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What is the minimum credit card payment amount? Calculation of minimum credit card amount

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Following the announcement by the Treasury and Finance Ministry, which announced that new steps will be taken in the economy, a statement was released by the BRSA. The Banking Regulatory and Supervision Agency has adopted a provision to limit consumer loans and credit card spending. Maturities for consumer loans have shortened, while the minimum payment amount has increased in credit cards. The increase in the minimum payment amount was assessed as a measure to increase payables to banks and to reduce the use of credit.

LIMITATION OF THE DURATION OF CREDITS

It was decided to set the general maturity limit for consumer loans in 24 months for loans with a loan amount exceeding Lire 50 thousand and less than Lire 100 thousand, and 12 months for loans over Lire 100 thousand.

HOW MUCH IS THE MINIMUM PAYMENT AMOUNT FOR CREDIT CARDS?

With the law, twenty percent of the minimum payment amount of the term debt for credit cards with a limit of less than 25 thousand TL; For credit cards with a limit of 25,000 TL, the minimum payment amount will be paid as forty percent of the term debt.

Payment by credit card

WHAT IS THE MINIMUM CREDIT CARD PAYMENT?

The minimum credit card payment amount is the lowest amount you have to pay by the credit card debt due date. When you pay less than this amount, your debt will be subject to default interest. If you pay the minimum amount or more than the minimum amount, only the contractual interest on the remaining debt will be charged.

HOW IS THE MINIMUM PAYMENT AMOUNT CALCULATED?

The process of calculating the minimum credit card payment is determined based on the card limit. The higher the card limit, the higher the minimum payment amount. The minimum amount specified in the contract cannot be less than twenty percent of the term debt. If the minimum payment amount in the statement is not paid on the due date, the cardholder cannot be subject to any obligation other than the contractual default interest for the unpaid amount. If your credit card limit is more than 25,000 Turkish Lira, the minimum payment amount is determined as forty percent of the term debt.

Minimum credit card payment amount

WHAT HAPPENS IF THE MINIMUM DEBT OF THE CREDIT CARD IS NOT PAID?

Credit cards, which have established themselves as one of the new generation payment instruments, should not be considered a debt channel. Failure to pay monthly expenses causes problems in future financial needs.

  • Credit cards whose minimum payment is delayed 3 times in the same calendar year are closed for cash withdrawals.

  • Credit cards that do not make the minimum payment 3 times in a row will be closed for use.

  • In order for the closed credit card to be reused, the entire debt for the period must be paid.

WHAT HAPPENS IF THE DEBT BY CREDIT CARD IS NOT PAID FOR 1 PERIOD?

If the minimum payment amount is not paid until the next statement or is paid less, there will be a delay of 1 period. 1 term is 30 days. In this process, a monthly interest is charged for the total delay. Although the credit record and credit rating are adversely affected, no legal or administrative follow-up is initiated against the customer.

THIS INFORMATION WILL APPEAR IN YOUR LOG DURING 5 YEARS.

Your legal follow-up will be processed in your credit record, known as a “blacklist”. Even if you pay off your debt, this information will appear in your ledger for 5 years.

When you want to use a credit card or a product with credit (such as consumer, home, car) that you want to buy new from the banks, chances are you will encounter a negative response as this situation will be considered by the banks.

Credit card

DO I HAVE FOREIGN COMMISSIONS DUE TO CREDIT CARD DEBT?

After the start of the legal follow-up process, a lien on up to 1/4, or 25% of the salary, owing to credit card or loan debt may be imposed. In the event that a restriction is imposed on the entire salary, the restriction can be revoked by appealing to the management responsible for the execution.

WHEN TO OPEN A DEBT CLOSED CREDIT CARD?

In the event that the credit card is closed to use or use in cash for unpaid debts, it cannot be opened for reuse or use of cash by the bank unless the “full term debt” is paid within the framework of the relevant legislation. If, on the other hand, the debt for the period is paid in full, the bank may not open the credit card for use and cancel it on its own initiative. This assessment is entirely on the bank’s initiative, such as giving the credit card to the user they want.


Ahmet Isik
Haber7.com – SEO Editor

News 7 - Ahmet Işık

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