Can You Change Your Credit Card Bill & Due Date? Here¡¯s What The New RBI Rule Says
Whether you use one credit card or two or more, one thing that you always need to keep in mind every month, is the due date, right? Every month your credit card bill comes on a particular date and accordingly their is a due date by which you should pay your credit card bill to avoid any extra fees or charges.?
As soon as you get your credit card and start using it, your credit card issuer informs you about the billing cycle and date you would have, right? According to that date you need to plan your credit card spends and also keep remind yourself of the billing cycle and due date.
But can you, as a credit card user, change the credit card bill date? Can you choose or change your credit card billing cycle and due date? As per RBI¡¯s new rules revealed this month, the answer is yes.
Can you change your credit card bill date and due date?
The Reserve Bank of India (RBI) has asked credit card issuers to provide customers an option to modify their credit card billing cycle at least once if not more. In its press release on March 7, 2024, RBI said, "In order to provide flexibility?in this regard, cardholders shall be provided the option to modify the billing cycle of the credit card at least once, as per the cardholders¡¯ convenience", as per ET report.
Also Read:?Axis Bank Launches India's First Numberless?Credit Card
Which due date should you choose or credit card bills?
Your credit card due date should fall during a period when you have sufficient funds to pay it off in order to avoid delaying or even going into default. Generally speaking, you should choose a bill due date that falls after the day your salary is credited. This is to make sure you have enough money when it comes time to pay the bill. Don't pick a date near the end of the month when you might run out of money.
If you work for yourself or run a business, you can determine the best date by analyzing your monthly income and expenses. Now that you are likely to have the freedom to select your credit billing cycle, pick the day that works best for you.?
Also Read:?What Happens If You Don't Pay Your?Credit Card?Bills On Time?
How can you change your credit card billing cycle and due date?
Depending on the bank, there are differences in the procedure for modifying credit card billing cycles or due dates. On their online banking platforms, the majority of banks offer the ability to modify the credit card due date. To find out how to alter your billing cycle, give your bank's customer service department a call.?
Be aware that banks may alter your billing cycle according to their own policies. Thus, before modifying your billing cycle and due date, make sure you check with your bank and fully understand their policies.
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