Credit cards have become an indispensable part of modern life for most people in which credit card limit is one of the realities that people generally face with their credit cards. As you might be aware of the fact that credit cardholders don’t spend unlimited amounts through their credit cards. This limit is set by the credit card banks and it acts as a brake to the purchasing power of the cardholder. However, Many banks offer an increase in credit card limit annually if you pay your repayments on time. You just need to go through this article to know more about how you can easily increase your ICICI credit card limits. So, let’s get started!
Types of Credit Card Limits
ICICI offers 3 types of credit card limits to its customers. The details of types of credit card limits are given below:
1. Total Credit Card Limit
This is the maximum limit that can be used by the cardholder. It reduces every time you use a credit card for transactions and gets restored when you repay the amount to the bank.
2. Available Credit Card Limit On a Particular Day
This kind of credit card limit can be used on any particular day. This limit is basically the balance limit available from the total credit card limit after the transactions done by the user. This is usually set up to ensure the safety of the card.
3. Available Cash Limit
This is the limit of cash that a user can withdraw using a credit card. This limit is usually 20-40% of the total credit card limit. It also depends on the type of card and the profile of the cardholder.
Increase ICICI Credit Card Limit
When you apply for an ICICI credit card limit increase from your bank then they first determine your credit history. They will check your credits fitness report for each month. This is done by considering multiple factors. These includes:
- Your credit history
- Your credit score
- CIBIL score, etc.
Once you proved yourself with good credit scores then they will proceed with your application further for an ICICI credit card limit increase.
How To Check The ICICI Credit Card Limit?
Using net banking, you can easily check the credit card limit. Select the option ‘ICICI credit card limit check and your credit card details will be provided on your screen.
As per FICO, the evaluation range is 300-850. The credit scores between 690 to 719 are excellent while scores between 630-689 are fair and score less than 630 are poor.
Tips to Increase ICICI Credit Card Limit
You’ll know how to increase credit card limit ICICI by the following points that are explained below:
1. Simply Applying For A New Card
The easiest way to increase the credit card limit ICICI is by simply applying for a new card that has an ICICI credit card limit increase than your existing ICICI credit card limit. So, if you have been disciplined with all your credit card transactions and payments then it would be easier for you to get an ICICI credit card limit increase. In this way, you came to know the first method of how to increase credit card limit ICICI.
2. Boost Your Credit Score
Since your ICICI credit card limit greatly depends on your credit score so you must be wary of the same. This is the best way to increase credit card limit ICICI. The credit scores determine your worthiness. If you always pay your monthly installment on time and never skip anyone then it would be easier to get an increased credit card limit ICICI. Therefore, it is better to improve your credit score for how to increase credit card limit ICICI.
3. Reduce Your Financial Obligations
If you want to know exactly how to increase the credit card limit ICICI, then this point will surely help you. When you request an increased credit card limit from ICICI then the ICICI bank credit card limit company will definitely consider the amount of debt that you have to pay. This may include your personal loan, home loan EMIs, credit card bills, etc. if you have too many obligations at the time of ICICI credit card limit increase then you need to reduce them to get rid of the fixed dues that you pay monthly before asking for increased credit card limit ICICI.
4. Pay Dues On Time
In order to convince the credit bureau for the ICICI credit card limit increase, you need to pay your credit dues first. You are required to pay your dues as well as future bills on time as this will showcase that you deal with your debts prudently to your ICICI bank credit card limit.
5. Show Proof To Increase Credit Card Limit ICICI
The ability and the earning potential to repay your dues on time is the major factor that will help you to increase the ICICI credit card limit increase. So, if you get an alternative way to increase or adjust your income then you can easily submit proof of your salary and good credit score to increase credit card limit ICICI.
6. Be Careful About The Credit Utilization Ratio
The credit utilization ratio helps to measure your ICICI credit card limit that you’re using against the maximum limit that is being granted to you by the bank. Experts recommend that you need to keep this ratio below 30% as this would definitely help you to get maximum ICICI credit card limit in two ways, first, it is one of the most important factors to know how to increase credit card limit ICICI when your credit card repayment history ruin your credit score then a low credit card utilization ratio will boost your credit score and indirectly help you out to increase credit card limit ICICI.
