Whenever you avail of a credit card, it comes with its capital limit. It is the amount the bank issues you on a specific card. Axis Bank has provided different credit card limits for its several cards. However, these credit card limits are not decided on a whim. Instead, credit card limit is determined considering many factors. One of these factors is your creditworthiness.
Your credit card limit also controls your credit utilization ratio. Every month, the bank reports your credit utilization ratio and credit limit to the credit bureaus. And your spending habits against your credit limit also affect your credit score.
How Does Axis Bank Determine Your Credit Limit?
Before your credit card limit is set for the Axis Magus credit card, Axis Bank Vistara Credit Card or any of the Axis Bank’s best credit cards, your limit is driven by specific factors. These factors include the following:
- Credit score
- Liabilities
- Age
- Credit history
- Income
The points mentioned above are some of the most important factors determining your credit limit. And since your credit score and history insinuate your creditworthiness, they not only play a part in your credit limit but also get influenced by it. It happens through the credit utilization ratio.
The ratio reflects the credit limit amount you used on your card. If your ratio is high, many banks can consider you credit hungry, impacting your credit score. But if you have a low credit utilization ratio, it shows the banks how well you manage your money. It informs them that you can repay the borrowed amount.
How to Increase the Credit Limit on Axis Bank Credit Card?
Axis Bank allows you to increase your credit limit if you are an existing credit card holder. Such an offer comes from the Credit Limit Enhancement option. Your Axis Magnus credit card must be over three years old to qualify for the credit enhancement feature. It should have had no delay in payment throughout its existence and also should be active.
Also, no instant loan should be availed in the previous six months or no decrease/limit enhancement. Irrespective of these eligibility factors, your approval for credit limit enhancement is dependent on the internal policies of Axis Bank. However, you will get either an email/SMS or a call from the bank if your credit card is eligible for any limit enhancement during the periodic review of the bank.
If you accept the terms and conditions and want to take the offer, you can accept the credit enhancement on the same call. Once you accept it, you will be directed by the phone banking executive on how to proceed. Generally, once the request for credit limit enhancement is raised, Axis Bank takes a single day to process it. Once your card has been upgraded, you will receive a confirmation message on your registered email and mobile number.
Request a Credit Limit Enhancement
If you do not get any calls from Axis Bank, you can request credit limit enhancement for your Axis Magnus credit card. As mentioned above, your credit card should meet some criteria for you to be able to enhance your credit card limit. If you meet the specific criteria, then you can request the enhancement through one of the following ways:
Email or Call
One of the easiest ways to avail of your credit limit enhancement for the Axis Magnus credit card is simply calling the customer care number of the Axis Bank credit card. You can call either 1860-500-5555 or 1860-419-5555 to check your eligibility and raise a request to increase your credit limit on the card.
You also get the option of emailing creditcards@axisbank.com to request an increase in the credit limit on your card. You can submit all the documents needed if your credit card is eligible for the enhancement. If you do not have an account with Axis Bank, you will need specific documents if you are self-employed or salaried.
Mobile Application
If you want to raise the request through your mobile, you can download the application of Axis Bank. Once you have downloaded it, all you need to do is log in with your net banking credentials, choose the option of credit cards, and then click on check for a limit increase. If your Axis Magnus credit card is eligible, your card number will be shown on the screen.
Once you select the number, you can raise the request. However, if you are not eligible, you will receive a prompt message conveying the same.
Internet Banking
Suppose you have a net banking account with an Axis Bank credit card with the card registered in it. Then, all you need to do is check your eligibility for the card for enhancement and apply for it. You need to log in to your online banking account for the application. Once logged in, you need to click on accounts, then my credit card accounts, and limit enhancement. Make sure to check for the limit increase as well.
If your Axis Bank credit card is eligible for the raise, you can select and submit a limit enhancement request. If your card is ineligible, you will get a message stating the same.
Why Increase Axis Bank Credit Credit Card Limit?
You should boost the credit card limit of the Axis Magnus credit card because of the following reasons:
- If you have a high credit limit, it reduces your credit utilization ratio. And the reduced ratio will give you a high credit score.
- A high credit limit and low credit utilization ratio boost your chances of getting another credit card or loan.
- Remember that having a high card limit is immensely useful if you have any financial and health emergencies.
- Several best credit cards can give you an offer of a high credit limit that has many more benefits compared to those that come with a low credit limit.
Conclusion
When you know that you will need a high credit limit, it is infinitely better to ascertain that you choose one of the best credit cards from the beginning. And one of the best is the Axis Magnus credit card. If you have good spending habits, you can become more eligible for credit limit enhancement.
