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.
Get to know all about the Bajaj Finserv RBL Bank SuperCard limit, the factors that affect this limit and how you can increase it.
Have you ever wondered how the card issuer fixes the credit limit on your credit card? The fact is, your Bajaj Finserv RBL Bank SuperCard limit is determined by various different factors. Check out these factors below, so you can use this information to ensure that you become eligible for a higher credit limit.
This is perhaps one of the most significant factors affecting your Bajaj Finserv RBL Bank SuperCard limit. If your credit score is high, and if you have repaid your previous debts in a timely manner, 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.
On the other hand, with a low credit score and poor credit history, you may find that your Bajaj Finserv RBL Bank SuperCard limit is also quite low. Keep in mind that your credit score also affects your eligibility for the credit card, in the first place.
Your debt-to-income (DTI) ratio helps compare how much you earn and how much you owe in debt. It is the percentage of your gross monthly income that goes towards paying different liabilities like rent, EMIs, credit card debt and more. For example, let’s say you earn ₹80,000 a month. And you owe ₹25,000 in debt each month. In that case, your DTI ratio will be 31.25%.
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.
Aside from the above-mentioned factors, there are also other aspects that affect your Bajaj Finserv RBL Bank SuperCard limit. These factors include the nature and stability of your job, the duration for which you have been employed and your existing debts, if any.
In case you already have a Bajaj Finserv RBL Bank SuperCard, the credit limit on the card will be predetermined by the card issuer. However, at some point, you may want to increase the Bajaj Finserv RBL Bank SuperCard limit. You can go about this process by employing the tips listed below.
Place a request with your credit card issuer for an increase in your credit card limit.
Support your request with proof of an increase in income or decrease in debt.
Pay your credit card bills on time and improve your credit score to be eligible for a higher credit limit.
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.
You can increase the credit limit on your Bajaj Finserv RBL Bank Super Card by sending an email or making a phone call to the bank and placing a request for a credit limit increase.
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.