And secondly, the low credit card utilization ratio helps to suggest to the credit card company that you aren’t able to manage your expenses at all. In this way, you have now come to know how to increase credit card limit ICICI.
7. Provide Your Income Statement
If you’re looking for how to increase the credit card limit ICICI then there could be a case where you have to provide your income statement. In such a situation, you can approach your bank with your request for a credit card upgrade with your latest payslips.
8. Use Your Card
This is another way to know how to increase credit card limit ICICI, If you pay your bills on time and even use your credit card regularly then your bank will automatically increase the credit limits on your credit card as they find you a suitable and genuine person to whom they can provide more credits and can have trust more.
9. Be Patient And Wait
If you hold your credit card long enough to know how to increase the credit card limit ICICI then your bank will automatically increase your credit limits. The only other side of this method is that you only need to take some patience and wait for the right time.
Benefits Of Increase ICICI Credit Card Limit
Here are some of the benefits to know why and how to increase credit card limit ICICI.
1. Access to Perks
Most of the credit cards come with a high credit limit and with many perks such as access to airport lounges, hotels membership, etc. this is the main reason that every credit cardholder wants to increase credit card limit ICICI.
2. Lowers Your Credit Utilization Ratio
This is one of the main benefits of knowing how to increase credit card limit ICICI. The importance of maintaining a low credit card utilization ratio is not enough to state. It’s just that the lower your credit utilization ratio, the higher your CIBIL score. Therefore, an ICICI credit card limit increase will make your credit utilization ratio lower.
3. Helps During An Emergency
An increased credit card limit ICICI always comes in handy during health and financial emergencies.
4. Easier To Get The Loan
Approving your loans will also become easier with an ICICI credit card limit increase.
Why is it Important to Increase the ICICI Credit Card Limit?
It is important to increase your ICICI credit card limit in order to get approval for larger loans and attain a good credit score. The ICICI net banking enables you to easily check the credit card score and credit card limit.
If you successfully achieve the FICO assessment, you will be able to get credit card loans easily and this can be done by increasing the ICICI credit card limit.
ICICI Credit Card Limit Increase – FAQs
Q1. Can I Increase The Credit Card Limit ICICI Totally?
Ans. Yes, you can request your ICICI bank credit card limit to increase your credit card limit ICICI.
Q2. What Is The Average Rate Of The ICICI Credit Card Limit?
Ans. Ans. Your ICICI credit card limit increases based on factors such as your CIBIL score and income. However, the ICICI credit card limit is different for every person.
Q3. What Happens If I Exceed the Limit Of My ICICI Credit Card?
Ans. You will be charged an over-limit penalty if your transactions are not declined.
Q4. How Long Does it Take For The ICICI Credit Card Limit to Increase?
Ans. If every document is handed over to the bank to increase credit card limit ICICI then it shouldn’t take more days to process. However, the process of increasing your limits of a credit card may differ from bank to bank.
Q5. How To Increase Credit Card Limit ICICI?
Ans. The following procedure will help you to increase credit card limit ICICI:
- Use your card
- Provide your income statement
- Apply for a new card
- Requesting bank for ICICI credit card limit increase
- Be patient and wait
- Pay your bills on time
Q6. Why Was My ICICI Credit Card Limit Increase Denied?
Ans. There could be several reasons in your credit that are why the request to increase credit card limit ICICI gets denied by the bank. This may be due to decreased utilization ratio of credit cards, low income, default payments, and more.
Q7. Is It Good To Accept an ICICI Credit Card Limit Increased By The Bank?
Ans. Yes, it is good to increase your limit of the ICICI credit card as it means that banks have to trust you with credits. Moreover, other lenders and financial institutions would also like to trust you with your credit score as well.
Q8. How to increase my credit card limit ICICI when I get a low salary?
Ans. The answer to this question is how to increase my credit card limit ICICI when you get a low income. you can make purchases through your credit card and then pay them on time through your salary. In this way, you can have the proof to show the credit card bank that you pay your bills and payments on time and this will also not affect your income or living. Then you can easily increase the credit card limit ICICI.