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How to check Credit Card limit? - 4 easy ways
Navigating your finances smartly requires a good understanding of your credit card's capabilities, including how to check Credit Card limit. This knowledge is crucial for effective financial planning, avoiding penalties, and maintaining a sound credit score.
Let's explore various ways to check Credit Card limit and how Axis Bank's services facilitate this.
What is credit limit?
A credit limit is the maximum borrowing limit on your Credit Card set by the card issuer. It's vital to know your Credit Card limit to manage your expenses and avoid overspending.
Also Read: What is a Credit Card?
How to check Credit Card limit online?
Checking your credit limit online is straightforward, especially with Axis Bank's user-friendly Portal. Here's how to
do a credit limit check online:
1. Log in to the cardholder portal or mobile app: Use your
credentials to access your account.
2. Navigate to account summary: This section displays
your current balance, available credit, and total credit limit, helping you to check your Credit Card limit
effortlessly.
3. View Credit Card details: In the account summary, you will find various
details related to your Credit Card. This includes your current balance, available credit, and most importantly,
your total credit limit.
4. Check statement of account (optional): For a more detailed
view, you can also check your latest statement of account. This document usually provides comprehensive
information about your Credit Card usage, including the credit limit.
Check Credit Card limit via customer care
For personalised assistance, the customer service team is there to help:
- Contact customer service: Call the dedicated number for a credit limit inquiry.
- Provide necessary details: After verifying your identity, ask to check Credit Card limit.
Check Credit Card limit via net banking
Net banking is another convenient method:
- Access online account management: Log in to your net banking account.
- Find Credit Card Information: Your credit limit details are available under the Credit Card section.
Check Credit Card limit via calls and SMS
To check your Credit Card limit via calls, SMS, or in-person inquiry, you can follow these methods:
- Automated phone service: Dial the automated service number and follow the prompts to know Credit Card limit.
- Text alerts: Sign up for this service to get regular updates about your credit limit.
- In-person inquiry: If you prefer face-to-face communication, visit your local bank branch. Ask a bank representative about your Credit Card limit. They will verify your identity and provide you with the information.
What determines your Credit Limit?
Understanding what determines your credit card limit is crucial for managing your financial health and creditworthiness. Let’s delve deeper into the factors that influence this important aspect of your credit card:
Income and employment stability: Your income level is a primary factor in determining your credit limit. Higher-incomes generally suggests a greater capacity to repay, prompting issuers to offer higher limits. Stable employment also reassures lenders of your ongoing ability to manage credit effectively.
Credit history and credit score: Lenders scrutinise your credit history and score to gauge your creditworthiness. A history marked by timely payments, responsible credit utilisation, and a diversity of credit types often leads to higher credit limits. Conversely, a history of late payments, defaults, or excessive credit inquiries can result in lower limits.
Debt-to-income ratio (DTI): This ratio measures your monthly debt payments against your income. A lower DTI is favourable as it indicates that you are not overly reliant on credit and are likely to manage additional credit responsibly.
Existing credit relationships and utilisation rates: Lenders consider your existing credit relationships, including the number of accounts you have and your credit utilisation rate (the ratio of your credit card balances to your credit limits). A lower utilisation rate, typically below 30%, is ideal and can positively impact your credit limit.
Lender's internal policies and market trends: Each lender has its own set of guidelines and criteria for setting credit limits, influenced by broader economic conditions and market trends. During economic downturns, for instance, lenders might be more conservative in their credit limit allocations.
Length of credit history: The duration of your credit history can also impact your credit limit. A longer history provides more data for lenders to assess your creditworthiness, potentially leading to higher limits.
Nature of past interactions with the lender: If you have a history with the lender, they will consider how you've managed your account. Positive interactions, like timely payments and keeping balances low, can lead to favourable credit limit adjustments.
Type of credit card: Different types of credit cards come with varying credit limits. Premium cards often offer higher limits but might require higher credit scores or income levels, while standard cards might have more moderate limits.
Borrower’s age and credit maturity: Younger individuals or those new to credit may start with lower credit limits. As one ages and gains more credit experience, lenders are likely to offer increased limits.
Also Read: What is Credit Card limit?
Conclusion
Understanding your credit card limit is crucial for maintaining financial health. Your credit card limit reflects your financial trustworthiness. By managing it wisely, you can open doors to greater financial opportunities and higher limits in the future. Axis Bank Credit Cards offer numerous benefits, making them an excellent choice for your financial needs. They provide rewarding features, comprehensive customer service, and convenient online management. As you navigate your financial journey, remember the importance of your credit card limit and the advantages Axis Bank Credit Cards offers you, and enhance your overall financial experience.
FAQs
Can I know the limit of a Credit Card?
You can view your Credit Card limit by checking your latest statement, logging into online banking, or using your bank’s mobile app. Customer service can also provide this information. The limit depends on factors like credit score, income, and debt.
How to check a credit limit online?
To view your credit limit online, access your bank's website or app, log into your Credit Card account, and go to the account summary or balance section.
What is the maximum Credit Card limit?
The maximum Credit Card limit can vary widely, typically ranging from a few thousand to lakhs of rupees. It is generally decided based on your earnings, credit score, and repayment record.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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