BOBCARD Credit Card Limit

Credit cards have become an essential financial tool, offering convenience and an additional line of credit for everyday expenses, emergencies, and even lifestyle indulgences. Among various options in the market, BOBCARD credit cards stand out for their wide range of features designed to suit different customer profiles.

One key aspect of using a credit card wisely is understanding its credit limit. Before applying for a credit card, applicants must present proof of income, which the bank will review before approving the credit limit. The credit limit is the maximum amount of money a credit cardholder can borrow from the bank. Primary and Add-on credit cards have a shared credit limit.

What is a BOBCARD Credit Card Limit?

The credit limit is the maximum amount a cardholder can spend using their credit card. The bank determines this limit after assessing your financial situation, particularly your income and repayment history. Both the primary and any add-on BOBCARD credit cards share this approved limit, meaning the total spending across all linked cards cannot exceed this cap.

BOBCARD offers a variety of credit cards to meet different spending habits and financial standings. For example:

• Super-premium cards, like the BOBCARD ETERNA Credit Card, typically have a higher credit limit and are made for users with larger spending capacities and stable repayment histories.
• Entry-level cards, such as the BOBCARD Easy Credit Card, usually offer a lower credit limit, ideal for new users or those building their credit profile.

Your credit limit is not fixed permanently. It can evolve based on your usage and financial growth, allowing flexibility as your needs and financial strength grow over time.

What Happens If You Exceed Your Credit Limit?

It’s important to keep a check on your spending to avoid going beyond your approved limit. If you exceed the credit limit on your BOBCARD, the bank will apply over-limit charges. Currently, the penalty is 2.5% of the exceeded amount, or a minimum charge of ₹600. Keeping your expenses below the approved limit helps avoid these extra fees and protects your credit score.

Increasing the Credit Limit on Your BOBCARD Credit Card

If you find your current credit limit low as compared to your spending habits, which may have grown over time, you can request an increase in your BOBCARD credit card limit. There are two primary ways to do this:

Proactive Offers by BOBCARD

BOBCARD regularly reviews customer accounts, and if you maintain a healthy credit profile, you may receive a pre-approved offer to raise your limit. Eligible cardholders can accept this offer by logging into the BOBCARD Mobile App or the BOBCARD Web Portal.

Customer-Initiated Requests

You can also request a credit limit enhancement by contacting BOBCARD through the following channels:

• Call customer care at 1800-258-4455.
• Visit your nearest BOBCARD branch to submit a formal request.

An agent will guide you through the process and verify your eligibility. Typically, you’ll be required to provide updated income documents to support your request.

Documents for Credit Limit Increase

To increase the credit limit, the bank will first review your income documents, such as an income tax return and two months’ salary slips, as well as your credit usage, to determine whether you can handle a larger limit. The following documents must be submitted either in soft copy through e-mail or hard copy by visiting the branch:

• Latest 2 months’ Salary Slips (for salaried individuals)
• Recent Bank Statement
• Income Tax Returns (ITR)

Important Note: If your credit limit was recently increased, the bank will require a 12-month waiting period before considering another increase. During this period, your repayment record and card usage will be evaluated.

Bottom Line

Understanding your BOBCARD credit card limit helps you make the most of your card while avoiding unnecessary fees and credit score issues. Whether you’re using an entry-level or premium card, responsible usage and timely payments are the keys to maintaining and even enhancing your credit limit. If your income has increased or your spending needs have grown, you can request an increased credit limit through the channels mentioned above. Also, you may have a pre-approved offer from the bank for an increased limit. Continue to check your mobile banking app and Net Banking portal.