Each credit card comes with a predetermined credit limit, which is the maximum amount you can spend using that card. Read on to learn how to increase your Flipkart Axis Bank credit card limit, the benefits of increasing it, and the process to do so.
What is the Credit Limit on Flipkart Axis Bank Credit Card?
The credit limit on a credit card represents the maximum amount of credit that the bank extends to you for your card. This limit varies from one credit card to another and depends on several factors, including your financial profile, credit history, income, age, liabilities, and credit score. The credit limit is a crucial aspect of your credit card, as it not only determines how much you can spend but also affects your credit score.
How Does Axis Bank Determine Your Credit Limit?
Axis Bank employs a comprehensive assessment process to determine the credit limit for your credit card. Here are the key factors that the bank considers:
1. Income: Your income plays a significant role in determining your credit limit. A higher income generally results in a higher credit limit, as it indicates your ability to repay the borrowed amount.
2. Credit History: Your past credit behaviour, including timely repayments and credit utilization, influences your credit limit. A positive credit history often leads to a higher limit.
3. Age: Your age can impact your credit limit, with older individuals typically having access to larger limits due to their financial stability.
4. Liabilities: Existing financial commitments and liabilities, such as loans and other credit card balances, can affect your credit limit.
5. Credit Score: A higher credit score is often associated with a more substantial credit limit. Maintaining a good credit score is essential for securing a higher limit.
6. Credit Utilization Ratio (CUR): This ratio reflects the portion of your credit limit that you've used. A high CUR suggests a higher risk, potentially resulting in a lower credit limit.
Why Increase Your Flipkart Axis Bank Credit Card Limit?
There are several advantages to increasing the credit limit on your Flipkart Axis Bank card.
1. Lower Credit Utilization Ratio: A higher credit limit can lead to a lower credit utilization ratio, which positively impacts your credit score. This is because you will utilize a smaller percentage of your available credit once the limit is increased.
2. Emergency Preparedness: A higher credit limit can be beneficial during financial or health emergencies, providing you with more financial flexibility when you need it most.
3. Enhanced Creditworthiness: A low credit utilization ratio and a high credit limit increase your creditworthiness, making it easier to secure loans or additional credit cards.
4. Access to Premium Cards: Many premium credit cards, offering exclusive benefits and rewards, require a higher credit limit for eligibility.
5. Flexibility and Convenience: A higher credit limit allows you to make larger purchases or manage your monthly expenses more comfortably.
How To Enhance the Credit Limit on the Flipkart Axis Bank credit card?
Axis Bank provides an option to increase your credit card limit through its 'Credit Limit Enhancement' feature. To become eligible for enhancement, your credit card should meet certain criteria:
- The card should be more than three months old.
- It should be active and have no payment delays throughout its history.
- No credit limit enhancement, decrease, or instant loan availed on the credit card in the last six months.
While meeting these criteria is essential, the final approval for credit limit enhancement depends on Axis Bank's internal policies.
Request for Credit Limit Enhancement
If your Axis Bank credit card qualifies for a credit limit enhancement, you may receive a call, SMS, or email notification from the bank. Follow these steps for credit limit enhancement:
- Accept the Offer: If you receive an offer for a credit limit increase and agree with the terms and conditions, you can convey your acceptance during the call. The phone banking executive will guide you through the process.
- Confirmation: After the request has been raised, the bank typically takes one day to process it. Once your card's limit is upgraded, you will receive a confirmation message on your registered mobile number and email.
Self-initiated Request for Credit Limit Enhancement
If you haven't received any communication from the bank but believe your card is eligible for a limit increase, you can initiate the request yourself. Ensure your card meets the eligibility criteria mentioned earlier. You can follow these methods to request a credit limit enhancement:
- Internet Banking: If you have an Axis Bank credit card net banking account with your card registered, log in to check the card's eligibility for a limit enhancement and apply for it through the online portal.
- Mobile App: Download the Axis Bank mobile app, log in with your net banking credentials, and check for the limit increase option. If your card is eligible, you can raise a request through the app.
- Call or Email: Contact Axis Bank's credit card customer care at 1860-419-5555 or 1860-500-5555 to inquire about your eligibility and request a limit increase. You can also send an email to creditcards@axisbank.com to make this request.
Documents required (if not an Axis Bank customer):
If you don't have an account with Axis Bank, you may need to submit the following documents along with your request:
- If salaried, salary slips from employer (last two months)
- If self-employed, the latest IT returns
FAQs on Flipkart Axis Bank credit card limit
1. How much will the credit limit of my Axis Bank credit card be?
Your credit card issuer will determine your credit limit based on your income, credit history, and current debt level. It may vary from one cardholder to another.
2. What happens if I exceed the credit limit?
If you exceed the credit limit and the transaction is not declined, you may be charged an over-limit fee.
3. Does Axis Bank have a mobile app?
Yes, Axis Bank offers a mobile app that allows you to manage your credit card, including checking for credit limit increases.
4. Which number should I call to reach Axis Bank's customer care?
You can contact Axis Bank's customer care at 1860-419-5555 or 1860-500-5555.
5. What is a cash limit?
The cash limit is the maximum amount within your credit limit that you can withdraw as cash using your credit card.
6. What is the minimum salary required to avail an Axis Bank credit card?
To qualify for an Axis Bank credit card, the cardholder's net income should be Rs. 9 lakhs or above.