Sunday, November 27, 2022

Credit Card Limit: Has your credit card limit suddenly decreased? Learn how to grow

During the Coronavirus pandemic, many people lost their jobs. From above, the banks have also reduced the credit card limit. Most of the people did not even know that their purchase limit has now been reduced. Due to this, he had to face all kinds of troubles. 

Banks can increase or decrease the credit limit

According to the rules, depending on your liability, timely bill payment, and the mode of purchase, the bank can increase and decrease the credit card limit. Although it has many rules, usually it does so only. When he realizes from the cardholder’s spending pattern that the client can be a defaulter at any time. After this, the bank automatically reduces the credit card limit. 

Problems caused by low credit score

Many problems arise due to the reduction of the credit limit. This reduces your purchases and credit score. Decreasing their credit score makes it difficult for him to take loans etc. In such a situation when he needs money the most. Then the banks can deny him the loan. It is also not easy to stop the banks from doing this. The reason for this is that while giving the credit card, they get the form filled by the cardholder. In which such conditions are written. Usually people do not read and sign these terms. Which banks take advantage of. 

ALSO CHECK: Get a tremendous discount with Firsrtcry Coupon Code and Myntra Coupons

check credit report regularly

There is no reduction in your credit limit. It is very important to check it regularly. For this, you should keep checking your credit report and credit score. According to the rules, there is a rule to give credit reports to the customer at least once a year. Many banks also provide this facility for free. You can also watch it online. From this report, you also get to know whether any person is doing cyber fraud and transferring money from your credit card to any other account. If someone is doing this then your credit score can be affected. 

Take these measures to save the limit from falling

If you want to avoid the reduction of Credit Card Limit, then first of all you have to stop wasteful spending. Due to this bad habit, people are unable to pay their credit card bills on time. Which affects their credit limit and credit score. If you have this problem, then you can overcome it with the help of a counselor. 

Secondly, do any expenditure according to your budget. Don’t let it happen that you buy something bigger than you can afford and then worry about paying for it later. Apart from this, always keep the card in use and do not close it. By taking these measures, you will never reduce your credit card limit and your credit card score will also remain high. 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Before paying your monthly EMI using a credit card, keep these factors in mind to avoid losing thousands of rupees.

Apply for a Credit Card: A credit card can be quite helpful if used correctly. Additionally, each month after making any purchases using a...

SBI Home Loan is giving at affordable rates, how long is the offer, how to take advantage – know

SBI Home Loan: Country's largest state-run bank State Bank of India (SBI) which is also the country's largest lender. This festive season is providing...

Loan despite poor credit: Learn how to accept a loan with a low credit score by applying to an NBFC or fintech lender.

For obtaining a loan or credit card, one must have a credit score, usually referred to as a CIBIL score in everyday speech. A...

Aadhaar: What is Aadhaar Enabled Payment System, know all the information from benefits to

Aadhaar Enabled Payment System: Aadhaar Enabled Payment System (AEPS) is a bank-based model in which online financial transactions are carried out in accounts through...

Since February, Charges have increased: SBI will have to pay more for IMPS, while ICICI Bank has increased the rate on credit cards.

Many banks have increased their fees on various services since February. SBI, the country's largest bank, has announced that doing IPMS from its branches...

Most Popular

Subscribe

* indicates required