RBL Credit Card Limit

RBL Credit Card Limit

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RBL Credit Card Limit

RBL credit cards are among the most popular credit cards in the country, providing a wide array of attractive features and benefits. The key highlights of this credit card include the seven variants of credit cards to select from, provision for an emergency loan, a wide range of discounts and offers at partner stores, welcome and milestone bonuses, reward points on making purchases, protection from cyber threats, travel benefits such as complimentary access to airport lounges and the facility to convert your purchase into convenient EMIs. While applying for credit card, you need to keep in mind that the bank will cap your purchasing limit by specifying the credit card limit. In other words, RBL Bank credit card limit is the maximum amount of credit available to you.

How is the RBL Credit Card Limit decided?

The bank considers a range of factors to zero in on your credit limit. Here’s a look at the factors influencing the bank’s decision:

  • Income:

Your net income will be considered for deciding the RBL credit card limit. With a high net income, you can enjoy a higher credit limit. Conversely, with an average income, your credit limit will be lower.

  • Debts:

If you have higher outstanding debts such as personal loans, home loans, auto loans, and so on, the bank will decrease your credit card limit.

  • Individual Profile:

Based on your profile, the bank will categorise you into either a low-risk or high-risk individual. A high-risk individual will have a lower RBL Bank Credit Card limit and vice-versa.

  • Bank’s Terms and Conditions:

While the bank will inform you about the credit limit while providing you with the credit card, the limit is at the sole discretion of the bank. It can change the credit limit as and when the bank deems fit. However, you will be informed before your credit card limit is decreased.

How to Increase your Credit Card Limit?

For RBL credit limit increase, you can make an online application to the bank. You can also make an offline application by contacting the concerned authorities at the nearest branch office. To make an application for RBL credit limit increase, you can be required to submit the following financial documents:

  • Bank statement supporting that you have a higher income.

  • Recent salary slips supporting your application for RBL credit limit increase.

  • Income Tax Returns (ITRs) showing you tax slabs and tax payments.

How to decrease the RBL Bank Credit Card Limit?

You can also decrease your credit card limit by making an online or offline application to the concerned RBL Bank authorities. You can be required to submit various financial documents, along with stating the reasons for opting to decrease your credit card limit. The bank can also, on its own, decrease your credit card limit by assessing your income and debt statements. In the case of a non-voluntary decrease in credit card limit, the bank will send you a relevant communication, thus pre-informing you.

Eligibility Criteria for RBL Card Enhancement Process

To become eligible for RBL credit limit increase, you have to meet the following eligibility conditions:

  • Improved CIBIL Score:

If you have a good CIBIL score, of 750 and above, the bank can consider your request to increase the credit limit. Remember, CIBIL score reflects your creditworthiness and is contingent upon factors such as your repayment history, nature of loans availed, credit utilization ratio, credit exposure, write-offs, and so on.

  • Submitting Proof of an Increase in Income:

To get an approval for RBL credit limit increase, you can submit financial documents showing that your income has increased. You can submit your recent salary slips, bank statements etc. Self-employed individuals can submit relevant documents like audited and CA certified profit and loss statements, balance sheet, ITRs etc.

  • Automatic RBL Credit Limit Increase:

In contrast with the process of making an application for RBL credit limit increase, the bank can also automatically increase your credit limit if you have been categorised as a trustworthy customer. For this, you need to make a minimum number of credit card transactions regularly, besides making timely credit card repayments and maintaining a good credit score. This process, however, is at the sole discretion of RBL Bank.

Benefits of increasing the RBL Bank credit card limit

Did you know that the RBL credit limit increase can provide you with multiple benefits? Yes, having a higher credit card limit is advantageous. Here’s a look at how:

  • Lower Credit Utilization Ratio:

Having a higher credit can lower your credit utilization ratio, thus boosting your credit score. For instance, if you regularly spend Rs. 50,000 with a credit card having the limit of Rs. 1 Lakhs, you will have a credit utilization ratio of 50%. On the other hand, if your credit limit is increased to Rs. 1.5 Lakhs, then the ratio will be around 33%. Having a lower credit utilization ratio will help you maintain a good credit score.

  • Easier Access To Loans:

Having a lower credit utilization ratio will allow you to avail a wide variety of credit facilities such as personal loans, home loans etc. with ease and convenience.

  • Zero Requirements for multiple Credit Cards:

With multiple credit cards, it is easy to overspend and fall in a debt trap. But availing a credit card with a higher limit means you can easily use one card for your required expenditures.

  • Helps in Emergency Requirements:

A RBL credit limit increase can allow you in times of emergency by providing an extended line of credit.

  • Better Rewards:

With RBL credit limit increase, you can spend more and earn better rewards, discounts and offers on your purchases.

FAQs

  • ✔️Is the RBL Credit Card Limit different for every cardholder?

    Yes, the limit is different for different cardholders. RBL decides the credit limit after assessing an individual’s income, expenditure, CIBIL score and other crucial factors. The limit is in tune with the terms, conditions and policies of RBL Bank.

  • ✔️How will I get to know the latest status of the credit card enhancement process?

    RBL Bank will notify you about the credit card enhancement by an email, SMS or phone call. The bank will also notify you if your application for RBL credit limit increase is rejected.

  • ✔️What can be the reasons that my RBL Bank credit card limit increase is denied?

    Your application for credit card limit increase can be rejected if:

    • You have not submitted proof of an increase in income.

    • You have a poor or average credit score.

    • You have exceeded the credit card limit and have not followed the rules and regulations of RBL Bank.

    • You have defaulted several times on credit card repayments.

    • You have not used your existing credit card for a reasonable number of transactions.