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Monday, May 23, 2022

Credit Card Rules: RBI gives new facility to credit card holders, users will now be able to change their billing cycle

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Credit Card New Rule for Billing Cycle: The Central Bank (Reserve Bank of India) keeps on coming up with new policies and guidelines (RBI Guidelines) from time to time to protect the interest of the customers. Recently, RBI has taken many new ways for the benefit of credit card holders. RBI has issued new guidelines regarding issuance and billing cycle of credit cards. This will give a lot of benefit to the customers.

Let us inform that RBI has told that credit card holders will get the benefit of many new facilities from July 1. It also includes Billing Cycle. Now this question must be arising in your mind that what is this billing cycle and what changes have been made in it. So let us tell you about the billing cycle and the changes made in it-

What is a credit card billing cycle?
Credit Card Billing Cycle is the period that includes the time from making a purchase to paying the bill. We explain you by example. For example, if you shop with a credit card between July 1 and July 30, then its bill will come on July 31. After this you will be given 15 to 25 days to pay this bill. If you do not pay the bill within this time limit, then the company will impose a penalty on you. In such a situation, you will have to pay this bill between 15th to 25th. But, many times people get their salary on the last day of the month. In such a situation, you may have trouble paying this bill.

RBI giving customers
To overcome this problem of customers, RBI is coming up with the option of changing the billing cycle. In such a situation, customers will be able to easily pay the bill after the 25th of the next month by the 24th of the next month even by using the salary received at the end of the month. Such customers can choose the billing cycle of the credit card as per their convenience.

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