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Credit Card limits

The maximum amount that a credit card issuer agrees to lend to the card holder for a period of a month is known as the credit limit of the card. Based on one's suitability and re-payment capacity, the annual limit of the card is determined. Credit Card limits are designed to make sure that you can repay the money you borrow without falling into debt.

How are Credit Card limits decided?

How are Credit Card limits decided?

Most card issuers set requirements for qualification and anyone who meets certain criteria qualifies for the card. Meeting these requirements determine the credit limit for the card.

When individuals do not qualify as per the requirements, a different card and different limit is set before issuing the cards to them.

On applying for an American Express Credit Card one is asked to provide details of KYC and income. This information is used, combined with Credit score, to determine suitability for a particular Credit Card.

How do I find out my Credit Card limit?

On completion of the contract formalities, one will find the Credit limit on the bills and communication received from American Express each month.

Can I increase the Credit Card limit?

You can ask for a review of your Credit limit and inform us about the amount you would like to raise it to. Each request is reviewed for increased Credit limit on a case by case basis. If one has a high Credit score and history of timely repayments, we may allow you to increase your limits. However, it is advisable to always spend below your Credit limit so that you can avoid negative Credit rating.

Can I apply for an unlimited Credit Card?

No-limit Credit Cards are special Credit Cards offered to individuals with exceptional Credit ratings and very high incomes. They incur interest and charges in the same way as normal Credit Cards. For most consumers unlimited Credit Cards are not offered as the risk of overspending is too high.

Can I spend more than my Card limit?

It is possible after making special arrangements with us. We usually charge a fee on overspending, which should be taken into account if you contact us to make a special arrangement.

Spending above your limit is best avoided. Overspending can negatively impact your Credit rating and may make it difficult for you to apply for a new Credit Card in the future.

Is it a bad thing to have a low Credit limit?

Credit Card limits are based on your financial position. Limits are designed to help you avoid getting into debt. By using a Credit Card frequently and making regular repayments, you help to build your Credit score. This will make it easier for you to receive higher limits on future Credit Card applications.

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