How is RBL Credit Card Limit Decided?
The bank decides the credit card limit depending upon a variety of factors:
Income and Debts: The income of the applicant has a substantial role to play while determining the credit limit for a card. A high income serves as a guarantee for debt repayments.
Credit Score: Higher credit limit is given to the cardholder whose credit score is good over a long period. The bank does not give higher credit limit to those cardholders whose credit score is poor or who have defaulted on payments
The other factors determining RBL credit card limit are as follows:
- The limit of credit is the maximum assigned limit provided at the time of delivery of the card. The limit is also mentioned in the monthly statements. The primary cardholder and the add-on cardholder share the same limits.
- The outstanding loan amount will also be deducted from the total credit limit if the cardholder has availed of any loan within the total credit limit on the card
- The credit limits will differ for every cardholder and will be declared in the monthly statement sent to the cardholder
- The limit of the card is completely based on bank criteria and might be changed as per banks discretion though the same would be pre-informed to customers
How to Increase RBL Credit Card Limit?
RBL Credit Card Limit is mentioned at the time of delivery of the card, the credit limit is notified to the cardholder. If a cardholder wishes to increase the credit limit, he can visit the bank’s branch to ask the credit limit to be increased. The cardholder must provide financial documents such as bank statement, salary slip, income tax returns, etc. when applying for an increase. The credit cardholder can also visit the bank’s official website for credit card enhancement.
Frequently Asked Questions (FAQs)
Can I decrease my card limit?
Yes, you can decrease your credit card limit by completing the formal process. You have to submit all the required documents to the bank as soon as possible. Moreover, the bank has rights to decrease your credit card limit if you are not able to fund yourself.
Is the credit card limit different for each person?
The card limit is decided by the bank after analyzing the income, expenditure and other important factors of the person. The limit is different for each person and it is strictly decided by the bank.
What is the most important eligibility criterion for the enhancement process of the card limit?
The customer should not have exceeded the card limit in the past years and must have followed all the rules of the credit card and the bank.
Does the add-on cardholder achieve the same features and limit as the primary cardholder gets?
Yes, the features of both primary and add-on card are same and the credit card limit is shared among both the cards.
How will I get to know about the latest status of the credit card enhancement process?
The bank will notify you for status updates regarding credit card limit. In case, the RBL bank rejects the request, then also the bank will send you an SMS for the information. The credit card limit will also be provided with the monthly statements.
Is it important to submit all the self-attested documents?
All the documents submitted for the credit card limit enhancement or any other process must be self-attested by the cardholder and must be submitted before the provided deadline.