What is MITC?
MITC stands for Most Important Terms and Conditions. It is the short rulebook for your credit card. Fees, interest, credit limit, billing, lost-card steps, and how to close the card all live here (or point from here to the full agreement).
Ads and product pages sell the card. The MITC is what the bank must follow. If a “lifetime free” or lounge claim is not in the MITC / fee schedule for your product, treat it as unverified.
Why RBI cares about the MITC
In April 2022 the Reserve Bank of India tightened credit-card conduct rules (effective 1 July 2022). Banks must make the MITC clearer, send it separately, explain key ideas with examples, and share a signed copy of the agreement when terms change. Plain-language explainers such as Paisabazaar’s MITC guide summarise those rules for cardholders.
When you should see the MITC
- Marketing: main fees and charges should be visible before you apply.
- Application: a Key Fact Statement (KFS) with fees, limits, and billing basics.
- Welcome kit / onboarding: the full MITC, sent separately—not buried only in fine print.
- Every change: an updated MITC with notice when a condition is modified.
- On billing: fees, statement rules, and limits stay visible as you use the card.
The bank should also email or post a signed copy of the MITC and the card agreement to your registered address—whichever you chose.
What the MITC usually covers
| Section | What to look for |
|---|---|
| Fees and charges | Joining / annual fees, cash advance fee, forex markup, interest (monthly and annualised), late fees, default charges |
| Interest-free period | How many days you get if you pay in full—and that carrying a past balance can cancel the grace period (banks must show an example) |
| Limits | Credit limit, available credit, cash withdrawal limit |
| Billing | Statement cycle, minimum due, how to pay, dispute process, customer-care contacts |
| Default and recovery | When you are reported as a defaulter, how that report is withdrawn after you settle, recovery steps |
| Closing the card | How to surrender the card, website / SMS / email contacts, unused-card closure rules |
| Lost or stolen card | How to block the card fast, and what you may still owe (zero / limited liability rules) |
| Complaints | Grievance steps, timelines, and compensation rules for failed transactions or slow closure |
| Credit bureau sharing | What data the bank shares with CICs, and when your approval is needed |
MITC vs Key Fact Statement (KFS)
- KFS: short sheet at application time—fees, limits, billing in one view.
- MITC: fuller terms you get at onboarding and when rules change.
- Rewards / lounge PDFs: often separate. The MITC may point to them; still open those files before you plan a trip or cashback stack.
How to read an MITC in five minutes
- Search the PDF for “annual fee”, “waiver”, “forex”, and “interest”.
- Note the exact spend needed for a fee waiver—and whether GST is on top.
- Check cash advance and late-payment fees (easy to miss).
- Open any linked rewards or lounge document for caps and exclusions.
- Save the version date. Banks update MITCs; old screenshots go stale.
“Lifetime free” should appear in the issuer’s fee schedule for that card variant. A relationship manager saying they will make it free is not the same as an MITC that says the product is LTF.
Quick FAQ
Where do I find my MITC?
Issuer website or app (product page / documents), the welcome email, or customer care. Search the card name plus “MITC” or “Most Important Terms”.
Does the MITC list lounge visits and reward rates?
Sometimes only at a high level. Detailed lounge gates and earn rates often sit in a Guide to Benefits or rewards FAQ. Use both.
What if the website and MITC disagree?
Trust the MITC / KFS / signed agreement for fees and interest. Write to the bank if marketing still shows an older promise.