What is a Credit Card?

Traditionally viewed as a financial instrument that offers convenient and secure methods of payment, a credit card allows you to borrow money from your bank to make purchases. As a form of ‘plastic money’, credit cards allow users to avoid carrying cash, manage cash flows, gain rewards-based benefits, and build a solid credit history. However, the freedom that they offer must be counterbalanced by prudent usage, as they have prescribed credit limits beyond which you cannot spend. The question then becomes, ‘how can I increase my credit card limit?’

How to Increase Your Credit Card Limit

Increasing your credit card limit not only grants you greater financial flexibility but also can optimize your credit score. Here are the top 5 effective strategies to help you achieve this goal. If you’re wondering how can i increase credit card limit, these tips will guide you through the process.

1. Maintain a Good Credit History: A compelling determinant of your credibility in the eyes of the lender is your credit history. Regularly monitoring and efficiently managing your credit score with timely repayment of your credit can rope in favourable odds for a credit limit increase.

2. Increase Your Income: An increase in income increases your repayment capacity. Therefore, if your income has seen a considerable rise since the time you’ve got your credit card, it might be an excellent time to approach your bank for raising your credit limit.

3. Use your Credit Card Regularly: Regular usage of your credit card will convince your bank of your need for a higher credit limit. Regular usage, coupled with timely repayments, will likely prompt your bank to increase your credit limit proactively.

4. Ask for a Credit Limit Increase: It may sound prosaic, but sometimes, a direct request with your bank can do wonders for your credit limit increase. However, always keep in mind that banks look at your credit history and repayment capacity before responding positively to your request.

5. Maintain a Low Credit Utilization Ratio: Your credit utilization ratio is the percentage of your available credit that you use. A lower ratio is indicative of better financial management and might fetch you a higher credit limit.

Benefits of Co-branded Credit Cards Offered by Bajaj Finserv

While on the subject of credit cards, one must acknowledge the benefits of co-branded credit cards offered by Bajaj Finserv. These cards, partnered with RBL Bank and DBS Bank, cater to the shopping needs of customers and offer rewards and discounts on partner brands.

The Bajaj Finserv RBL Bank Credit Card comes with privileges such as free movie tickets, rewards on all purchases, and fuel surcharge waivers. It also introduces the concept of ‘no-cost EMI,’ which is a crucial factor in increasing buying power.

Application Process for Bajaj Finserv Co-branded Credit Cards

Bajaj Finserv DBS Bank Credit Card, on the other hand, is a lifestyle credit card that offers dining benefits, complimentary airport lounge access, and travel insurance. Moreover, you can also enjoy interest-free cash withdrawals with this fantastic card.

Applying for these credit cards is a straightforward process: you need to visit the Bajaj Finserv website, fill up the application form, submit the necessary documents such as your identity proof, address proof, and income proof. After a successful verification process, your credit card will be issued and dispatched to your residential address.

Conclusion

In essence, maximizing your credit card limit requires a balanced concoction of discipline and strategy. By keeping these tips in mind and being a responsible credit card user, you can leverage the fullest potential of your credit card. Moreover, the co-branded credit cards offered by Bajaj Finserv bridge the gap between your desires and your purchasing power and offer exciting benefits to enhance your lifestyle.