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South Indian Bank extends its trust and range of benefits through its credit card with a number of attractive features and offers. Holders of South Indian Bank credit cards can enjoy a number of privileges and benefits. Not only can they access custom-made benefits, but also enjoy low interest rates. One of the most important considerations for credit card seekers is the credit card limit. So, to know more about the South Indian Bank credit card limit, continue reading.
South Indian Bank credit card offers a number of credit cards for the various needs of different types of customers. Whatever your lifestyle, South Indian Bank has a credit card for you. And with each card, the SIB credit card limit also changes. Crafted according to various needs, here are the different types of South Indian Bank credit cards -
The contactless SIB One credit card has a limit of up to Rs 5,000 without having to enter the PIN in terminals within India. Holders of these cards can also change their credit card transaction limit. These card holders can switch on and switch off limits for various categories of transactions along with modifying them.
The maximum limit on the South Indian Bank SimplySAVE -SBI Credit Card is up to Rs 5 lakh. Along with this, the card presents a variety of benefits and rewards.
On this card, the maximum limit that can be availed by a holder is Rs 10 Lakh. Along with this, it also has attractive offers and fuel surcharge waivers.
You can check your SIB credit card limit for different types of credit cards in different ways. Here are some ways in which you can check South Indian Bank credit card limit-
SIB One Card:
With an SIB One Card, you can check your SIB credit card limit on the SIB One Card app, since this is a contactless card.
For all other SIB credit cards, the transaction limit is determined by the bank already, and communicated to the holder at the time that the card is handed over to them.
If you are used to making a lot of purchases through your credit card, you may often feel the need for a higher credit card limit. Other than this basic, functional reason, there are several other reasons why increasing your SIB credit card limit. Here are a few reasons why you must increase your credit card limit -
1. Good preparation for emergencies: When you increase your South Indian Bank credit card limit, you can be better prepared for emergency situations like hospitalisation that require you to make big payments in one go.
2. Build a better credit score: A higher credit limit can be used to bargain for getting bigger loans from lending banks because lower credit utilisation is instrumental in improving your credit score. This makes you a less risky borrower in the eyes of the lender.
3. No need for multiple cards: Just increasing your SIB credit card limit can be better than getting multiple credit cards with smaller transaction limits. It is easier to keep track of all spending and card activities when you have just one credit card with a high transaction limit. Charges like annual card fees can be saved on if you have just one credit card. Finally, one well-managed credit card can have a better impact on your credit history than a number of cards with poor history.
The transaction limit on credit cards is determined by South Indian Bank before the credit card is handed out to the customer. You cannot change the limit on your credit card, which is only in the hands of the bank. The customer is informed of the credit limit beforehand.
However, as a cardholder if you want to increase your limit, you can get in touch with the South Indian Bank and place a request. To do so, you must submit your financial documents such as salary slips, income tax returns and bank statements. But remember, the final decision rests with the bank. For the SIB One Card, the transaction limit can be set within the One Card app.
The South Indian Bank credit card limit is determined based on a range of factors. Some of these factors affecting the SIB credit card limit are the applicant’s age, their income levels, credit history, and credit score. Remember that first-time applicants usually get a low credit limit initially. However, if the cardholder makes timely payments, then the credit limit can be increased by the bank.
Banks follow another criteria to determine the credit card limit. They do it based on whether the limit is predetermined or not. Here’s how-
1. Preset credit limit: Credit card limits can be set by the bank beforehand based on your credit quality. It can be increased after some time by the bank or upon requesting the bank to raise it. The final call will be in South Indian Bank’s hands itself. Although, maintaining a good credit score can ensure your request is granted and you receive a raise in your credit limit. South Indian Bank SimplySAVE SBI Card and the South Indian Bank SBI Platinum Card are both credit cards with preset limits.
2. No preset credit limit: Such credit cards come without any predetermined transaction limits. Their transaction limits are constantly changing on the basis of the cardholder’s behaviour, thereby offering a lot of flexibility.
The transaction limit on the South Indian Bank SimplySAVE -SBI Credit Card is of 5 lakh. South Indian Bank SBI Platinum Card, on the other hand, offers a transaction limit of up to Rs 10 lakh.
If you hold the SIB One Card, you can check your SIB credit card limit on the SIB One Card app. For other SIB credit cards, the transaction limit is predetermined, and the cardholder is informed of it at the time of the card handover.
The maximum limit of a South Indian Bank’s credit card issued to its customers is ₹15 Lakhs. This limit may vary based on the type of card you choose. For a SimplySAVE Card, the upper limit is ₹5 Lakhs whereas that for the Platinum Card is ₹10 Lakhs. Moreover, since credit limit is determined based on one’s credibility, the actual amount approved by the bank can vary from person to person.
No, you cannot increase the credit limit of a SIB credit card. However, it is at the bank's discretion whether to increase your credit limit or not. After placing your request to increase the card limit, your credibility is assessed by the bank for determining the threshold.
Since the credit limit mainly depends on the credit score like CIBIL, you must focus on improving it. However, factors like your age, income level, and repayment behaviour also play important roles. To increase the limit, you can place a request and the bank will review your creditworthiness.
This credit limit of SIB cards is determined based on factors like the applicant’s annual income, age at the time of application, his/her historical repayment behaviour, CIBIL score, etc. Therefore, this limit may vary from person to person.
The average range of South Indian Bank’s credit card limit in India starts from a minimum of ₹30,000 and goes up to a maximum of ₹15 Lakhs. Based on the type of card you choose, the credit limit may vary within this range.