Many people use credit cards in today’s time and one thing they need to consider about their cards is its credit limit. No one can spend unlimited money through their credit card and every individual gets a specified credit limit after which they cannot use the credit card anymore before paying their outstanding dues.
HDFC Bank sets credit card limits for their cardholders based on various different factors –
CIBIL Score – The credit score signifies a person’s ability to manage credit and repay his dues. People with a higher CIBIL score get a higher limit while people with a low score get a lower limit.
Credit History – This shows a person’s use of credit funds and his repayment history. An individual who has a low credit utilization limit and repays his dues on time will get a higher credit limit.
Annual Income – People with a higher annual income are likely to get a higher credit limit as opposed to those who earn a lower income.
Outstanding Debt – Credit card limit is negatively affected by outstanding debt and payments. If you have outstanding loan EMIs, credit card bills, etc. you will get a lower credit limit.
Your credit card limit is not permanent and it is possible to get it increased. If you pay your dues on time and make regular use of the card’s offers and rewards, you may get your card limit enhanced. Follow these tips to get your card limit increased –
- You can request HDFC Bank for a card limit increase if you believe that all deciding factors like credit score, income, payment history, etc. in your favour. If you have multiple cards, you may want to increase the limit of the card you use the most.
- Banks may not know about your latest financial condition that can make you eligible for a higher limit. You may have got a considerable income hike but still using your old credit card limit. You can tell the bank about your new income and request them to either increase your existing card limit or issue a new card with a higher limit.
- CIBIL score is a major factor that decides credit card limits so you can work on improving your score before you request for a card limit increase. Pay your ongoing EMIs, loan repayments, credit card bill, etc. on time to boost your credit score.
- The bank may offer cardholders an annual credit limit increase in case of timely repayments and regular use. Some banks offer an annual increase themselves while you can even check with the bank regarding this. An increased limit has multiple benefits and offers better rewards and offers.
Therefore, it is possible to get your HDFC Bank credit card limit increased and you never know when you might need an enhanced limit. If you think you meet all the requirements, you should definitely request for a card limit increase.
You can apply for a card limit increase either online through Netbanking or you can call the bank’s customer care or get in touch with your relationship manager.
