Credit card latest rules: You can now decide the billing cycle of your card. Details here

livemint.com:

credit card and debit card — Issuance and Conduct directions 2022. The latest amendments will come into force from March 7, 2024 onwards. Among several changes, the new RBI rules stipulate that at least once, the cardholder will be provided option to choose any date as the starting or closing date of the billing cycle.

Instructions relating to credit cards will apply to all credit card issuing banks and non-banking financial companies (NFBCs). The new provisions have been explained with the help of a set of FAQs released by the RBI. The cardholder will be provided option to choose any date as the starting or closing date of the billing cycle at least once.

Additionally, 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. Card issuers are prevented from issuing unsolicited credit cards and are required to seek prior approval from the customer before issuing a card. 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.

ALSO READ: RBI’s new credit card rules: There’s now an option to change your billing cycle 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. No, card-issuers will not levy interest or any other charges, on the unpaid taxes or charges. As the provision became effective from Oct 1, 2022, card issuers will not capitalise unpaid charges that have been billed from Oct 1,