Credit cards are like plastic money which can be used to purchase things at the luxury of your own house and is also a convenient mode of payment when outdoors. But, holding a credit card requires a very disciplined system.
Misuse or overspending from the credit card can lead to a pile of debt which is often hard to come out of.
Depending on the requirement, a cardholder can increase or decrease the limit of the card to avoid over usage. Many a times, the banks offer to increase the credit card limit after evaluating an individual’s risk profile, financial standing, among other factors.
A credit card limit is the maximum amount of money that a cardholder is allowed to spend using the card. The banks generally fix a lower limit for first time applicants and gradually enhance after gaining confidence. There are two types of credit limits – total credit limit and available credit limit. TCL is the maximum credit that can be availed on the credit card while ACL is the credit amount available for purchase as of date.
If you are a SBI credit card holder, here are some ways to revise your credit limit. Pre-approved credit limit offers with no document approval, and credit limit increase with income documentation.
Under the pre-approved enhancement, the SBI card regularly identifies select cardholders for a pre-approved credit limit increase on the basis of internal risk policy. Those eligible receive the update on their registered mobile number, on email, in the monthly statement and on net banking after logging in. No documentation is required.
Users can also login to www.sbicard.com and select Offers or Benefits (available on the left hand side tab). Now check for any credit limit increase offer on your account and click submit.
Alternatively, SMS ‘INCR XXXX’ (XXXX is the last four digits of your card number) to 5676791 from your registered mobile number. If a card holder wishes to increase credit limit beyond the eligibility offered by SBI Card, then contact customer care on 1860-180-1290 to check your eligibility and documents required. Form 16, ITR VI and salary slip of the last 2 months are some of the accepted documents. Soft copies of the same can be submitted on www.sbicard.com/email or can be physically sent to Correspondence Department, DLF Infinity Towers, Tower C, 10-12 Floor, Block 2, Bldg 3, DLF Cyber City, Gurgaon - 122002.
Post receipt and review of Income documents, the request for Credit limit increase will be fulfilled in accordance with the internal risk policy.