The entire functioning of the global economy has changed as a result of credit cards. A cardholder will no longer need to run to a bank for every medical emergency because they will have financial independence in the form of credit cards, but this financial freedom also has a cap because each credit card has a credit limit that can be exceeded and result in an Over-limit fine. A credit limit is another feature of SBI credit cards, and it varies based on a variety of variables.
SBI Credit Card limit increase
Customers of SBI’s credit card can adjust their credit limits in two distinct methods.
- Offer of a pre-approved credit limit
- Raising the credit limit upon request
Pre-Approved Credit Limit Offer
In accordance with its internal risk policy, SBI bears the responsibility of determining whether credit card holders qualify for a pre-approved limit expansion.The bank will notify qualified clients about the offer by phone, SMS, or email. Both their online account and their monthly bill contain them as well. The only need for customers who qualify for the pre-approved limit expansion offer is to submit the bank an acceptance letter rather than providing any supporting documentation.
Accepting the Net Banking offer for the pre-approved limit expansion.
To accept the offer, customers need to follow three simple steps using their net banking account:
- Step 1: Visit the official SBI Cards website and sign in with your card number, user ID, and password, or your cell phone number.
- Step 2: choose offers or advantages from the menu.
- Step 3: Pick the Credit Card Limit Increase Offer option and hit the submit button after seeing the available offers.
Accepting the phone banking offer for the pre-approved limit boost
Customers may phone the toll-free customer service number 1800-180-1290, which is open 24/7, to accept the offer. A customer service person must be your first choice when you call the customer service number.
Once you are speaking with the agent, provide them the information they need and let them know you have received an offer to increase your limit that has been pre-approved. Tell them you would want to accept this offer.
The necessary work will be completed by the agent, and you will get a confirmation message once the offer has been accepted.
Accepting the SMS-based pre-approved limit increase offer
By using your registered cellphone number to send an SMS to SBI Cards, you can accept the offer. Email your SBI credit card number to 5676791 after entering the last four numbers. You will receive a confirmation message upon sending the message on the registered cellphone number upon acceptance of the offer.
Making a Direct Request for an Increase in SBI Credit Limit
In accordance with their credit card usage and repayment capacity, consumers can directly request an increase in their credit card limit from SBI Cards. You can phone the customer service number 1800-180-1290 or visit the closest SBI Cards office to raise your credit limit.
There is no restriction stating that you must obtain a pre-approved limit enhancement offer from the bank in order to do so. When you submit your request to the agent, he will determine if you qualify for an increase in limit. When you get to the closest branch, the agent will ask you to bring in the necessary paperwork, such as proof of income.
Income documents accepted for credit limit revision are
- Last two month’s salary slips
- Form 16 and
- Income tax returns IV
You can submit the soft copies of the above documents at www.sbicard.com/email or you can send the same through post to Correspondence Department, DLF Infinity Towers, Tower C, 10-12 Floor, Block 2, Bldg 3, DLF Cyber City, Gurgaon – 122002.
Once the bank receives the documents, based on its internal risk policy, your request will be processed.
Offer with Pre-approved Credit Limit
SBI Card periodically chooses a subset of credit cardholders to get this pre-approved credit limit increase offer based on internal bank policies. Those who qualify will get an SMS, email, or credit card statement on their registered cellphone number confirming their enrollment. You don’t need any extra paperwork to take advantage of the deal if you qualify for it.
Total Credit Limit on SBI Card
The most you can spend on your credit card is this sum. The limit will always be reduced by the amount you spend, and it will be added back in as soon as your bills are paid.
Credit Limit Available for SBI Cards
This is how much is accessible to you for use at any particular moment. For instance, if you have an SBI Card with a total credit limit of Rs. 1 lakh and you spend Rs. 20,000, your remaining credit limit will be Rs. 80,000 after the transaction.
Cash Limit on SBI Cards
You may use your credit card to withdraw cash using an SBI Card. You are only able to take out as much as your cash limit, though. The cash limit is typically 10% of the credit limit.
Note:- One of the most expensive ways to borrow money is using a credit card to make cash withdrawals since interest is charged from the day the money is taken out until the entire amount is paid back. Cash withdrawals may dramatically increase your costs because SBI credit card interest rates might reach 40.2% p.a. As a result, you should only consider using your credit card to withdraw cash as a last option.
Check Other Bank Credit Card Limit
Conclusion
You may obtain additional credit and increase your chances of earning rewards on your purchases by raising the credit limit on your credit card. Never forget, though, that the way you now handle your credit will have an impact on both the size of future loans and credit as well as your credit report. Therefore, be prepared with a solid repayment plan when you apply for an increase in your SBI credit card limit.
FAQs:
Q1. How much would it cost me to raise my credit limit?
Ans 1. No, there won’t be any fees associated with raising your credit limit.
Q2. If I raise my credit limit, would it negatively impact my credit score?
Ans 2. Your credit score will rise if your credit limit is raised while you make sure to pay your payments on time.
Q3. Is it possible for me to request a lower credit limit from SBI?
Ans 3. It is possible to request a reduction in your credit limit from the bank.