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Bank cannot deny to choose card network on credit card
- Thread starter praful47
- Start date
After expiry of your existing card
New notification which enables you to chose your own card network provider.
www.moneycontrol.com
Will this let Diners Club Black holders chose Visa / Mastercard? This would solve a lot of problems.
Credit card users can now choose between Visa, Mastercard, RuPay and Amex. Here’s what you need to know
Credit card users will now have the freedom to choose between card networks. Until now, your bank decided the networks the card you were issued was based on. The RBI's latest directive gives more choice to card customers
Will this let Diners Club Black holders chose Visa / Mastercard? This would solve a lot of problems.
@TechnoFino
Since you are being referenced in the article, please do give us hope, will HDFC start issuing DCB on Visa / mastercard or they'll keep this variant specific to Diners Club only?
Since you are being referenced in the article, please do give us hope, will HDFC start issuing DCB on Visa / mastercard or they'll keep this variant specific to Diners Club only?
But the name itself says DinersClub Black@TechnoFino
Since you are being referenced in the article, please do give us hope, will HDFC start issuing DCB on Visa / mastercard or they'll keep this variant specific to Diners Club only?
, that means it is on diners club network.It would be weird to say DinersClub Black visa card
MC Black incoming?
@TechnoFino
Since you are being referenced in the article, please do give us hope, will HDFC start issuing DCB on Visa / mastercard or they'll keep this variant specific to Diners Club only?
sidp
TF Ace
@vaibhav111 Please merge with existing
Thread 'Bank cannot deny to choose card network on credit card' https://www.technofino.in/community...-to-choose-card-network-on-credit-card.23790/
Thread 'Bank cannot deny to choose card network on credit card' https://www.technofino.in/community...-to-choose-card-network-on-credit-card.23790/
sidp
TF Ace
No. This directive allows customers to choose from multiple available networks. But in reality this hardly makes any difference. As you can ask for network change only at the time of "renewal"( which I think rbi means card reissue).
Again rbi can't force bank to offer all cards on all network. That is a commercial decision left to issuers itself.
Then people can block and reissue on another platform?
sidp
TF Ace
Check the thread I've mentioned. It has the rbi directive. But wording isn't clear.
Wr have to understand that all this decision was taken with consultation of bank. The reason they have used wording like "only at the time of renewal", means banks don't want to make it a simple process. If people start to abuse it, they might start charging for it.
Also it is not being implemented for another 6months. So by that time we will have a clear idea.
Calm Radiance
TF Premier
pun intended - Amex cards on Rupay network thereby enabling UPI txns too with good customer care.
Amex is an issuer and network. Won't apply to them
A flood of blocking & reissuing in different network can come from TF if it succeeds😂
Last edited:
Amex conversion I don't think going to happen.others very much possible atleast for renewals
Credit card users can now choose between Visa, Mastercard, RuPay and Amex. Here's what you need to know
www.moneycontrol.com
Note that, as per the circular, “card issuers who issue credit cards on their own authorised card network (in other words, those who have their own card network) are excluded from the applicability of the circular”. This applies to American Express Banking Corp., which will not be required to issue it credit cards on card networks other than its own.
Credit card users can now choose between Visa, Mastercard, RuPay and Amex. Here’s what you need to know
Credit card users will now have the freedom to choose between card networks. Until now, your bank decided the networks the card you were issued was based on. The RBI's latest directive gives more choice to card customers
Note that, as per the circular, “card issuers who issue credit cards on their own authorised card network (in other words, those who have their own card network) are excluded from the applicability of the circular”. This applies to American Express Banking Corp., which will not be required to issue it credit cards on card networks other than its own.
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