The Banking Regulation and Supervision Board has taken a new decision to make payments easier for citizens and to support domestic tourism during the post-coronavirus normalization process.
With the Board decision dated 9 June, the credit card installment limit for domestic airline, travel agency and accommodation spending was raised from 12 months to 18 months.
The announcement included the following statement:
“With Decision No. 9053 of the Banking Regulation and Supervision Board dated 09/06/2020, pursuant to the seventh paragraph of Article 26 of the Regulation on Bank Cards and Credit Cards, it has been decided that the credit card installment periods set by Board Decision No. 8198 dated 11/01/2019 shall be increased from twelve months to eighteen months for domestic spending related to airlines, travel agencies and accommodation. Respectfully announced to the public.”
Although this is a positive decision taken to revive the market, I think it will create serious problems for people who cannot manage their credit card spending and limits.
Personally, taking a one- or two-week holiday and then paying off the debt for 18 months does not sound very appealing, but there will be citizens who use this option.
All we can say is that we hope the new practice brings good things for our citizens and banks. Here's hoping we can enjoy our holidays and trips and make our payments without any problems.
