In case a cardholder makes partial payment, can a card-issuer charge interest/levy late payment charges on the total amount due? ![]() For instance, a customer availing an overdraft facility from a bank can be issued a type of credit card to access the funds made available under the facility. Yes, it has now been enabled to issue various types of credit cards which can be customised to access the limits available in different loan accounts. As the provision became effective from Oct 1, 2022, card issuers will not capitalise unpaid charges that have been billed from Oct 1, 2022.Ĭan a card be issued to other loan accounts such as overdraft facility, cash credit facility, working capital loan, etc? No, card-issuers will not levy interest or any other charges, on the unpaid taxes or charges. In case no consent is received for activating the card, the card-issuer is required to close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation.Ĭan a card issuer levy interest on the unpaid taxes/ levies/charges? However, if the customer receives an unsolicited card, they should refrain from activating or providing consent for activation of card through OTP or any other means.ĪLSO READ: RBI’s new credit card rules: There’s now an option to change your billing cycle What can a customer do if a credit card is issued without his consent?Ĭard issuers are prevented from issuing unsolicited credit cards and are required to seek prior approval from the customer before issuing a card. The cardholder will be provided option to choose any date as the starting or closing date of the billing cycle at least once.Īdditionally, card-issuers may provide the option to modify the billing cycle through multiple channels such as helpline, dedicated email-id, interactive voice response (IVR), internet banking, mobile application and any other modes. ![]() Here are some of the frequently asked questions : Can a cardholder modify the billing cycle of a credit card to any date?
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