Turkey Credit Card

By: EconomyWatch Content   Date: 23 February 2010

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Owing to the European credit card mania, Turkey largely became a cashless economy in the early 2000s. The Turkey credit card industry is highly competitive, with more than 22 issuers. Visa and MasterCard are the leading credit card service providers in Turkey. However, American Express and Diners Club also compete for market share.

Turkey Credit Card Industry

The Turkey credit card industry began to inflate in the mid 1990s. By 2006, Turkey became the third largest credit card market in Europe with 30 million cards already issued. However, it came in at the tenth position in terms of credit card consumption values.

The Turkey credit card market is characterized by high interest rates. Experts prefer to call them ‘usury’ due to their exceptional terms and conditions. The monopolistic business pattern of credit card issuers led the economy into a grave debt crisis after 2003. By 2005, the default ratio surged to 0.80%, with an unpaid debt of US$6,002 per person. By February 2009, non-performing credit card loans reached US$1.6 billion.

To overcome the crisis, the Turkish government had to offer amnesties. Later, strict regulations were imposed to curb the despotic rule of credit card issuers. According to the amended regulations, the Central Bank of Turkey imposes upper limits to credit card interest rates. Laws to govern minimum payment and credit card debt are also in the pipeline.

Turkey Credit Card: Major Issuers

Major Turkey credit card issuers are:

  • Akbank
  • American Express
  • Anadulobank
  • Bankeuropa
  • Citibank
  • Denizbank
  • Finansbank
  • Fortis Bank
  • Garanti Bank
  • HSBC bank
  • Kocbank
  • Oyak Bank
  • Sekerbank
  • Tekstil BANK
  • Turkish Bank
  • Turkiye Halk Bank

Turkey Credit Card: Products

Turkey credit card issuers offer a wide range of products for the distinct financial needs of consumers. Standard and gold credit cards have maximum circulation. However, companies also offer the platinum and titanium range for credit-worthy customers. One can choose from a variety of co-branded cards and several rewards programs.

Turkish credit card users should keep an eye on the interest-free period. Following the monthly bill payment cycle and remaining within the credit limit is the best solution against high interest rates.


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