Credit cards have made it extremely simple for the general people to borrow money at any time and from any location. Before applying for a credit card, applicants must present proof of income, which the bank will consider when approving a credit limit. The credit limit is the maximum amount of money a credit cardholder can borrow from the bank. Different credit limitations on different credit cards have been maintained by the Bank of Baroda. When opposed to super-premium credit cards, entry-level credit cards offer a smaller credit limit. Your credit limit is determined by your purchasing power and ability to repay on time. When a credit cardholder’s credit limit is reached, they are charged an over-limit fee. Continue reading to learn more about the Bank of Baroda Credit Card limit and how to increase it.
How to increase the credit limit of the Bank of Baroda Credit Card?
If the credit card holder wants to increase the credit limit of their BoB credit card then they can directly request the Bank of Baroda to enhance/increase the credit limit. The bank will assess their request by checking if they are eligible or not. The eligibility factor lies upon the income proof, the purchasing power, and the ability to repay on time.
You can call the customer service number 1800-258-4455 or visit the nearest Bank of Baroda Branch. Submit your request for a higher limit to the agent, who will check your eligibility. The agent will ask you to submit the soft copy of income documents through the Bank’s online portal or to submit the hard copy personally to the bank.
Documents to be submitted for a credit limit enhancement
For increasing the credit limit the bank will first look at your income documents like an income tax return, salary slip of two months, credit usage, etc. to see whether you can handle a larger limit. The following documents must be submitted either in soft copy through the mail or in hard copy by visiting the branch:
- Salary Slips of last two months
- Bank Statement
- Income Tax Returns
No, the credit limit is not the same for everyone. The bank decides the limit depending on your income.
Yes, you can check your credit usage through your internet banking account.
No, you will not be charged any fee for getting your credit card limit increased.
No, the credit score will not get affected in case you get your credit card limit decreased. The credit score depends on the credit card bill payment. If you keep your dues clear then the credit score will be good, if you don’t pay the credit card bills on time, the credit score will be affected negatively.