The Banking Regulation and Supervision Agency (BRSA) reduced the number of credit card installments from 6 months to 3 months for foreign spending related to airlines, travel agencies and accommodation.
Credit card installment periods were reduced from 6 months to 3 months for foreign spending related to airlines, travel agencies and accommodation.
According to the BRSA's statement:
“With the Banking Regulation and Supervision Board's Decision No. 8791 dated 10/01/2020, pursuant to the seventh paragraph of Article 26 of the Regulation on Bank Cards and Credit Cards, it has been decided to reduce the credit card installment periods set by Board Decision No. 8198 dated 11/01/2019 from six months to three months for foreign spending related to airlines, travel agencies and accommodation.”
The aim here is to reduce credit card borrowing and prevent cardholders from falling further into debt. Although such installment restrictions do not fully achieve their purpose, it is a fact that they are a deterrent.
While the credit card is the best payment instrument for those who know how to spend, these measures can be important for those who do not.
