Know these 3 rules of credit card changing after 2 days or else there will be loss


If you want to increase the credit card limit, then you have to contact the bank. For this a request has to be made. Many times it is seen that banks themselves increase the limit while the customers do not demand it. Now that won’t happen.



TV9 Bharatvarsh | Edited By: Ravikant Singh



Sep 29, 2022, 5:39 PM IST





Three rules of credit cards are changing from October 1. The Reserve Bank of India has given its instructions long ago. In April this year, the Reserve Bank had issued instructions related to credit cards and debit cards. The new rules are related to cancellation and billing of credit cards etc. You also need to know all these rules because not following them after October 1 may result in loss. Let us know about these three rules.

The first rule is about One Time Password ie OTP.  If a person takes a credit card and does not activate it for 30 days, then later on requests for activation, then the card issuing bank will verify the customer on the basis of OTP.  Only after that the credit card will start.  Through OTP, the customer will give consent to start the card.  If the customer does not consent, the credit card will be closed without charging any charges.  It will be necessary to close the card within 7 days of receiving the confirmation from the customer.

The first rule is about One Time Password ie OTP. If a person takes a credit card and does not activate it for 30 days, then later on requests for activation, then the card issuing bank will verify the customer on the basis of OTP. Only after that the credit card will start. Through OTP, the customer will give consent to start the card. If the customer does not consent, the credit card will be closed without charging any charges. It will be necessary to close the card within 7 days of receiving the confirmation from the customer.

The second rule is related to the limit approval of the credit card.  Every credit card has a limit within which the spending has to be done.  If you want to increase the limit then you have to contact the bank.  For this a request has to be made.  Many times it is seen that banks themselves increase the limit while the customers do not demand it.  Now that won't happen.  No bank can play with the limit without taking the consent of the customer.  Any such work will require the consent of the Cardholder.

The second rule is related to the limit approval of the credit card. Every credit card has a limit within which the spending has to be done. If you want to increase the limit then you have to contact the bank. For this a request has to be made. Many times it is seen that banks themselves increase the limit while the customers do not demand it. Now that won’t happen. No bank can play with the limit without taking the consent of the customer. Any such work will require the consent of the Cardholder.

The next rule is related to the penalty for not closing the credit card.  If the customer applies for card closure, he will have to close or cancel it within 7 working days.  Immediately after the card is closed, the bank will have to inform the customer through SMS, email.  If the bank does not close the card within 7 days, then Rs 500 will be added from the bank every day.  This money will be given to the customer.  This money will be given to the customer till the card is closed.  The bank will have to pay the fine to the customer by adding Rs 500 every day.

The next rule is related to the penalty for not closing the credit card. If the customer applies for card closure, he will have to close or cancel it within 7 working days. Immediately after the card is closed, the bank will have to inform the customer through SMS, email. If the bank does not close the card within 7 days, then Rs 500 will be added from the bank every day. This money will be given to the customer. This money will be given to the customer till the card is closed. The bank will have to pay the fine to the customer by adding Rs 500 every day.

The fifth rule pertains to the tokenization of credit and debit cards.  However, this rule is being implemented not from October 1 but from September 30.  Under the new rules of tokenization, no merchant, in-app or online commerce companies can save the card details with them.  The card details will be captured in a unique code that cannot be read by anyone.  With this, there will be no risk of theft of details or leakage of information.  With this, digital payment of customers will be safe and easy.

The fifth rule pertains to the tokenization of credit and debit cards. However, this rule is being implemented not from October 1 but from September 30. Under the new rules of tokenization, no merchant, in-app or online commerce companies can save the card details with them. The card details will be captured in a unique code that cannot be read by anyone. With this, there will be no risk of theft of details or leakage of information. With this, digital payment of customers will be safe and easy.


Most Read Stories