What is a Credit Card? Effective Credit Card User Guide

What is a credit card?

It is an alternative payment tool to cash that banks and financial institutions provide to their customers, and which can be used for payment purposes at shopping points with contracted POS devices or for withdrawing cash advances from ATMs. The expenses must be paid monthly to the bank in one lump sum or in installments.

How do I get a credit card?

Credit cards can be obtained by applying to any bank. Banks convey their positive or negative answers to the people along with the evaluation. If positive, the credit cards go through the printing process and are delivered by courier with the obligation to check the consumer’s identity.

Terms;

• Being over 18 years of age or having family members sign the credit card agreement,
• The credit score is not at a risky level according to the bank’s assessment,
• In case of high limit credit card requests, proof of income can be provided upon request.

In addition, in accordance with the relevant legislation, those who do not have an income certificate can also get a credit card at the bank’s discretion (Student).

What is a credit card account?

The date on which expenditures made by credit card are reflected as a debt to the relevant person is called the account cut-off date. The account cut-off date is determined monthly. The list of expenses incurred each month is notified to the person on the statement date and 10 days are given to pay the debt.

What is the credit card payment due date?

The credit card payment due date is the last day on which you have to pay the entire debt to the card or the specified minimum amount. For each card, this date is determined as 10 days after the card’s statement date and you are expected to make payment to your card by this date.

When is credit card late payment interest charged?

If you do not pay your Credit Card debt (minimum or entire debt) on the specified due date or if you pay incompletely, late payment interest will be charged for the debt up to the minimum amount.

Which products cannot be paid in installments by credit card?

Expenditures related to printed and bullion jewellery, telecommunications, direct marketing, expenditures made abroad and meals, food, alcoholic beverages, fuel, cosmetics, office supplies and any tangible goods or services in the form of gift cards, gift vouchers and similar expenses to be made with credit cards. There is no installment payment for purchases of products that do not contain

What are credit card programs?

Cards with installment feature in Turkey.

Are there any credit card fees?

Article 6 of the Regulation on the Procedures and Principles Concerning the Fees to be Collected from Financial Consumers by the CBRT (Regulation) and Annex – 1 of the Regulation state that card issuers may charge an annual card fee due to the use of annual membership fee in the contract you signed regarding the credit card.

How to cancel a credit card?

If you want to close the credit card you have used, you can do this in several ways:

• Closing your credit card by requesting it from the bank branch,
• Closing your credit card by calling customer services,
• Closing your credit card using internet banking.