Credit Card New Rules : There is a great news for credit card holders, because the Reserve Bank of India has implemented a very big rule related to credit cards. Credit card holders are going to benefit due to this rule. Actually, through this rule, credit card holders have been allowed to change the billing cycle.
According to this rule, the credit card holder can change the billing cycle not just once but many times. With the coming of this rule, the credit card holder will also get relief in depositing the outstanding amount. Along with this, the card holder will also get other benefits related to the credit card. Along with this, the card holder will also get huge relief on the interest charged on billing payment.
What are the new rules for credit cards?
Before understanding the new rules of credit card, you should understand its previous rules. Actually, earlier the rule of credit card was that the bill cycle used to get completed on the 6th of the month. Its next cycle used to start on the 7th. But now the Reserve Bank of India has changed its rule. From now on, the credit card holder can change the billing cycle, he can start the billing cycle from any date he wants.
Benefits of the new credit card rules
- According to this rule, different payments can be made through credit card on the same date.
- Along with this, it is also possible to extend the interest free time limit.
- With this rule, the card holder can fix the date of bill payment as per his convenience. In fact, whenever the card holder has cash payment, he will fix the date.
- The benefit of this rule will provide relief to the card holder in depositing the bill payment.
How to make changes in credit card as per new rules
- To take advantage of this rule, first of all you will have to deposit the previous outstanding payment.
- After this, you will have to obtain information from the credit card company for change in billing cycle through mobile number or email ID.
- Along with this, if you have an application of the bank whose credit card you are using, then you can also change the credit card billing cycle through that.
- Apart from this, you will also be able to get credit card facility directly through the bank.
What is the credit card billing cycle?
Actually, whatever shopping or payment is done through credit card, its billing is fixed on the 6th of the month. After this, a new month starts on the next 7th. The monthly billing done through credit card is called credit card billing cycle. Along with this, all the information of transactions done within 30 days through credit card will be shown on the credit card bill account.
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How will the new credit card rules affect customers?
Till now the credit card billing cycle of the credit card holder was decided by the banks and companies. But according to the new rule issued by RBI, from now on this time limit will be decided by the customer. This will give relief to the card holders, in fact the card holders will be able to choose this time limit according to their financial condition.
Before this rule was introduced, it was mandatory for card holders to pay their bills on time. But now, card holders will be able to decide the date of bill payment themselves. This will create a unique billing cycle for them.
Avoid making the minimum payment on your credit card
If the cardholders avoid making the minimum payment through credit card, they will get the benefit. Actually, credit card companies and banks give the option of minimum payment along with paying the outstanding payment. If the cardholders make the minimum payment through this option, then the time limit of interest is reduced i.e. interest starts on the credit card payment.
Therefore, according to experts, do not use the minimum payment at all unless the outstanding payment can be paid on the due date. All card holders will get huge benefits by not making this minimum payment. Due to which it will also be possible to extend the interest time limit of the credit card.
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Credit card bill date will change
If the billing cycle of the credit card is changed, the due payment will also change. The due date is about 15 to 20 days, with a billing cycle of 30 days. Hence, if the payment is made within the time limit of about 50 days, the card holder will not have to pay any additional interest or fee.