News India Live, Digital Desk: If you also use credit card, then this news is very important for you. RBI has issued strict instructions to banks and card issuing entities to protect the interests of customers. Now a small delay in card payment will not be heavy on your pocket.1. Benefit of Grace Period: According to the new rules of RBI, now banks cannot impose late fees only as soon as the due date ends. 3 days grace period: After the payment date, it is mandatory to give a grace period of 3 days to the customers. Late fees can be recovered only if the payment is not made even 3 days after the due date. Impact on Credit Score: If you make the payment within these 3 days, not only will you avoid late fees, but there will also be no negative impact on your credit history (CIBIL Score).2. No Interest on Late Fee (No Interest on Late Fee) Often banks used to add interest and other charges on top of the late fee, due to which the outstanding amount became like a mountain. RBI’s instructions: Now the late fee will be only a fixed amount. Banks will not be able to charge interest or any additional compound interest on late payment charges.3. Freedom to change the billing cycle: Customers will now have the right to choose the billing cycle of their credit card as per their convenience. One-time change permission: Customers can request to change their ‘Billing Date’ at least once a month as per their salary or other income. Banks will have to accept this.4. Card Closure Rules: Card has to be closed within 7 days: If a customer wants to close his credit card, the bank has to complete this process within 7 working days. In case of delay, the bank will have to pay a penalty of Rs 500 per day to the customer. Conclusion and tip for customers: These steps by RBI are aimed at making credit card transactions more transparent and consumer-friendly. However, customers are advised to always make timely payments to avoid unnecessary interest (which can range up to 30-45%).