Have you ever had trouble paying your credit card bill? Is it possible that it might have happened? At present millions of people are using credit cards. Many of them are not able to pay bills on time. What is the reason for this? Simple, no money in the account at the time of bill payment date. The problem increases if the billing cycle is at the end of the month. Currently, the credit card holder does not have any option to change the billing cycle and payment due date, but this facility is going to be available soon.
RBI gave instructions to banks
Recently, the Reserve Bank of India has asked banks to provide the option to change the billing cycle and payment due date. Under the new directive, both new and existing cardholders can change the billing cycle date more than once. Cardholders can now schedule the billing cycle in a way that works for them. He will also be able to change his due date. This will help card holders manage their finances.
How to set up a billing cycle
Financial experts say cardholders should set their billing cycle in such a way that there is enough money in their bank account to not only meet the card dues but also meet other household expenses during the month. By doing so, cardholders can avoid penalties and interest charges on card spending. RBI has introduced another rule allowing cardholders to choose their preferred card network, which will soon be available to cardholders.
