Com Bank Credit Card

Credit Card

In Turkey, bank and credit card charges are being comprehensively regulated. At the beginning of this week, the Bank of Turkey Supervisory Authority (BRSA) issued a new decree on the charges and provisions that credit, debit and other card issuer and other credit institution can levy on customers in relation to credit, finance product and other service charges. It does not cover the provision of assurance and investment as well as the provision of goods and information to customers and the provision of goods and information not belonging to them.

It contains a complete listing of those goods and sevices (see below) for which the consumer may be invoiced a charge or provision, as well as the type of charges and provision permitted. PRSA accreditation is necessary for any new charge or provision for new or legacy product or service.

Prior to the provision of goods or provision of sevices for which a charge or provision is made, the customer's agreement must be obtained. Every charge increment that is more than 1.2 fold the amount of a rise in the CPI in a given calendar year for continuously offered goods or sevices shall require the prior agreement of the CPI.

In the event of further rises, the customer must be informed at least 30 working days in writing. Users are allowed to withdraw the supply of goods and service within 15 working day after receipt of the notice of higher charge. Contracts on paper with users must contain a hand-written declaration by the user that he has obtained a copy of the properly executed covenant.

Entities providing credit to individuals and mortgages may only charge a handling charge not exceeding 0.5% of the total amount of the credit. Card companies must provide their clients with a free credit card as a member. It is not possible to charge users for yearly card memberships for bank credit lines and card virtualisation.

Charges and provisions levied by Ottoman commercial credit institutes and other credit institutes for retail activities have been at the centre of the lively discussion for some now. A lot of customers have brought the charges they have been paying for their transaction to court, leading to insecurity in the Turkey bank sector. In general, this is a good thing for both bankers and end-users - bankers now know what they can ask of end-users and end-users know the cost of finance goods and provision of finance, which includes bank and credit card charges.

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