Is the credit card cash advance closed or withdrawn?

With the regulation made in recent days, the CBRT decided that cash withdrawals and jewelry spending made through individual credit cards above a certain limit should be subject to value facility at a rate of 30 percent, depending on the type of loan. After the decision, it was seen that banks stopped making cash advance payments to credit cards. After the controversial decision, the Central Bank announced its new decision.

CAN I TAKE A CASH ADVANCE WITH A CREDIT CARD?

After the regulation made by the CBRT on May 16; For those with a credit card limit above a certain amount per customer, it was decided that cash withdrawals and jewelry spending made with personal credit cards would be subject to a security facility at a rate of 30 percent. depending on the type of loan. .

After the latest CBRT regulation, some banks restricted the cash advance limits on consumer credit cards with an interest rate lower than the consumer loan interest rate and covered their needs with a lower interest rate. monthly interest rate of 1.36 percent, while some banks had completely readjusted these limits.

The Central Bank (CBRT) took a step back in its decision. You have decided not to place any restrictions on the use of credit card cash advances and overdraft accounts.

In the Securities Line Implementation Instruction, it was established that cash advances, overdrafts and jewelry expenses would be exempt from macroprudential measures.

In the letter sent to the banks, it is considered that it would be appropriate to exclude jewelry expenses and cash withdrawals made through individual credit cards from the value line, depending on the type of loan, within the scope of the instruction of The presidency. It was said.