Do you have a Visa or Mastercard type credit card and want to increase the limit? Increase of permanent or temporary limit, how to go about it? Explanations.
Who determines the limit on your credit card?
When you apply for a credit card from a financial institution, the latter will study your creditworthiness in order to determine the maximum limit for the card. This limit will depend on:
- Your income: the limit will thus vary between 1,000 dollars (low income) and 3,000 dollars or even 5,000 dollars (high income).
- Your financial history: in case of negative registration with the ZEK (see here for more details), your credit card limit may have been lowered, or the card may even be refused.
The problem is that once the limit has been determined for your Visa or Mastercard, this limit will not be automatically adjusted in the event of a change in your financial situation. It is then up to you to take the necessary steps if you wish to increase the limit of your credit card.
Increase of the ceiling of your Visa / Mastercard
There are two types of limit increase: temporary increase, and permanent increase.
- The temporary increase is an increase in your credit card limit for a maximum of 1-2 months. It is ideal for going on vacation or if you have an expensive purchase to make.
- The permanent increase consists in raising your ceiling permanently.
Request an increase in the ceiling
The most common step is to request an increase in your credit card limit. This can be done either in writing or directly online (if you have online access to your credit card account). To request an increase in the ceiling of your Visa or Mastercard:
- In the case of a temporary increase: it is easy to obtain an increase even if your income has not changed. You just have to justify the request by going on vacation or making a purchase.
- In the case of a permanent increase: it will then be necessary to justify the possibility of raising the ceiling, generally by salary slips attesting an increase in income.
Temporary increase without request
If you have the funds, it’s very easy to temporarily increase your credit card limit: you only need to pay more than your monthly bill. The balance paid in excess:
- Will be deducted from your next invoice.
- Increase the limit of your Visa or Mastercard.