The Reserve Bank of India (RBI) recently announced new rules allowing credit card users to switch between payment networks. This means you can now convert your Visa, Mastercard, or Diners Club credit card to a RuPay card through your bank. With RuPay cards offering benefits like seamless UPI payments, lower foreign fees, and access to RuPay promotions, there are good reasons to make the switch.
However, some readers are struggling with how to make the switch. Here’s a step-by-step guide on how to convert your credit card to RuPay:
We’ll walk you through the eligibility requirements, how to submit a request to your bank, and what to expect after conversion so you can start enjoying the perks of RuPay. Read on to learn how easy it is to convert your credit card to RuPay
How to Convert Your Current Credit Card(Mastercard/VISA/DCB) to RuPay Credit card networks?
Check if you are eligible
Not all banks may issue credit cards on the RuPay network yet. Major banks like SBI, HDFC Bank, and ICICI Bank provide RuPay credit cards. To find out, you can:
- Go to your bank’s website and see if RuPay credit cards are listed there.
- Call the bank’s customer care number and ask them directly if they provide RuPay credit cards.
- Visit your nearest bank branch and inquire with the staff there.
If your bank does not yet issue RuPay credit cards, you may have to wait until they start offering them.
Does your current credit card allow the switching of networks?
Some expensive or premium credit cards from banks have special contracts with Visa or Mastercard. These cards may not allow you to switch to RuPay as per the contract conditions. To confirm, you can:
- Carefully read all the terms and conditions for your existing credit card.
- Contact the bank’s customer care and specifically ask if your card can be changed to RuPay.
- Check the card agreement papers that you signed when you got the card.
As per the recent RBI circular (Ref: RBI/2023-24/234 dated July 05, 2023), card issuers cannot have agreements with networks that restrict customers from switching to other networks. The RBI has mandated that banks must provide the option to customers to choose any card network, either at issuance or later. This applies to existing card agreements too, which must be amended if they restrict network conversion. So even if you have a premium card with an exclusivity agreement with Visa/Mastercard as per old terms, the RBI's new rules will override such restrictive clauses. You can now switch to RuPay based on the RBI's directives. However, do cross-check your card agreement once. If it still prohibits network change, you can point out the RBI circular to the bank stating that such exclusivity clauses are no longer valid as per the apex bank's regulations. This will ensure that banks allow you to convert your credit card to RuPay, irrespective of any existing agreement terms. The RBI's new guidelines provide the right to cardholders to switch networks at any point.
Write an Email to the Bank or Credit Card provider.
You can write an Email to the bank or Call to bank Customer care if you don’t understand the terms and conditions or need a detailed explanation about the network switching of your credit card.
In the Email/Call, mention that you want to switch your existing credit card to RuPay and ask for more details on how this process works. You can use the Below format to write the Email/Call.
Subject: Request for Credit Card Conversion to RuPay Dear Sir/Madam, I have a Visa/MasterCard credit card from your bank with card number xxxxxxxx1234. As per RBI's new guidelines (Ref: RBI/2023-24/234 dated July 05, 2023), cardholders can now switch between card networks. I wish to convert my existing credit card to a RuPay credit card under this new RBI mandate. Could you please advise on the process and documentation required from my end for this conversion? I would also like to understand if any fee is applicable for credit card network conversion. It would be highly appreciated if you could explain the step-by-step procedure for converting my credit card to RuPay at the earliest. Do let me know if you need any additional information from my end. I eagerly await your response. Thank you for your assistance in this matter. Regards, [Your name] [Your account number] [Your mobile number]
Await the Bank’s Approval
Once you have submitted the request for converting your credit card to RuPay, the bank will verify your documents and eligibility as per RBI guidelines.
The approval process generally takes 15-30 days. You can continue using your existing Visa/Mastercard credit card until the new RuPay card is issued and activated.
As shared by Twitter user Sachin Mariwala, it took nearly 20 days for his bank Kotak to process the request after he submitted the RBI circular. However, persevering with the request ensured his card was finally converted to RuPay.
Activate your RuPay Card
After approval, you will receive your new RuPay credit card in the mail. To start using it, you need to first activate the card through net banking or ATM or via SMS.
Follow the activation process recommended by your bank to generate the PIN and/or OTP to activate your new RuPay card. Once activated successfully, you can immediately start using the RuPay card for payments, both online and offline.
Just like Sachin, you too can now enjoy the benefits of the RuPay payment network once you activate your new Rupay credit card received post the approval process.
Things to Note when Switching to RuPay
There are some important points to keep in mind when you convert your credit card from Visa/Mastercard to RuPay:
Things to Note
Explanation
Credit history
Your existing credit history and score will remain fully unaffected by the change in card network.
Autopay instructions
You should update any autopay or standing instructions linked to your old card to avoid payment failures.
Reward points
Reward points generally get transferred to the new RuPay card automatically, but do verify the rewards policy with your bank once.
Switching your credit card network from Visa/Mastercard to RuPay is a smooth process. Make sure to update any billing instructions or subscriptions using your old card number to avoid disruptions. Other than that, your credit history and rewards will remain protected.
Benefits of Switching to RuPay
RuPay credit cards offer several unique advantages compared to Visa and Mastercard. Here are some of the major benefits of switching to RuPay:
- You can make convenient payments directly via UPI using RuPay credit cards that have UPI functionality. This offers an additional payment option.
- RuPay has lower foreign transaction fees when using the credit card internationally compared to Visa and Mastercard. This reduces forex charges.
- RuPay card acceptance is growing internationally, especially in Asian regions. So you can use it at many overseas merchants.
- You get access to various exclusive cardholder offers, deals, and discounts that are available under RuPay loyalty programs.
So switching your credit card to RuPay can provide you with more payment options, lower forex charges, international acceptance, and attractive rewards – all strong reasons to consider converting your card to RuPay.
Conclusion
Switching your credit card from Visa or Mastercard to RuPay is now easy and straightforward, thanks to RBI’s new directives. With just a few simple steps, you can submit a request to your bank and convert to a RuPay credit card that offers multiple advantages.
The process of checking eligibility, contacting your bank, submitting documentation, and activating your new RuPay card can typically be completed in 30 days or less. As more banks adopt RuPay and its payment innovations, customers have the freedom to choose credit card networks that provide the maximum value and convenience.
So if you are looking for seamless UPI payments, lower foreign fees, or access to RuPay’s attractive deals, consider switching your existing credit card to RuPay. With RBI mandating customer choice, you now have the power to select a credit card network that best meets your preferences and requirements.
