5 Tips To Increase Credit Card Limit
Posted by Arjit Chalmela on August 23rd, 2019
A credit card is one of the most useful items in your wallet today. Not only has it changed the way India shops, but it has also made buying online extremely easy and convenient. If you manage your spends well, you can even get the annual charges waived off, essentially getting a credit period for your expenses without any charges.
One of the main things you must remember about having a credit card is that it comes with a credit limit. This means you are allowed to spend on the card up to the credit limit. For example, if your credit limit is Rs. 50,000, you can swipe the card or use it in online transactions up to a limit of Rs. 50,000.
This credit limit is set by the credit card company and as you use the credit card, it may turn out to be too less for your needs. In this case, you need to know how to increase credit card limit.
Here are 5 tips to increase credit card limit:
Automatic credit limit increase:
Most credit card companies automatically revise the credit limit after a certain period of time. While this may not happen immediately after you get your credit card, the company may increase your limit after 3 or 4 years of using the card.
Request the card issuer:
You can send a request to the card issuer to increase your credit limit. Whether the credit card issuer accepts this request is at their discretion, however, if they do, you will get your credit limit increased. However, one thing to remember is that you will have to have a regular transaction history on the credit card for making this request. This upgrade will be made based on your income and your current spending.
Apply for a new card:
Credit card companies keep making newer card offerings with higher credit limits to attract customers. One way to get yourself a higher credit limit is to apply for a new credit card.
Pay your bills on time:
Your relationship with the credit card company not only depends on the how much you spend, but it also depends on whether you pay your credit card bills on time. To get a higher credit card limit, you must pay your bills in full and on time.
Increase your spending:
Lastly, one best way to increase your credit limit is to spend through the credit card consistently. If you’re not spending much on the card every month, the credit card company will assess your needs and conclude that you don’t need a higher credit limit because you’re not making spends on the card anyway. That’s why if you want to increase your credit limit, you need to maintain credit card spends consistently.
About the AuthorArjit Chalmela
Joined: June 27th, 2019
Articles Posted: 24
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