The Authorities have implemented fresh credit card regulations in 2022 and 2023. These alterations are set to bring positive changes for the typical Indian credit card user. New credit card rules in 2023 will affect how you use your card, pay your bills, and redeem your rewards.
Let's delve into these new rules and explore their potential effects on you.
Below are some of the new credit card rules in 2023:
In 2023, Indian credit card regulations will be updated with new rules that require greater security, transparency, and user control. These rules include requiring OTP for card activation after 30 days of inactivity, obtaining cardholders' consent for credit limit adjustments, simplifying interest calculations, excluding unpaid charges and taxes from interest calculations, and enforcing credit card tokenization for secure transactions online and in-store. The new credit card rules in 2023 aim to promote transparency, prevent fraud, and empower cardholders.
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The new credit card rules in India include requiring OTP for card activation after 30 days of inactivity, obtaining cardholders' consent for credit limit changes, changing the computation of interest charges to exclude unpaid charges and taxes, and mandating tokenization of card data for enhanced security during online transactions. These rules aim to prevent fraud, promote transparency, and empower cardholders.
The new rule will now cover the interest component fully and a portion of the principal amount in the minimum amount due. This will ensure that there is no negative amortisation and will avoid the interest and other charges from capitalising.
Yes, the new credit card rules provide more transparency and visibility about one's credit card in 2023.