Great news for Credit Card holders, now you will be able to select your preferred credit card network from September 6, 2024. The choice is now in your hands whether it is a new card you want to apply for or renewing the existing one for Visa, MasterCard or RuPay. This promising piece of news comes from the Reserve Bank of India (RBI), which is gearing up to enhance freedom and satisfaction in the credit card segment. Banks used to choose which network you would be a part of, but not anymore! Now, the choice is yours, and you can choose the network that will favour you the most.
How Card Networks Help You
They facilitate the flow of payments between you, the bank, and any merchant. For India, the major payment networks are Visa, MasterCard, RuPay, American Express, and Diners Card. These networks support small purchases to the large ones you make online, making the process of paying effortless.
Why This is Good News for You?
Because of this new regulation made by RBI, you will be able to have more say on what experience you get with your credit card. Selecting your network enables you to select that which is favourable to you, better acceptance, and splendid offers. Currently, there are some banks, such as Bank of Baroda and YES Bank, that have already implemented those rules for their clients, offering them more flexibility. Moreover, if you enjoy using UPI, doing credit card transactions via UPI is also on the rise, making your digital transactions simpler.
To summarise, this new change is equal to more liberty, more options, and a superior credit card experience! Therefore the next time you have a new card or renewing an existing one, ensure that you go for the network that meets your needs.
From September 6, 2024, pick your credit card network—Visa, MasterCard, or RuPay—giving you more control and flexibility. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
