Credit Card Users Can Now Choose Visa, MasterCard, RuPay Or Diners Club


Rohit Kulkarni

Rohit Kulkarni

May 09, 2024


When it comes to credit cards, the dominion prevails in the case of Dining, dressing, and leisure activities.

On the flipside, there is no autonomy when it comes to credit cards since it is the banking institutions that dictates the network affiliation, leaving little room for consumer choice and the bank can give you any credit card from any network of MasterCard, Visa, American Express, Diners Club or RuPay, but now this arbitrariness of the banks will not work moving forward and the whims of banks shall no longer be tolerated under the revised RBI regulations.

Credit Card Users Can Now Choose Visa, MasterCard, RuPay Or Diners Club

Empowering Consumers with Network Choice

The credit card regulations have been overhauled by the Reserve Bank and as per the new directives, it shall be the consumers who shall have the autonomy.

When it comes to the selection of the credit card network, be it SBI, HDFC, or any other institution, cardholders will have the freedom to choose networks like MasterCard, Visa, or RuPay.

It shall be in period of 6 months that the revised regulations will be enforced.

However, entities issuing ten lakh cards or fewer are exempt from these regulations. Visa and MasterCard, global giants in the credit card industry, dominate the market, with millions of users in India alone.

The Prospects of the New Credit Card Regulation

The variable annual fees associated with credit cards have long been a concern, with some banks imposing exorbitant charges. Until now, consumers had no say in this matter, compelled to accept the card offered by the bank. However, with the option to choose from multiple networks, consumers can now tailor their credit card selection based on their requirements, fees, and network benefits.


Rohit Kulkarni
Rohit Kulkarni
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