The minimum payment amount is the portion of the monthly debt - arising from the cardholder's credit card spending shown on the latest statement - that must be paid.
How much of the total debt is the minimum payment amount?
Although the calculation of the minimum payment amount varies from bank to bank, the minimum rates are determined by law.
Accordingly, the minimum amount to be paid is;
- 30% for a credit limit up to 15,000 TRY
- 35% for a credit limit between 15,000 TRY and 20,000 TRY
- 40% for a credit limit above 20,000 TRY
The general calculation banks use for the minimum payment amount is as follows:
For example, suppose that within the relevant statement period, the customer:
- Made a purchase of 1,000 TRY in 5 installments
- Made single-payment purchases totaling 2,000 TRY
- Had the 2nd installment of a previous 500 TRY, 5-installment transaction reflected on this statement.
In this case; the customer's Total Statement Amount is: 2,300 TRY.
Minimum Payment Amount: 2000 * 0.30+100+200= 900 TRY.
In the minimum payment calculation, only the transactions within that statement period are taken into account. A certain percentage, determined by the legal rates, is applied to the single-payment (non-installment) purchases made within that statement period. 100% of the installment amounts of installment transactions is included in the minimum payment calculation.
So what happens if I pay only the 900 TRY minimum payment amount on a 2,300 TRY credit card statement?
Late payment interest continues to accrue on the remaining 1,400 TRY. However, no administrative or legal collection proceedings are initiated against the customer.
