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Fees increased by 20 percent, consumers are turning to dues-free credit cards!
Fees increased by 20 percent, consumers are turning to dues-free credit cards!
22.03.2021
GENERAL
ECONOMY

During the pandemic period, consumers who use credit cards more in both online and physical shopping turned to comparison sites to choose the most suitable card for them. Consumers viewing all the features of the cards they want to apply on hesapkurdu.com, applied for the card best suited to their needs by examining dues, non-fee options and campaigns.


*** This release is originally published in Turkish.
Google Translate Application translates the content you see on this page.***


İSTANBUL (TR) - In the year 2020, which passed with the pandemic, many factors such as the trend towards e-commerce, the tendency to contactless payment due to the concern of transmission risk increased the use of credit cards. According to the data of the Interbank Card Center (BKM), card payments increased by 17% compared to the previous year and reached 1.15 trillion TL in 2020. While 22% of these payments were made online, the amount of card payments in online shopping was 260 billion TL. The number of credit cards in use increased by 8% to 75.7 million. While it is expected that a similar picture in terms of health and economics will continue in 2021, it has been observed that the sensitivity of the users regarding the card fee has increased.

According to the data announced by the credit comparison platform Hesapkurdu.com, card fees have increased by approximately 20% in 2021. Except for those offered for students, the dues of other credit cards have reached annual figures ranging from 30 TL to 300 TL. This situation caused consumers to start researching subscription amounts, non-dues card options and campaigns on comparison sites before applying for a card.

“Economic uncertainties drew a heavy barrier between consumers and additional costs”

Hesapkurdu.com Credit Product Manager Ersin Yaşar, who made an assessment on the subject, saşd, “The 20% increase in annual card fees increased the complaints as the demand for credit cards increased. One of the most common complaints raised by cardholders is the expenses collected under the name of dues or annual fees. Consumers, who use their credit cards more during the epidemic period, are now more planned in their spending and do not want to bear additional costs. For this reason, they view all the features of the cards on the comparison sites, examine the subscription amounts, the campaigns with no dues card options, and after determining the card that best suits their needs, they apply.”

The contactless payment wind won't stop!

Stating that they foresee that the contactless payment option will continue to expand the use of credit cards, Ersin Yaşar said, “The warnings of healthcare professionals about the contamination risk of banknotes and coins increased the number of card applications with contactless payment features. According to BKM data, the number of contactless credit cards reached 45 million in 2020. This means that 3 out of every 5 credit cards are now contactless. In the face of the ongoing increase in demand, the attitude of the banks was to develop alternatives suitable for the sensitivities of consumers. As a matter of fact, while some banks are making “first year free” campaigns for their new customers, some of them are bringing up applications such as a non-dues card, points as much as the subscription fee, and more installments.”

Contact: Tülay Genç | [email protected] | +31 30 799 6022

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