Increasing your credit card limit involves following a straightforward process set by your bank. Banks typically grant credit limit increases either automatically after periodic reviews or when you request one directly.
Here's how you can apply for a credit limit increase and the general process involved:
1.Contact your bank
Reach out through your bank's customer service channels, via phone, online banking portal, or mobile app.
2.Submit your request
Clearly express your wish to increase your credit card limit. Your bank might ask for reasons or supporting details.
3.Provide necessary documents
Banks usually require proof of income, employment details, or recent salary slips to verify your financial situation.
4.Wait for the assessment
The bank evaluates your repayment history, credit score, existing debts, and current financial stability.
5.Receive approval or rejection
After careful review, the bank will either approve your request or provide reasons if declined.
To improve your chances of approval:
Maintain timely repayments for at least 6–12 months
Keep your credit utilisation below 30%
Avoid applying for multiple credit products simultaneously
Ensure your credit score remains high by regularly checking and managing your financial behaviour responsibly
By following these steps and maintaining sound financial practices, you significantly boost your likelihood of securing a higher credit limit.