- From September 1, 2024, RuPay credit card rewards will be the same for UPI transactions as for regular purchases.
- Banks can't give lower rewards for UPI payments with RuPay cards, except if no fee is earned.
- From September 6, 2024, you can choose your card network (RuPay, Visa, Mastercard, etc.) when applying for or renewing a card.
- The rule doesn't apply to smaller banks with fewer than one million cards and private network issuers.
Good news for RuPay credit cardholders! Starting September 1st, 2024, you’ll earn the same rewards points on UPI transactions as you do with regular credit card purchases.
The National Payments Corporation of India (NPCI) noticed that RuPay credit cards were getting fewer rewards when used on UPI platforms. To fix this, they issued a directive to banks, ensuring you get the same benefits regardless of how you pay.
Key points to remember:
- Equal rewards: You’ll earn the same points, cashback, or other rewards for using your RuPay credit card on UPI as you would for a swipe transaction.
- No discrimination: Banks are prohibited from offering lower benefits for UPI payments with your RuPay credit card (except in rare cases where they don’t earn a fee).
But that’s not all! Starting September 6th, 2024, a new Reserve Bank of India (RBI) rule is giving you even more control over your debit and credit cards . You’ll now have the freedom to choose the card network you prefer, whether it’s RuPay, Visa, Mastercard, or another option.
Why is this important?
- More flexibility: You can select a network that aligns with your spending habits and preferences.
- Potential for better deals: With increased competition, you may find more attractive offers and rewards from different card networks.
How does it work?
- Choice at issuance: When applying for a new debit or credit card, you can select your preferred network.
- Choice at renewal: If you’re renewing your existing card, you’ll also have the opportunity to switch networks.
Who is exempt?
- Smaller banks: This new rule only applies to banks with 10 lakh (one million) active cards.
- Private networks: Banks issuing cards through private networks are exempt.
With these changes, RuPay credit cardholders are benefiting from increased rewards and greater choice. So, make the most of these new opportunities and enjoy the advantages of your RuPay card!
