Regulation On Bank Cards And Credit Cards
The amendment to the Regulation on Bank Cards and Credit Cards entered into force with the regulation published in the Official Gazette dated 22 October 2014. With the amendment made in Article 26 of the Regulation;
“The instalment period cannot exceed nine months for purchases of goods and services and cash withdrawals to be made with credit cards, including the periods in which the debt is paid in instalments or the payment is postponed for a certain fee after the purchase of goods or services. This period cannot exceed four months for jewellery related expenditures. Instalments cannot be applied for telecommunication-related expenditures to be made with credit cards and for purchases of food, food, fuel and products that do not include any tangible goods or services in the form of gift cards, gift vouchers and similar forms.”
As of today, when the consumer requests instalments or postponement of the payment to be made by paying a certain fee when purchasing goods or services, the total period, including the postponement, cannot exceed 9 months.
For expenditures related to jewellery, this period is shorter and determined as 4 months. In this case, the instalment period for the purchase of jewellery cannot exceed 4 months. From now on, when a person goes to a jeweller and buys a ring, earrings or other goods, the number of instalments related to this can only be 4 months.
THE EXPENDITURES FOR WHICH INSTALMENTS WILL NOT BE POSSIBLE ARE LISTED AS FOLLOWS:
-Expenses related to telecommunications,
-Food, food shopping,
-Fuel expenditures,
-Prices paid for gift cards, gift vouchers, etc.
While determining the expenditure items that cannot be paid in instalments, no limitation was made to those listed in the regulation and all such expenditures were excluded from the scope of instalments.
As of 22.10.2014, with this amendment, which entered into force, it was aimed to prevent instalments with high maturity difference and prolonged instalments up to 24-36 months.
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