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EXPLANATION OF RBI’S CARD GUIDELINES WITH EXAMPLES



  Apr 08, 2024

EXPLANATION OF RBI’S CARD GUIDELINES WITH EXAMPLES



1. Choice in Card Networks: Suppose you’re signing up for a new credit card. Previously, the card might automatically come with Visa. Now, you can choose MasterCard if you find it offers better rewards for your spending habits.

2. RuPay’s Enhanced Role: Think of RuPay now as a more powerful tool in your wallet. If you’re shopping online, instead of entering your card details, you can pay directly through UPI, which is linked to RuPay, making the transaction smoother and faster.

3. Data Protection Norms: Earlier, if you had a credit card co-branded with a shopping chain, they might access your spending data. With the new guidelines, this data is now private, akin to having a sealed envelope that only you can open.

4. Defined Usage for Business Cards: Consider a business credit card used for buying office supplies. Now, it’s mandated that such cards can’t be used for personal dinners or movies, ensuring that company expenses are strictly for business purposes.

5. Restrictions on Unsolicited Cards: Imagine receiving a credit card in the mail that you didn’t apply for. The new rules prevent this, requiring your explicit permission before a card is issued, just like you must consent to a medical treatment before a doctor can proceed.

6. Billing Cycle Flexibility:If your salary is credited on the 1st of every month, you can now set your credit card bill to be due shortly after, say on the 5th, ensuring you have funds available to pay off your bill.


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