A considerable increase in online sales has increased credit card spending over the last couple of years. Thanks to this increased dependence on the e-commerce platforms, nudge towards Digital India, and demonetization, the total transaction value on credit cards witnessed a 30% hike from 2018 to 2019. As the transactions over credit cards increased, individuals were in requirement of higher credit limits considering increased expenses via payment cards.
Credit card users are thus on the lookout for ways on how to increase credit card limit. In cases of cards that come equipped with multiple lucrative features, the tips to increase credit limit are specific and should be followed up on accurately.
Ways to Increase the RBL Credit Card Limit
Credit limit indicates the purchase limit that is pre-determined by a financer based on the creditworthiness of the individual in question.
In the case of first-time credit cardholders, the credit limit is usually lower, considering the higher risks involved in case of missed bill payments. All that they need to know is how to increase credit card limit, viz. –
A. Automatic Credit Card Limit Increase
In some cases, your credit card company reaches out and offers you an increase in the credit card limit. It is dependent on the card utilization pattern and repayment habit. Here are a few tips on how to increase a credit card limit and your purchasing power –
- Use the card regularly – Considering that you are a routine RBL credit card user, you become a valuable customer for your issuer thereby increasing chances of gaining a higher credit limit.
- Make timely payment of credit card bills – Timely payment of credit card bills has a positive impact on not just your credit score but asks on the financers who are assured of your repayment capability and hence more willing to offer enhanced card limit.
- Maintain a low credit utilization ratio – Holding a lower credit utilization ratio (well below 50%) reflects your mitigated credit hunger. Subsequently, financers are eager to offer you an enhanced credit limit considering that the cardholder isn’t wholly dependent on credit regularly.
- Build your CIBIL score – While a score of 750 suffices to avail a credit card, holding a 750+ makes you eligible to have access to a higher credit limit. All that you need to do is pay credit card bills in time, clear outstanding bills, etc. Under such circumstances, building a strong CIBIL score becomes convenient if you know how to use a credit card wisely. For instance, planning out your expenses – in case you have a queued up high-end expense, make sure to purchase it at the beginning of your billing cycle.
B. Request Credit Limit Enhancement
While the above pointers require you to wait on increasing the credit limit; there is yet another option – request your financer for a credit limit boost. In case you have availed a Bajaj Finserv RBL Bank SuperCard, you can either –
- Call up the RBL credit card toll-free number, or
- Visit the financer’s nearest brand.
– and apply to increase the card limit. Under such cases, you can highlight any recent promotions in your career or additional sources of income. The financer in question will consider this as a relevant proof while gauging your eligibility to hold a higher card limit.
Additionally, existing borrowers may be eligible for additional benefits. For instance, Bajaj Fisnerv can help you enjoy the benefits of pre-approved offers that are available on multiple financial products that include credit cards, business loans, personal loans, etc. These offers ease the application process to avail financial assistance. You can take a look at your pre-approved offers by providing a couple of essential details like your name and contact number.
Avail such offers and the other added benefits of a feature-rich credit card. Maintain a CIBIL score around or above 750 to apply successfully. Know how to increase credit card limit and increase your purchasing power multi-fold. Plan your expenses and other finances to avoid accumulating debt on the credit card and instead use the credit for maximum financial benefits.