Credit card users be alert! Changed these rule

The Reserve Bank of India has changed the rules related to credit cards.

 The new rules have also come into effect from July 1.

These also include rules related to credit card payments.

RBI has said in a notification that new rules related to credit cards have come into force on all banks except State Co-operative Banks and District Central Co-operative Banks.

 Now no bank or credit card issuing company will be able to issue credit cards without the consent of the customers.

 Now your credit card billing cycle will start on the 11th of the month and end on the 10th of the following month.

The card-issuing entities will also have to ensure that no wrong bill is issued to the customers.

The card issuing institution will ensure that there is no delay in sending the bill statement to the customers.

 Credit card issuers must close the card within seven days of the request.

 After the credit card is closed, the cardholder will be immediately informed about the closure through email, SMS etc.

 If this process is not completed within seven days, then the company will have to pay a fine of Rs 500 per day.

 This will be applicable in case there is no outstanding balance on the card.