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maximum credit card limit in India

3 min read

Credit cards are one of the most beneficial finance products if used prudently. Instead of applying for a loan, millennials prefer credit cards for their financial needs. They take utmost care to maintain their financial reputation so that the card status can be updated. Under this process, you are preparing early for a loan; if the need arises, you are on the safe side. There are certain points you can follow to maintain your card through the years and increase the limit on the card. Let us take a look at them here.

 

Paying Dues on Time

 

At any cost, you need to impress upon the bank that you have financial stability. One of the best ways to prove it all the time is by paying your due amount on time. You can do it online if you have a busy schedule—but do not miss a deadline. It is not the late fees you have to pay, but the degradation in credit points that matters. Credit card limits are set based on your monthly income. Therefore, use the card initially for things that you can see yourself owning in a couple of years.

 

Upgrade your Security Value

 

This is an important point for those with no credit history. If the banking entity has no clue about your loan history, they might issue a card against security. The collateral depends on the value of the security. If you anticipate that you need to step up the credit game, steadily increase the security value to build trust with the bank. People with not so impressive credit scores could also deploy this strategy to increase the maximum credit card limit in India.

 

Wait for a Salary Hike

 

This part is the most crucial and maybe the trickiest part of the deal. Salary hikes are hard to go by in most sectors unless you hit upon good luck. Let that not discourage you. You can constantly try to increase your income by working sincerely and earning incentives. Furthermore, there is no dearth of ideas for a side hustle in the 21st century. However, make sure you deposit the money in the bank and pay the relevant taxes. Remember, this earning is going to be a crucial part of the success of your credit card application.

 

 

 

Initiate Contact with the Bank

 

Do not wait for the bank to contact you regarding credit limits. Always be in touch with the bank. You can do so by using the online portal of the bank or by talking to the customer care representative over a call. Be confident in your approach during these conversations and try to convince the interlocutor about your urgency. Furnish details of your current financial status to successfully increase the limit on best credit cards in india.

 

Apply For a Fresh Card

 

It could be a smart option to apply for a new card. This strategy allows the bank to look at your financial history from a fresh perspective. Although it will do little to increase the limit on your card, it will be a good impression on the bank. A new credit card implies that you have more purchasing power, which in turn is also a signifier of a robust income.

 

These are time-tested strategies known to work for limit enhancement. You should definitely follow these guidelines over some time. Increasing the limit on your credit card could bail you out on financial emergencies, fetch you rewards, be a better alternative to loans, and act as a hassle-free alternative to handling more than one card. Ensure that you have a good credit history, and never skip paying your dues.

 

Even though it might seem unimportant at the outset, any defaults, intentional or otherwise, will significantly reduce your chances of convincing the card issuer to increase your credit card limit. It is important to be prudent while using your credit card, and always ensure that your credit utilisation ratio is on the lower end of the spectrum.