June 30, 2018 / 7:43 AM / 18 days ago

Turkish central bank raises maximum monthly credit card rates

ISTANBUL, June 30 (Reuters) - Turkey’s central bank said on Saturday it has raised the maximum interest rate credit card lenders can charge each month to 2.02 percent for Turkish lira and 1.62 percent for foreign exchange transactions.

The interest rate where payments are overdue will increase to a maximum 2.52 percent for Turkish lira charges and 2.12 percent for those in foreign currencies. The revisions will come into effect on July 1.

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 Ali Kucukgocmen Editing by Catherine Evans)

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