Here are ten things to know about the new credit card rules to be effective from July 1, 2022

According to the new rules, issuance or upgradation of cards without consent has been banned.

The person in whose name the card is issued can also approach the Ombudsman of Reserve Bank of India. The Ombudsman will decide the amount of fine as per the provisions of the scheme.


The Card issued or the other products/services offered with the Card require the written consent of the Customer. In addition, card-issuers can use other digital modes with multi-factor authentication for customer consent.


There have been instances where unsolicited/applied-for cards have been misused. It is emphasised that any loss arising out of misuse of such unsolicited cards shall be the responsibility of the card-issuer only.


If the person who has the card does not activate the card with OTP within 30 days, then the credit card will be closed within seven days.


The important aspects of the card such as rate of interest, quantum of charges, among others. In case of rejection of a credit card application, the card-issuer shall convey in writing the specific reason which led to the rejection of the application.


The Most Important Terms and Conditions (MITC) should be highlighted and sent separately to the customers. MITC will be provided to the customer at the time of onboarding.


Card-issuers may consider introducing an insurance cover for customers for liabilities arising out of lost cards, card fraud.


No card issuer shall report any credit information relating to the new credit card account to the credit information companies prior to the activation of the card


10. Card-issuers shall ensure that the telemarketers they engage, comply with directions issued by TRAI from time to time. The card issuer’s representatives shall contact the customers only between 10:00 hrs and 19:00 hrs.