- Advertisement -
HomePersonal FinanceCredit Card Rule Changed: Big news! Now a fine of Rs 500...

Credit Card Rule Changed: Big news! Now a fine of Rs 500 will be imposed every day, know the rules & reason immediately

- Advertisement -
- Advertisement -

Credit Card Rule: People use credit cards a lot these days. There are many benefits of using a credit card. At the same time, the rules related to credit cards are about to change.

Credit Card Apply: In today’s era, the trend of going cashless has increased a lot. Payment can be made easily and quickly even in cashless way. At the same time, a means of making cashless payment is also a credit card. There are many benefits of having credit. At the same time, from July 1, 2022, some rules related to credit are also going to change, which is very important for people to know.

Changes will happen from July 1

The Reserve Bank of India (RBI) has announced in a notification that these credit card rules will be effective from July 1, 2022. In these rules, many rules are going to change in relation to wrong bill, date of issue of bill, late sending of bill and closure of credit card etc. These rules will be changed from 1st July 2022…

Wrong bill

If the wrong bill of credit card is issued through the company, then the complaint can be made through the customer. At the same time, the company will have to explain it within 30 days of the cardholder’s complaint.

No delay in sending bills

RBI has said that card issuers must ensure that there is no delay in making, sending or emailing bills and statements. At the same time, cardholders should have full time so that they can make payments without interest. As per RBI instructions, card-issuers should put in place a system to ensure that the cardholder receives the billing details.

Penalty for not closing credit card

According to RBI, the credit card issuer will have to close the card within seven working days if the credit card holder applies for closure of the credit card. As per RBI rules, after the credit card is closed, the cardholder will have to inform the closure immediately through email, SMS etc. On the other hand, if the credit card issuing company does not close the credit card within seven working days, then the company will be fined Rs 500 per day. The only condition is that there is no balance in the credit cardholder’s account.

Card without consent

Issuance of unwanted credit cards has been strictly prohibited by RBI. The company cannot issue a credit card without the consent of the customer. If the credit card is issued and billed without the consent of the customer, the company will have to pay a penalty.

Billing cycle

RBI says that from July 1, 2022, the credit card billing cycle will start from the 11th of the previous month and will continue till the 10th of the current month.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com


Please enter your comment!
Please enter your name here

Most Popular

Recent Comments