Hey Snigdha,
As a credit card user, I always used to feel like my credit card limit was quite low to completely satisfy my needs and I was always on the lookout for ways on how to increase credit card limit. I know many of you face a similar issue. So, I did my part of the research to understand how to do it and I would be glad to share my findings with you.
But before we delve into understanding the different ways how to increase ICICI credit card limit, let’s understand what a credit card limit is.
The Credit Card Limit is the usage limit set by the Credit Card provider on a certain card, as the name implies. To put it another way, it's the maximum amount you can spend on your Credit Card.
Increase your credit card limit and pay your utility bills on NoBroker to earn cash back and rewards. How to increase the credit limit HDFC or any Bank?Your bank will increase your credit card limit if you focus on the below mentioned aspects. You can check your eligibility as well and fill out an application form requesting upgrade in credit card limit.
- Boost Your Credit Score:
Because your credit limit is mostly determined by your credit score, you must be cautious. It's the key to raising your credit card limit. The credit score assesses your creditworthiness and is similar to a performance rating for using a credit card.
- Repay dues on time:
To persuade the credit bureau to increase your credit limit, you must first pay off your credit obligations. Make sure you clear any outstanding dues from the previous month that have been carried forward.
- Be careful about the Credit Utilisation Ratio:
The Credit Utilisation Ratio is a measurement of how much of your credit limit you're using compared to the maximum limit you've been given. According to experts, you should keep this ratio below 30%.
- Show proof of increase in income:
The essential element that credit card providers examine when calculating the credit limit is your earning potential and ability to repay your debts on time. So, if you've received a raise in your salary or found another way to supplement your income, show proof to the credit business and they'll boost your credit limit.
- Reduce the financial obligations you have:
When you request a credit card limit increase, the banks or credit card company will almost certainly take your current debt into account. This would include EMIs on a home loan, credit card bills, personal loans, and so on.
I hope now you know ample ways how to increase credit card limit.
Read More: How to Activate ICICI Bank Credit Card? How is EMI Deducted from Credit Card?
How to Increase Credit Card Limit?
Snigdha Sajjal
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3 Year
2022-05-17T15:51:48+00:00 2022-05-17T15:51:49+00:00Comment
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