The Reserve Bank of India has recently announced some new rules for credit card users in the interest of their customers. Part of the bank’s 26-page document on the terms states that card users should be given the option to change the credit card billing cycle only once as per their convenience. The new rule will take effect on July 1, 2022.
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The billing cycle is the period of time between consecutive bills due dates. Payment should be made 15-25 days after the end of the billing cycle. For example, if your billing cycle is from April 11, 2022 to May 10, 2022, the date on which you must make the payment is June 4-5, 2022 or earlier. There is no interest on the transactions made by the card users till the beginning and end of the billing cycle. Failure to pay within the specified period will result in interest and penalties.
Credit card users can now change the billing cycle by making payments on the day that suits their convenience, depending on the cash flow, as per the offer currently announced by RBI. For example, if you want to pay before the fifth of each month, you can customize your credit card billing cycle to suit. Under the new RBI rule, multiple credit cards are available to help those who have not paid on certain dates. Credit card issuers do not properly monitor the billing cycle of all credit cards issued. If you want to change the payment date on the same day or before the specified date in a month you are given a one time and change option.
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