Credit Card New Rule: Considering the convenience of credit card users, the Reserve Bank of India has changed the rules for credit card billing cycles. Credit card holders will now be able to change the billing cycle of the card more than once at their convenience. Earlier banks and other financial institutions allowed customers to do it once.
Read More: Holi 2024 Bank Holiday: Banks Will be Closed for 3 Days in These States; Check List Here
How to make changes in the billing cycle of credit card
– first of all, you have to clear all the previous dues
– After this, you can ask credit card issuers to change the billing cycle through phone or email.
– The changes can be made through a mobile app as well.
How will it be beneficial
– Customers can decide the bill payment date as per their convenience and sufficient cash
– You can maximize the interest-free period on credit cards
– Can pay different credit cards on the same date
Read More: SBI ATM transaction charges: Rs 20, Rs 8 + GST fees, minimum balance rules explained in detail
What is the billing cycle?
A customer’s total credit card bill (statement) comes on the 6th of every month. In such a situation, its billing cycle will start on the 7th of that month and will end on the 6th of the next month. All credit card transactions made during these 30 days will appear on the credit card statement.
– Till now only the credit card companies decided what would be the billing cycle of the credit card issued to the customer. Sometimes customers face a lot of problems due to this, but after RBI issued the rules, customers can change the billing cycle/period of the credit card more than once as per their wish.
Read More: Essential Guide To PAN Card: How To Apply, Importance, and Eligibility
Bill payment date will be also change
If a customer changes his billing cycle, his credit card bill payment due date will also change. This due date maybe 15 to 20 days after the date of the statement. This means that the customer gets an interest-free period of 45 to 50 days, which includes 30 days of the billing cycle and 15-20 days till the due date. There will be no additional charges if payment is made within this time limit.
