When you apply for a Bajaj Finserv RBL Bank SuperCard, the card issuer sets a credit limit on the card. This is the maximum amount of credit that is available to you, and you can make payments and purchases up to this limit. If you exceed the Bajaj Finserv RBL Bank SuperCard limit, the bank may levy a penalty known as the over-limit fee. Typically, the Bajaj Finserv RBL Bank SuperCard over-limit charges are ₹600 + GST (w.e.f Oct 9, 2023).
Check out these factors below, so you can use this information to ensure that you become eligible for a higher credit limit.
If your credit score is high, and if you have repaid your previous debts promptly, you are more likely to be eligible for a higher credit limit. This is because you will be deemed more creditworthy, thus minimising the risk for the credit card issuer.
Your Debt-To-Income (DTI) ratio helps compare how much you earn and how much you owe in debt.The higher your debt-to-income ratio, the lower your credit card limit will likely be. This is because a significant portion of your income is already committed to other debts. So, taking on more liabilities in the form of a card with a higher credit limit can put a strain on your finances.
If you have other credit cards, card issuers will also factor in the limits on those cards. The credit cues from those credit card issuers can help determine your Bajaj Finserv RBL Bank SuperCard limit.
The nature and stability of your job influence your credit card limit. Stable employment and a higher income contribute to a higher credit limit, showcasing financial reliability.
Existing debt can reduce your credit card limit as lenders consider your overall debt-to-income ratio when determining credit limits, aiming to manage potential repayment risks.
The two ways in which your credit limit can increase are explained below:
Auto-enhancement: One way of having your credit limit increased is through automatic credit limit enhancement. This can be achieved through consistently closing your dues on time, maintaining a high credit score, and the frequency at which you use your credit card.
Limit Increase Request: You can reach out to the Bajaj Finserv RBL Bank Credit Card customer service team. Alternatively, you can also visit a branch in person and submit your application. Make sure that you carry proof to support an increase in your income or a decrease in your existing credit.
Increasing the credit limit on your Bajaj Finserv RBL Bank SuperCard lowers your credit utilisation ratio and makes it easier to obtain loans in the future. It also gives you more credit to access in times of any financial emergencies.
Yes, the Bajaj Finserv RBL Bank SuperCard limit is different for different cardholders. The credit limit depends on different factors like your income, your existing debts, your CIBIL score, and your debt-to-income ratio.
If you exceed your credit limit, you will have to pay the Bajaj Finserv RBL Bank SuperCard over-limit charges as set by the bank. Typically, the over-limit penalty is ₹600 + GST.
The maximum limit on the Bajaj Finserv RBL Bank SuperCards varies from one card to another. It is also different for different applicants because the bank takes into consideration your income, credit history, debts, and other factors. The bank’s internal policies also influence the maximum credit limit on the credit card issued to you.
Yes, your credit score does impact your credit card limit. If you have a good credit score, you will be offered a higher limit on your Bajaj Finserv RBL Bank SuperCard.
A higher credit card limit itself won't hurt your credit score, but it can indirectly affect your credit score if you use a higher percentage of your available credit. This is known as your credit utilisation ratio, and it's a significant factor in determining your credit score.