Credit Card New Rule: From July 1, i.e. after only one day, the rules related to credit cards are going to change. The Reserve Bank of India has changed the rules related to credit cards in the new guidelines. The new rules will come into effect from 1 July 2022.
New Delhi. If you also use a credit card, then there is a big and important news for you. If you use a credit card to make payment, then it is very important for you to be aware of this news as well. Actually, soon the rules for making credit card payments are going to change.
Credit card payment rules will change from 1st date
From July 1, i.e. after only one day, the rules related to credit cards are going to change. The Reserve Bank of India has changed the rules related to credit cards in the new guidelines. The new rules will come into effect from 1 July 2022. This includes rules related to credit card payments.
RBI has informed in the notification that the new rules related to credit cards will be applicable to all banks except State Co-operative and District Central Co-operative Banks. The new guidelines regarding credit cards will be applicable from next month.
Credit card will not be issued without your consent
In the new guidelines related to RBI credit cards, it has been clearly said that from July 1, no bank or credit card issuing company will be able to issue credit cards without the consent of the customers. If this happens, then the card issuing company will be fined.
Along with this, it is also mentioned in the guideline that, banks will have to tell that no wrong bill will be sent to the customers. If this happens, then the card issuing institutions will have to answer about this. The cardholder will have to respond within a maximum of 30 days from the date of complaint.
Credit card billing cycle will start from 11th
RBI has also changed the billing cycle of credit cards in its new guidelines. Let us tell you that the time of payment of the credit card bill is decided after the bill is generated, but now from July 1, 2022, the billing cycle of your credit card will start from the 11th of the month to the 10th of the next month.
Companies will be fined Rs 500
After the implementation of the new guideline, sufficient time will be given to the customers to make the payment. Only after that interest will be charged. The card has to be closed within 7 days at the request of the credit card issuer.
After the closure of the credit card, the cardholder should be informed about it immediately through email, SMS. If this does not happen, then the company will be fined Rs 500 per day. But this will be applicable in case there is no outstanding balance on the card.
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