Credit Cards - New Rules by RBI

Here are some new rules by RBI for Credit Card users:

1) In case a cardholder does not clear the total amount due within the payment due date, interest free credit period will be lost, and interest may be levied from the date of transaction on the outstanding amount and not on the total amount due.

2) The cardholder will be provided the option to choose any date as the starting or closing date of the billing cycle at least once through multiple channels.

3) Card issuers are prevented from issuing unsolicited credit cards and are required to seek prior approval from the customer before issuing a card.

4) Now, it has been enabled to issue various types of credit cards which can be customised to access the limits available in different loan accounts. For instance, a customer availing an overdraft facility from a bank can be issued a type of credit card to access the funds made available under the facility.

Above mentioned latest amendments will come into force from March 7, 2024 onwards.

RBI Circular - https://m.rbi.org.in//Scripts/BS_View...

5) Apart from this, with RBI's new rule, you can now choose from any Card Networks such as MasterCard, Visa, Rupay, etc. This will be applicable from September 6, 2024.

RBI Circular= https://m.rbi.org.in/Scripts/BS_Circu...