Rupay Credit Card UPI
The RuPay Credit card is one of the popular options in India, gained a lot of significance in recent times. This domestic Indian payment system was launched by the National Payments Corporation of India (NPCI) in 2012 and gained great popularity amongst users.
Now, the National Payments Corporation of India (NPCI) has launched 3 new features on the RuPay credit cards. And it seems to be good news for the users, who are already using RuPay credit cards.
Let’s see what are those features and how it’s going to help Rupay Credit card users..!!
The 3 Key features announced by NPCI are as follows
1. Credit card with Pre Sanctioned Credit Lines
2. EMI facility on the linked credit accounts on the UPI app
3. Credit Account Bill Payment
1. Link your Credit card with Pre Sanctioned Credit Lines
Generally, RuPay Credit Card users can link their credit card with UPI apps like PhonePe, and Google Pay and can complete the payment.
But now, the National Payments Corporation of India (NPCI) has announced that UPI users can now link their UPIs with Pre-sanctioned Credit lines.
What are Pre-sanctioned Credit lines?
Usually, the Banks / Financial institutions or UPI apps will provide you a pre-approved lending facility for the users. Whenever the user needs money, then, they can access money from this option.
Pre-sanctioned Credit line is similar to a Credit card but it might have higher interest rates.
Till now, the user used to make payments through Credit cards whenever you don’t have enough money. But with this new feature, even if the user has money in their Pre Sanctioned Credit line, then, they can make UPI payments from that credit line as well.
Let me give you an example,
Mr. Ram has spent Rs.1,00,000/- during this month on his SBI Credit card. But, all of a sudden he has to spend on his family members for emergency hospitalization expenses during this month itself.
He has no interest in spending these expenses through his existing credit card as he almost reached his Credit card limit.
In such a case, Mr. Ram can use his Pre-Sanctioned Credit Line which can be available in the SBI Yono app to complete payment of Rs.1,35,000/-
Pre-sanctioned Credit lines can be helpful to Credit card users when they are in emergencies like Hospitalization or Sudden card accident repair charges etc.,
In such cases, you can make UPI payments from that loan amount if you already have a pre-sanctioned loan amount.
Also Read: New IMPS Rules from 1st Feb
2. You can convert UPI payments into EMI
With the UPI apps, if you have made any payments from your Credit account, then, you can convert those payments into EMI.
For that, you have to enable the Terms and Conditions (T&C). Then only, the particular UPI app will accept your user PIN.
When the user PIN is accepted, then only, the user can convert the earlier Purchases into EMI’s from their UPI’s transaction history.
In case, if you have any existing EMIs, they will also appear in the Correct section in the UPI app. You cannot change or remove them from the EMI except if you do foreclosure.
3. You can pay any credit account bills through UPI apps
When it comes to Credit card bill payments as well as installment payments, the users who are using UPI apps can make one-time payments of their past-due credit card bills and also credit line installments.
Not only that, they also have a choice of making payments on an installment basis by enabling the UPI Autopay option.
With this new feature, UPI app users are going to have access to Credit card outstanding bills and also Credit line instalment details along with Minimum due amount and the total outstanding amount and Bill due dates etc.,
Also, the customer has a chance to request the issuing company to enhance the credit limit.
It means, when the customer makes big purchases during the festival seasons, family trips, emergency situations or when the user has no sufficient amount, then, the user has a chance to ask to increase the credit limit in such situations.
Initially, the credit amount given to the user will be lower. But if your regular spending and paying patterns are good, there will be a chance to increase those limits.
All the new features will be available by 31st May 2024. Whoever the issue entities are, whether it is a bank or card issuer, but the National Payments Corporation of India has issued a clear guidelines to enable these limits as per the above mentioned schedules.
Thanks for your time folks 🙂
