How To Increase Credit Card Limit?
Our income increases over time and so is our repayment capability. Our lifestyle also becomes better. So, over the years, our requirement for credit limit may increase and we can afford the higher limit as well.
Now the question is, how can the credit limit be increased?
Well, multiple options are available for this:
1. Request for an increased limit on your existing card: Your bank can increase your credit limit for you if you request for it. They will seek more information from you such as your updated salary slip or your latest income tax return. They will also look at your credit history and credit rating. However, please remember, this depends solely on the bank’s discretion.
2. Apply for a new credit card: This is an easy method. You can apply for a credit card with a different lender and choose from their credit card offering to suit your lifestyle needs. You may actually get a higher credit limit than your previous card. Plus, you may choose different cards to suit different needs – like one card can be a traveller card and another can be a rewards card.
3. Automatic annual increase: Some banks/NBFCs offer an automatic annual increase of credit limit if all the payments have been made on time. You can find out if this facility is being extended by your bank and opt for the same.