 2020/7 is to determine the procedures and principles governing any kind of fees, commissions and expenses other than interest rates and profit share chargeable to financial consumers for the products and services offered by institutions.

The CBRT Complaint Management System was established and put into service on 22 February 2022, with the aim of ensuring a more effective management of complaints received by the CBRT regarding fees, commissions and interest charged by banks to financial consumers and commercial customers, establishing a direct communication channel between the applicant and the bank, and contributing to increased financial literacy by providing legislative information on the subject of the application. The system can be accessed via the CBRT’s website and the “E-government “ application on “turkiye.gov.tr”.