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Millions of credit card users facing annual fees: Is it legal?
Millions of people using credit cards may be facing annual card fees, as banks offer various opportunities to avoid these fees, especially for salary customers. However, some contracts may specify annual fees, which consumers may not realize when signing the contract.
Recently, annual card fees have seen a significant increase, with high-limit credit cards also carrying high fees. This rise in fees is causing distress among citizens who rely on credit cards for their financial transactions.
In addition to annual card fees, banks also charge customers for file fees, insurance fees, and appraisal fees for loans taken by consumers. This raises the question of whether consumers can get back the amounts deducted for credit cards and loans.
According to the Consumer Confederation (TÜKONFED), the average card fee charged by banks to consumers is over 500.00 TL. With the number of credit cards in Turkey reaching 124.1 million, approximately 62.5 billion TL is taken from consumers’ pockets every year in the form of card fees.
However, it is not legal for banks to charge card fees without meeting certain conditions and proving that they have offered fee-free cards to consumers. According to the Consumer Law No. 6502, card issuing institutions are required to offer consumers a type of credit card without annual membership fees.
Court decisions have emphasized the importance of negotiation between banks and consumers before collecting card fees, stating that fees cannot be imposed without proof of negotiation. The Supreme Court also highlighted that only mandatory expenses can be requested from consumers, and fees collected should not be contrary to the spirit of the law.
Consumers who wish to challenge the fees charged by banks can apply to the Consumer Arbitration Committees and request a refund by citing relevant court decisions and articles of law. Additionally, consumers have the right to cancel paid cards and request free credit cards from banks.
Furthermore, consumers can also challenge insurance payments made for loans and expert fees charged for evaluation reports. By submitting a written request to the bank, consumers can demand a refund of overpaid fees, as stipulated by the Regulation on Fees to be Collected from Financial Consumers.
In conclusion, consumers have legal options to challenge and potentially recover fees charged by banks for credit cards and loans. By understanding their rights and taking action, consumers can protect themselves from unjust financial burdens imposed by banks.
