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Credit Card Responsibility Agreement

Credit Card Responsibility Agreement Template for India

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Key Requirements PROMPT example:

Credit Card Responsibility Agreement

"I need a Credit Card Responsibility Agreement for a premium personal credit card product launching in March 2025, which includes extensive travel benefits and international usage provisions, compliant with RBI guidelines and targeting high-net-worth individuals in India."

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Document background
The Credit Card Responsibility Agreement serves as a fundamental legal document in India's banking sector, establishing the contractual relationship between credit card issuers and cardholders. This agreement is essential when issuing new credit cards or updating terms for existing cardholders, ensuring compliance with the Reserve Bank of India's Credit Card Operations of Banks Master Directions, 2022, and other applicable regulations. The document comprehensively covers cardholder obligations, credit limits, fees, billing cycles, default procedures, and dispute resolution mechanisms. It's particularly important given India's growing credit card market and the need for clear documentation of rights and responsibilities in accordance with regulatory requirements.
Suggested Sections

1. Parties: Identification of the credit card issuer (bank) and the credit card holder (customer)

2. Background: Brief context about the credit card facility being offered and the purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement including 'credit limit', 'billing cycle', 'statement date', etc.

4. Card Issuance and Usage: Terms regarding card issuance, activation, and authorized usage

5. Credit Limit: Details about credit limit allocation, revision policies, and over-limit consequences

6. Fees and Charges: Comprehensive information about all applicable fees, charges, interest rates, and computation methods

7. Billing and Payment: Terms regarding billing cycles, statement generation, payment methods, and due dates

8. Cardholder Obligations: Primary cardholder's responsibilities regarding card usage, security, and payment obligations

9. Default and Consequences: Definition of events of default and their consequences

10. Security Features: Information about card security features and cardholder responsibilities for secure usage

11. Termination: Conditions and procedures for agreement termination by either party

12. Governing Law and Jurisdiction: Specification of applicable laws and jurisdiction for dispute resolution

Optional Sections

1. Add-On Cards: Terms for additional cards issued under the primary card account, used when add-on cards are offered

2. Rewards Program: Details of reward points, redemption, and program terms, included for cards with reward features

3. Insurance Benefits: Description of insurance coverage provided with the card, included for cards offering insurance benefits

4. International Usage: Terms for international transactions and forex charges, included for cards with international usage facility

5. EMI Facility: Terms for converting purchases into EMIs, included if the card offers EMI conversion facility

6. Corporate Liability: Additional terms for corporate credit cards, included for business/corporate card agreements

Suggested Schedules

1. Schedule of Charges: Detailed list of all applicable fees, charges, and interest rates

2. Schedule of Benefits: Comprehensive list of card benefits, rewards, and features

3. Schedule of Insurance Coverage: Detailed information about insurance coverage terms and conditions

4. KYC Requirements: List of required KYC documents and verification procedures

5. Merchant EMI Partners: List of participating merchants and EMI schemes available

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



















































Clauses









































Relevant Industries

Banking

Financial Services

Retail Banking

Corporate Banking

E-commerce

FinTech

Insurance

Retail

Corporate Services

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Product Development

Customer Service

Corporate Banking

Retail Banking

Credit Analysis

Operations

Documentation

Regulatory Affairs

Relevant Roles

Credit Card Product Manager

Compliance Officer

Legal Counsel

Risk Manager

Customer Service Manager

Operations Manager

Credit Analysis Manager

Banking Relationship Manager

Corporate Banking Officer

Retail Banking Manager

Credit Card Operations Head

Chief Risk Officer

Chief Compliance Officer

Product Development Manager

Banking Operations Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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