What is a Credit Card limit?
The credit threshold differs varying on the kind of Credit Card usage and worthiness. For example, HDFC Business Regalia Credit Card Limit: Minimum Rs.2 Lakhs – Maximum Rs.5 Lakhs. So, the maximum credit card limit in India for HDFC Business Regalia Credit Card is 5 Lakhs, but to get that, you need to follow below six intelligent tips.
There are several credit cards in India, and all Maximum card limits are different.
How can you boost the credit limit on your Credit Card?
Improve Your Credit Score
- While your credit limit significantly depends on your credit score, you must be cautious of the same. It is essential to increase the Credit Card limit. The credit score is like your performance analysis for using the Credit Card, affecting your credit earnestness. If you have certainly not neglected to pay your monthly installments, it would be simpler to obtain a superior credit limit. So, you should concentrate on enhancing your credit score by utilizing the Credit Card. You can use the card for paying monthly bills and show the Credit Card company that you use your card frequently to pay the bills and that you need a higher limit.
- Pay Back payments on time.
To assure the credit company to boost your credit limit, it is supreme that you initially pay off the credit payments. If you have any awaiting payments from the earlier calendar month that is taken ahead, ensure to pay that in the beginning. Later, attempt to pay back the upcoming bills incomplete before the scheduled date. By creating the repayments promptly, you can display cases that you can contract with debts wisely to your company offering credit cards in India.
- Beware about the Credit Utilization Ratio
The Credit Utilization Ratio is the amount of the credit limit you are applying instead of the highest limit given to you. Experts recommend that you maintain this ratio lower than 30%. This will support you to get the maximum Credit Card limit in two ways. First, a minimal credit utilization ratio recommends to the Credit Card Company that you do not gain too much to handle your losses. Next, it is one of the most crucial factors after a credit repayment record that affects the credit score. A low credit utilization ratio will improve your credit score and ultimately help you get a higher credit limit.
- Show evidence of income growth.
The earning possibility and the ability to repay the payments on time are the most crucial factors that Credit Card companies think about while deciding the credit limit so, if you have got a hike in your salary or found an alternative way to boost your income, submit evidence of the same to the credit company and increase the credit limit.
- Decrease the financial requirements you have
When you wish for a Credit Card limit boost, the banks or the Credit Card Company will undoubtedly be concerned about the sum of debt you already have. This would involve Personal loans, other Credit Card bills, Home Loan EMIs, etc. If you have too many requirements, it is prudent to first decrease them and get free of the fixed payments you pay each month before asking for a raise in credit limit.
- Ask for a new card
The simplest way to improve the Credit Card limit is to ask for a new card with a greater credit limit than your current card. If you have been economical with your costs, you would simply get a card with a higher credit limit.
Conclusion: The Credit Card limit, as the name itself, indicates is the control limit established by the Credit Card Company on a specific card. In other phrases, it is the highest amount that you can use using the Credit Card. Bajaj Finserv RBL Bank Super Card deserves a mention in every credit card related discussion. It is one of the best credit cards with interest free cash withdrawal facilities for 50 days. Plus, all cardholders are rewarded with multiple reward points and offers on every transactions.