New Delhi. If you are a credit card holder and are not happy with the services of the “Card Network” of your existing credit card, then now you can port the “Card Network” of your old credit card. Instructions in this regard have been issued by the Reserve Bank of India to all the banks. Let us tell you in detail about this entire scheme, how card holders can take advantage of it and what benefits the card holders will get from it.
After this instruction of RBI, bank customers will have the option to choose any one of the credit-debit card networks of their choice like Visa, MasterCard, RuPay, American Express, Diners Club etc. These companies have tie-ups with different financial institutions and banks. For this reason, customers still do not get the option to choose the card network of their choice. Let us tell you that different networks offer different types of features on their cards. Some have lower fees, some give more rewards. Cashback and usage rewards are different for each network. With the facility to change the network, users will be able to choose the appropriate network as per their usage.
The Reserve Bank of India has directed all banks to provide new customers the option to choose from multiple card networks while issuing credit or debit cards. Issuing guidelines in this regard, the central bank also asked credit card issuers not to enter into any agreement or arrangement with the card network that prevents customers from availing the services of other networks. RBI said that for existing cardholders, this option can be given at the time of next renewal of the card. That means, like mobile number portability, existing customers will be able to port debit-credit and prepaid cards to the company of their choice. RBI clarified that this direction will not apply to credit card issuers with less than 10 lakh active cards. The Reserve Bank has also made a provision for this in the draft. For this you can see the expiry date of your card. Old customers will get the option to change the network while renewing the card.