RBI’s new guidelines for credit cards: You eat as per your wish, wear clothes as per your wish. You go to movies and outings as per your wish, but when it comes to credit cards, your wishes are not fulfilled there. There is no pressure on you as to which network credit card the bank will give you. No matter your bank, the credit card network can be anything. The bank can give you MasterCard, Visa, American Express, Diners Club or RuPay card of any network, but now this arbitrariness of the banks will not work.
RBI strict on banks’ arbitrariness regarding credit cards
The Reserve Bank has changed the rules regarding credit cards. New guidelines have been issued regarding credit cards. According to the new rule, customers will be asked about their wishes while choosing a credit card network. A credit card will be sent to you after your inquiry. MasterCard, Visa or any other network will no longer send it to you without asking you. That means whether your credit card is from SBI, HDFC or anyone else, now you will be able to decide for yourself whose credit card it will be. Need your Mastercard or Rupay or Visa or any other. This will depend on your wish. According to the new rules of RBI, customers will have the option to choose their network provider.
RBI’s new rule will not apply to these
The new rule of RBI will come into effect in the next six months. New card holders and customers renewing their cards will get a credit card network of their choice. However, these rules will not apply to institutions whose number of cards issued is Rs 10 lakh or less. Let us tell you that the world’s largest company is Visa. Visa’s business is spread in more than 200 countries, the company’s market cap is $ 489.50 billion. MasterCard is the second largest company in the world after Visa. Its business has expanded to 150 countries. The company’s market is worth 137 billion dollars. Talking about the number of credit card users in India, their number was 8.6 crore by April 2023.
What will be the benefit of the new credit card rule?
Credit card annual fees vary. Some have more and some have less. The annual fees for credit cards of many banks are high. Till now you did not have the option to choose it. You will have to pay a fee for the card sent by the bank. But if you have the option of more than one card network, then you can choose the credit card based on your need, its fees and the facilities available on the network.
