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The increase in card expenditures in the pandemic has made consumers conscious in choosing a credit card. According to Hesapkurdu.com data, dues ranging from 50 TL to 700 TL led consumers to no-fee credit cards despite offering limited installment options. No-fee card requests made through credit comparison platforms have started to rise. In the face of increasing demand, banks started to add installment and point shopping options to their no-fee credit card products.

*** This release is originally published in Turkish.
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ISTANBUL (TR) - Changing shopping habits during the pandemic increased card spending. According to the Card Payments in Turkey 2021 research, which was conducted using the data of the Interbank Card Center (BKM) and the World Bank, card payments, which grew exponentially every year, increased by approximately 50% in 2021 compared to the previous year and reached 1 trillion 712 billion TL. The total number of credit cards in Turkey reached 84 million, while the number of debit cards reached 207 million. The number of contactless transactions, which was 1.7 billion in 2020, increased by 114% in 2021 and reached 3.7 billion. It is predicted that the growth trend will continue to increase and the card expenditures will reach 2.5 trillion TL in 2023.

Stating that the increase in card expenditures has made consumers conscious in their credit card choices, Hesapkurdu.com Co-Founder Onur Tekinturhan said, “Consumers turned to non-paid credit cards in this period, despite limited installment options. Banks have also started to diversify their no-fee credit card products. For consumers who want to stretch their legs according to their comforter, banks have added shopping and installment options to their no-fee credit cards. In 2021, there was a 71% increase in credit card applications made through our platform. However, only about 10% of the applications are approved. That's why users apply for multiple cards at once.”

Increase in subscription amounts triggers demand

Reminding that credit card fees were brought to a legal basis with the regulation published by the BRSA in 2014, Onur Tekinturhan said, “According to the regulation, banks can charge fees defined as dues or annual membership fees for their cards. Consumers can also apply for a free credit card of the same bank. The pandemic has increased consumers' awareness of this issue. Those who continue to pay their dues or choose to cancel their card because they do not know their rights, prefer no-fee credit cards. In 2022, fees for other credit cards, excluding student cards, vary between approximately 45 TL and 680 TL per year, depending on the bank and the features offered. These numbers trigger the demand for a no-fee credit card.”

Contactless payments will continue to rise

Noting that the use of cash has decreased with the change in shopping habits and the contactless payment infrastructure has become widespread rapidly, Hesapkurdu.com Co-Founder Onur Tekinturhan said, “The BDDK has updated the contactless transaction limit of 350 TL in card payments to 500 TL, effective as of February 1, within the scope of pandemic measures. It is possible to say that the rise in contactless payments will continue in 2022 with the effect of hygiene sensitivity brought by the pandemic. It is also among the expectations for businesses to prefer card-based deferred payments instead of traditional methods such as cash, check and promissory note.”