Credit Card Payment Rule Change by RBI: Suspension of Services by PhonePe, Paytm, and Cred - Learn More Here
In a significant move, the Reserve Bank of India (RBI) has issued a new circular on September 15, 2025, which has led to the discontinuation of the service of paying rent through credit cards on fintech apps.
The practice of paying rent through credit cards had become popular among tenants, offering benefits like reward points, cashback, or interest-free credit periods. However, due to the new RBI circular, tenants can no longer avail of these benefits.
As a result of the new RBI circular, fintech companies such as PhonePe, Paytm, and Cred have stopped the service of paying rent through credit cards. This change has affected the service of paying rent through credit cards on fintech apps, impacting a significant number of tenants who used this method for their rental payments.
The new RBI circular has prompted fintech companies to discontinue the facility of paying rent through credit cards, marking a shift in the rules of credit cards and their usage in everyday transactions. The affected credit card holders by the new RBI guidelines are individuals using credit cards through fintech platforms to pay rent.
Tenants will now have to explore alternative methods for paying their rent, such as bank transfers or direct debits, which may not offer the same benefits as paying through credit cards. It is recommended that tenants review their payment options and choose the most suitable method for their financial situation.
In conclusion, the new RBI circular has brought about a change in the way tenants can pay rent, with the discontinuation of the service of paying rent through credit cards on fintech apps. Tenants are advised to stay informed about the latest developments and adjust their payment methods accordingly.
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