Are you planning to increase your spending power in 2024? If yes, then this article is perfect for you. Before we delve into the strategies for increasing your credit card limit, it is essential to understand what a credit limit is.
‘What is a credit limit‘? Credit limit refers to the maximum outstanding balance you can have on your credit card at any given point. It varies from cardholder to cardholder and is determined by the credit card issuer based on your credit history, monthly income, repayment behavior, and other financial factors.
Having a high credit limit offers several advantages. You can make big-ticket purchases, take care of emergency expenses and even improve your credit score provided you use your limit responsibly. Now, here are the top strategies on how to increase your credit card limit in 2024:
1. Maintain a Good Credit Score:
Your credit score matters the most when a credit card provider determines the credit limit on your card. Maintain a higher score for a better chance of getting a limit increase. Timely repayment of bills, reducing existing debt, and controlling fresh credit applications can help improve the score.
2. Keep Your Income Updated:
Financial institutions may want to verify your capacity to pay your bills before they can increase your credit limit. Keeping your earnings updated with the bank may help you secure a higher limit.
3. Regular and Full Payment of Dues:
Credit card issuers see responsible card users as low-risk customers. Hence, paying your credit card bills in full regularly can cast you in a favorable light and increase your chances of credit limit enhancement.
4. Initiate a Request:
If you’ve been a responsible card user for a considerable time, you can contact your credit card provider to ask for a limit increase. Providing substantial reasons may also help your request.
5. Opt for Co-branded Credit Cards:
Co-branded credit card offer the chance to enjoy an increased credit limit besides several additional benefits.
Speaking of co-branded cards, Bajaj Finserv offers an excellent selection. The Bajaj Finserv RBL Bank Credit Card and the Bajaj Finserv DBS Bank Credit Card are co-branded credit cards that provide numerous advantages to shoppers.
Benefits of Bajaj Finserv Co-branded Credit Cards:
Bajaj Finserv co-branded credit cards are designed to provide maximum benefits to their customers:
- Increased credit limit: Allow you to make purchases of a higher value.
- Rewards and cash-back: Avail substantial rewards and cash-back on specific spends.
- Personalized offers: Get personalized offers in the form of discounts and bonuses.
- EMI Facility: Provides the facility of making payments in easy EMIs.
There are straightforward steps to apply for a co-branded credit card from Bajaj Finserv:
- Visit the Bajaj Finserv website or nearest branch.
- Fill and submit the credit card application form.
- Attach your KYC documents, income proof, and other required documents.
The application process is simple, quick, and hassle-free, and the representative will guide you through the process, making it easier for you.
Final Thought
In summary, just as credit limits are essential for credit cardholders, knowing how to increase your credit card limit is equally important. In 2024 and beyond, the strategies discussed in this article will prove useful for aiming for a higher limit. Remember that a high credit limit is a privilege you earn through responsible financial behavior. So stay financially disciplined, choose the right credit card, and enjoy an improved credit limit. Click here
