Reserve Bank of India has made major changes in the rules related to it to provide great relief to credit card holders. The Reserve Bank has made preparations to end the arbitrariness of banks and finance companies regarding credit cards.
New rule of credit card
RBI Credit Card Rules: Reserve Bank of India has made major changes in the rules related to it to provide great relief to credit card holders. The Reserve Bank has made preparations to end the arbitrariness of banks and finance companies regarding credit cards. Now customers will have the option to choose the credit card of their choice. According to the new rule, customers will not only be able to choose the card as per their wish, but will also be able to choose the billing cycle as per their convenience. In the new rule, customers will easily get the facility to change the billing or statement date of their credit card as per their convenience.
You will be able to choose credit card as per your choice
Reserve Bank of India recently issued a circular giving credit card-debit card users the option to choose card networks of their own choice. According to this circular issued on March 6, customers can ask for the card network of their choice from card issuers, be it banks or financial companies. You can choose any option of your choice from card payment networks like Visa, MasterCard, American Express, Diners Club International and RuPay.
What is the purpose of RBI?
RBI wants that banks or credit card issuing banks and non-banks should give the option of different card networks to their customers while issuing cards. At the same time, existing customers can get the facility to choose the option at the time of renewal of their card. This rule of RBI will come into effect from September 6, 2024.
New rule of credit card billing cycle
Along with choosing the card, RBI has also issued new rules regarding credit card billing. According to the new rule, existing credit card customers can change the billing cycle as per their convenience. In the new rule, customers will have the facility to change the billing cycle. The cardholder can change the billing cycle as per his convenience.
What will be the benefit to card holders?
Credit card companies give a time period to the customers. In which all the expenses incurred on the card are added up and sent to you in the form of a bill by a certain date. After the bill is generated, you have to pay the bill till the due date. This is called billing cycle. Till now only credit card companies used to decide what will be the billing cycle for the customer, but now customers will be able to change the billing cycle of their credit card at least once as per their wish.
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