Credit Card New Rules 2022

The Reserve Bank of India (RBI) has made changes in the rules related to credit cards.

From July 1, the new regulations will be in effect. These also cover guidelines for using credit cards to make purchases. The new credit card regulations will apply to all banks, with the exception of state cooperative banks and district central cooperative banks, the central bank has stated in a notification.

Billing Cycle

The moment the credit card bill is paid is currently selected after the bill has been generated. Your credit card billing cycle will now begin on the eleventh of the month and terminate on the tenth of the following month as of July 1.

No More Wrong Bills

The card-issuing organisations must also make sure that clients are not sent the incorrect bill. The organisations that issue the cards will have to respond if this occurs. Within a maximum of 30 days of the complaint date, the cardholder must respond with supporting documentation.

No Unsolicited Credit Card

In its new credit card guidelines covering the issuing of credit cards, the RBI has made a significant modification. No bank or credit card provider will be permitted to issue credit cards after July 1 without the clients’ permission. The card holder may be punished if this is done.

No Delay in Sending Bills

The organisation that issues credit cards will see to it that customers receive their bill statements promptly. Additionally, customers should be provided enough time to make their payments before any interest is levied.

The card must be cancelled by the credit card company within seven days of the request. Following the closure of the credit card, the cardholder will be notified right away via email, SMS, etc. The business would be fined Rs. 500 each day if this process is not finished in seven days. If the card does not have an unpaid amount, then this will apply.