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It is the amount calculated over the term debt of the credit card and refers to the minimum payment that must be made until the due date. If this amount is not paid, the cardholder faces some sanctions. The most important of these sanctions is that the bank drops the overdue notification for the debt and sends this information to the Credit Bureau, causing the cardholder's credit rating to drop. For this reason, consumers should be very sensitive about this issue.
If a certain percentage of the credit card term debt is not paid, some transactions that can be made with the card may be restricted by the relevant bank, and in more advanced cases, the card may be completely closed for use. In addition, if this part of the debt is not paid, overdue interest is applied at a higher rate for the unpaid portion.
Pursuant to legal regulations, in the event of three payments below the minimum due amount within a calendar year, the card in question is closed to cash withdrawals and limit increases until the debt is paid in full. In addition, in the event of three consecutive payments below the minimum due amount within a calendar year, the card in question will be closed for use until the debt is paid in full.
In addition, the credit rating of the cardholder is also negatively affected by this situation, as the bank notifies the Credit Bureau of the delay.
It is calculated by finding a certain portion of the period debt. On 26.09.2024, with a decision taken by the BRSA, it was decided to set the minimum payment rate at fixed rates depending on the card limit of the customer. With this change, the minimum payment rate is applied as 20% for cardholders with a limit of TL 50,000 or less, while it is applied as 40% for cardholders with a limit of over TL 50,000.
Depending on how much of the term debt is paid, the interest rate applied to the remaining debt varies. The contractual interest rate is the rate applied to the remaining account balance when the minimum payment amount or more is paid to the term debt and is currently applied at 4.25%.
In the event of a deposit below the minimum payment amount, late payment interest is applied to the unpaid portion of this amount. The current default interest rate is 4.55%.
According to the law, 5% BITT (Banking and Insurance Transactions Tax) and 15% KKDF (Resource Utilization Support Fund) are calculated on all penalty amounts related to credit cards. These taxes are added to the interest amount by the relevant bank and collected from the cardholder on behalf of the state.
