Each credit card sets credit limits. This is the maximum you can spend with that card. Learn how to increase the Axis Bank credit card limits, as well as the benefits and process of doing so.
What is the credit limit on Flipkart Axis Bank credit card?
Credit limits on credit cards represent the maximum credit amount that you can receive from your bank. This limit can vary from one card to another depending on several factors, including your financial profile and credit history. It also depends on age, liabilities, and credit score. The credit limit is an important aspect of your card as it determines not only how much you can buy but also your credit score.
How does Axis Bank determine your credit limit?
Axis Bank uses a thorough assessment process to determine your credit limit. The bank will consider the following factors:
Your Income. This is a very important factor in determining the credit limit. A higher limit of credit usually accompanies higher incomes since they indicate your ability to pay back the loan.
Credit history: The credit behavior you have demonstrated in the past, such as timely repayments, credit usage, and timely payments, will influence your credit limit. Positive credit histories often lead to higher limits.
3. Age: Your credit limit can be affected by your age. Older individuals have access to higher limits because of their financial stability.
Liabilities Existing financial obligations and liabilities such as loans or other credit card balances can affect your credit limit.
5. Credit Scoring: A higher score is usually associated with a larger credit limit. A good credit score will help you to secure a larger limit.
6. Credit Utilisation Ratio: The ratio represents the amount of credit you have used. A high CUR indicates a greater risk and could result in a reduced credit limit.
Why increase your Flipkart Axis Bank credit card limit?
You can increase the credit limit of your Flipkart Axis Bank Card for several reasons.
1. Lower Credit Utilization Rate: A higher limit of credit can lead to a lower credit utilization rate that is lower, and this will positively impact your credit score. You will use a lower percentage of available credit when your limit is raised.
2. Emergency Preparedness – A higher credit limit may be helpful during financial or medical emergencies. It will give you more flexibility in the event of an emergency.
3. Creditworthiness: Low credit utilization and high credit limits increase your creditworthiness. This makes it easier for you to get loans or credit cards.
4. Access to Premium Credit Cards: Many premium cards offer exclusive rewards and benefits but require a credit limit higher than the standard credit limit.
5. Flexible and convenient: You can make bigger purchases or manage monthly expenses with a higher credit limit.
How do you increase the credit limit on the Flipkart Axis Bank Credit card?
Axis Bank offers a ‘Credit Limit Upgrade’ option that allows you to increase the credit limit on your card. Your credit card must meet certain criteria to be eligible for enhancement.
- The card must be older than three months.
- The account should be active with no delays in payments throughout its entire history.
- In the past six months, no credit limit increase or decrease or instant loan has been taken out on the card.
Axis Bank has its internal policies that determine whether or not the credit limit can be increased.
Request to Increase Credit Limit
You may receive an email, SMS, or phone call from Axis Bank if your credit card is eligible for a credit limit increase. You can increase your credit limit by following these steps:
- Accept Offer If you agree to the terms of an increase in your credit limit, you may accept it during the call. The executive on the phone will guide you throughout the process.
- Confirmation: After the request is raised, it usually takes the bank one day to process it. You will receive a confirmation on both your mobile number and your email address once your card limit has been upgraded.
Self-initiated Request for Credit Limit Increase
You can request a limit increase yourself if you’ve not received a communication from your bank but you believe that you are eligible. Check that your card meets all the criteria. Follow these steps to increase your credit limit:
- Internet Banking: Log in to your Axis Bank net banking account and check if you are eligible for an increase in the credit limit on the card. If so, apply online.
- Mobile Application: Install the Axis Bank app on your mobile device, sign in using your net banking credentials, and look for the option to increase the limit. You can request a limit increase if your card qualifies.
- Call or email: Contact Axis Bank’s credit card customer service at 1860-419-5555 or 1860 5005555 to ask about your eligibility or request an increase in the limit. You can also send an email to firstname.lastname@example.org to make this request.
Documents Required (If not an Axis Bank Customer)
You may be required to provide the following documents with your application if you do not have an Axis Bank account:
- Salary slips (last two months) if you are salaried
- The latest IT tax returns for self-employed individuals