CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Each credit card comes with a predetermined credit limit, which is the maximum amount you can spend using that card.
Can You Use a Credit Card Beyond the Credit Limit? Can you really? What happens if you have a credit card with a credit limit of Rs.1 lakh and make a purchase of Rs.1.2 lakhs? Will the card transaction go through, or will it be declined? Actually, it will go through!
Every credit card comes with a certain credit limit which is also its most important component. The credit limit on any card dictates the amount of funds that a user can borrow. Credit limits often vary across credit card users and are dependent on one’s credit score. The better the credit score, the higher the credit limit.
Credit cards have become a necessity these days for most people. However, one of the drawbacks that frequent credit card users often have to deal with is the credit card limit. This means you cannot spend continuously or in an unlimited manner using your credit card. The credit card limit does not allow you to spend beyond a certain amount.
Have you ever wondered about the science behind your credit card limit? Why do people of the same age and same income get different credit limits? Have you ever wondered why your friend was able to get a high credit limit while you were approved only for a smaller limit on the same card? In this article, we walk you through the basics of credit limits and shed light on how credit card companies determine the credit limit. Let’s get started.
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