Credit Card Portability: What are its benefits, and how will it impact current Indian credit card us

The Reserve Bank of India in one of its recent circulars has made a proposal to allow customers to change their credit, debit and prepaid card networks. One of the significant elements of the credit card portability concept involves the ability to switch or port your card networks. The credit card portability facility will be effective from October 1, 2023.

This newfound freedom won't be limited to credit cards but will also extend to your debit and prepaid cards. Credit card portability provides cardholders the flexibility of selecting the best service, which will eliminate the limitations set by credit card issuers earlier.

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