What are the new credit card rules that are likely to be applicable from October 2020 onwards?

From the RBI standpoint, it was more of an attempt to make digital payments more secure by implementing new rules from October. Now, all new cards, both debit cards and credit cards, will be issued as domestic-only cards with foreign transaction available on request.

Individuals will be able to opt-in and opt-out of such facilities, set limits online or offline and have control over such approvals on a 24X7 basis. Cardholders will also have the leeway to enable or disable contactless transactions based on NFC technology at any point of time.

This is likely to create a short term problem for a number of users who are not too familiar with the only usage nuances. They may suddenly find their international card transactions get declined as they would have been deactivated in the absence of specific authorization.