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Banking FAQs & HowTo Guide
Can a Credit Card be issued to other loan accounts such as overdraft facility, cash credit facility, working capital loan? Yes, paragraphs 7(b) and 7(c) of the MD have enabled issuance of various types of credit cards which can be customized to access the limits available in different loan accounts, duly aligned to the terms […]
What should a customer do if a credit card is issued without his/her consent (unsolicited card)? Card issuers are prohibited from issuing unsolicited credit cards and are required to seek prior and explicit consent from the customer before issuing a card. However, if the customer receives an unsolicited card, he/she should refrain from activating or […]
In case a cardholder makes partial payment, can a card-issuer charge interest/levy late payment charges on the total amount due? In case a cardholder does not clear the total amount due within the payment due date, interest free credit period will be lost, and interest may be levied from the date of transaction on the […]
No, a bank or Credit card issuers shall not capitalize i.e., levy interest or any other charges, on the unpaid taxes/levies/charges. As the provision contained under para 9(b)(ii) of the MD became effective from October 01, 2022, card-issuers shall not capitalize unpaid taxes/levies/charges that have been billed from October 01, 2022. Checkout Latest Credit Card […]
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