Credit Card Limit: Will it be easy to increase the credit card limit during the festive season? Follow these easy tips

Khabar TV (Bureau):  credit card offer: Due to this festive season, a lot of shopping is being done everywhere from offline mode to e-commerce platform. 

Due to which festive season sale has also started on e-commerce sites. Due to which, at many places, great discounts are being offered on credit cards along with no-cost EMI. But, at such times, many times our credit card limit gets exhausted and we miss the opportunity to buy a lot of essential items.

Due to this, people's problems regarding credit card limit increase, so let's know how one can easily apply to increase the limit from the bank. Actually, banks pay more attention to these things to increase the credit card limit, which you should fix from now on...

What is a credit card limit?

When a bank or any other financial institution issues you a credit card, it comes with a limit. This means that if your credit card limit is Rs 30,000, then you cannot spend more than this in one cycle. The credit card limit is usually decided according to the customer's income. It can also vary according to the card.

Banks pay attention to these things-

Banks consider many things before deciding the credit card limit. Such as what is your annual income, what is your age, how much debt you have and what kind of job you do i.e. are you a salaried person or a businessman. Also, credit history and credit score also play an important role in deciding the credit card limit.

When do banks increase credit limit -

If you have a good credit score and you pay your dues on time, then the bank can automatically increase your credit card limit. You can also request to increase the limit as per your needs. In this case, banks also look at things like the ratio of your expenses and income. If everything is fine, they increase the limit.

Ways to increase the credit card limit (Ways to increase the limit)

Banks themselves increase the credit limit from time to time, if the customer has a good credit score and makes the bill payments on time.
You can contact your bank or credit card issuer directly and request to increase your limit.
Many banks allow their customers to request for credit limit increase through online platforms.
If your credit score (CIBIL Score) is good, then you are likely to get a higher credit limit.