Apply for Credit Card!
A Credit Card allows you to purchase products and pay for services without immediate cash. You can also use it for withdrawing cash from an ATM, even if you don’t have the required balance in your Savings Account. All this is possible up to the credit limit permitted on your Credit Card. This limit is restored on a monthly basis, provided you clear your dues within the time allowed for it. This is the ideal and responsible way to use a Credit Card.
As the first step in using your Credit Card to the optimum is to understand the maximum credit limit on the Credit Card, how it is computed, and what can be done to increase it.
Maximum credit limit on Credit Cards in India
The Reserve Bank of India (RBI) has not specified an overall maximum limit on Credit Cards. Banks determine the maximum credit limit on a case-to-case basis based on their internal policies and the cardholder’s creditworthiness. However, according to the guidelines issued by the RBI, the credit limit of a Credit Card cannot be more than twice the monthly income of the user.
Elements that influence Credit Card's maximum limit
The highest limit of a Credit Card depends on the bank's internal risk policies and various factors that reflect your creditworthiness:
- Credit score: Your credit score reflects how responsibly you have handled credit in the past. If you have a high credit score, you will likely get a high maximum credit limit.
- Repayment history: If you have paid your Credit Card bills on time in the past, your maximum credit limit will be higher.
- Income: If your income is high and stable, you are more likely to get Credit Cards that offer the highest limits.
The process of applying for a credit-limit increase is also simple and the Credit Card interest rates are quite competitive.
Increasing the maximum credit limit
You can get a higher credit limit on your Axis Bank Credit Card in two ways.
Option 1: Accept your pre-approved credit limit increase offer
- Step 1: Check if your bank has sent you a pre-approved offer to increase your Credit Card limit via SMS or email. If it has, you can accept it without submitting any documents needed for a Credit Card.
- Step 2: Type CLE and the last 4 digits of your card number and send an SMS to 5676782 from the mobile number registered with Axis Bank. You can also call the toll-free number 18604195555.
- Step 3: Discuss your increased credit limit with the bank officials and complete the formalities.
Option 2: Apply for a credit limit increase with income documents
- Step 1: Make sure that you match the eligibility criteria for a credit limit increase. This includes minimum monthly income, duration of Credit Card use, etc.
- Step 2: Talk to a customer care executive at Axis Bank and discuss the procedure and your eligibility for a credit limit raise.
- Step 3: Submit your income proof such as salary slips and income tax returns along with other documents.
After completing the process, you may get a credit limit increase, subject to the bank's policies and your eligibility.
Also Read: How to check Credit Card limit
Conclusion
Banks set maximum credit limits on Credit Cards based on your creditworthiness. The limit depends on the risk assessment done by the bank for each card. If you want a higher maximum credit limit on your Credit Card, demonstrate a good income, use your Credit Card responsibly and pay your bills on time.
Don't have a Credit Card yet? Apply for an Axis Bank Credit Card and get exciting discounts, cashback, airport lounge access, and more. Apply for a Credit Card online to get instant loans or convert your purchases into EMIs using your card.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
FAQs
The highest credit card limit you can get is over $100,000 according to reports from credit card holders. But like most credit cards in general, even the highest-limit credit cards will only list minimum spending limits in their terms.
Can you get a credit card with $100000 limit? ›
Yes, $100,000 is a high credit card limit. Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $100,000 or higher.
What is the maximum credit card you can get? ›
It's not uncommon for different credit cards to have varying minimum and maximum credit limits. The minimum credit limit is often between $1,000 and $2,000, while some cards have a maximum of up to $100,000. However, not every credit card has a maximum.
Is $20000 a good credit card limit? ›
Yes, a $20,000 credit limit is good, as it is above the national average. The average credit card limit overall is around $13,000, and people who have higher limits than that typically have good to excellent credit, a high income and little to no existing debt.
Is $10,000 a high credit limit? ›
If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.
How to get a $30,000 credit card limit? ›
To get approved for high-limit credit cards, you'll most likely need to have good or excellent credit and a steady income to support a higher credit limit. Picking the right card is important, too. You may be able to find the minimum starting credit limits listed in some cards' terms and conditions.
Who gives the highest credit card limit? ›
Best High Limit Credit Cards
- Chase Sapphire Preferred® Card: Best Mid-Tier Travel Rewards Card.
- Capital One Venture X Rewards Credit Card: Best for Travel Rewards and Perks.
- The Platinum Card® from American Express: Best for Premium Perks.
- American Express® Gold Card: Best for Foodies.
Your credit limit is the maximum amount of money, in total, you can borrow on your credit card at any one time. An initial amount is set by your provider when you apply for your card, but this can change over time. It's usually based on your individual circ*mstances and credit score.
What is an excellent credit card limit? ›
A good credit limit is around $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income, and little to no existing debt.
Is it illegal to max out a credit card? ›
Being delinquent on credit card payments or having maxed-out credit cards can have severe consequences, such as damage to your credit score, accumulation of fees and penalties and potential legal action from creditors.
Forbes Advisor Ratings
| Best High Limit Credit Cards | Forbes Advisor Rating | Credit Limit |
|---|
| Flipkart Axis Bank Credit Card | 4.0 | Up to 5 lakh |
| HDFC Regalia Credit Card | 3.5 | Up to 5 lakh |
| Axis Magnus Credit Card | 3.0 | INR 5 lakh |
| Axis Bank Reserve Credit Card | 2.5 | 5 lakh |
1 more rowWhat credit score is needed to get a high-limit credit card?
| VantageScore 3.0 credit score range | Average credit card limit |
|---|
| 300–640 | $3,481.02 |
| 640–700 | $4,735.10 |
| 700–750 | $5,968.01 |
| 750+ | $8,954.33 |
Mar 15, 2024
The average credit limit on credit cards in the U.S. was $29,855 as of the end of the third quarter (Q3) of 2023. That's a 6.8% increase from Q3 2022, when the average credit limit was $27,955.
What is the credit limit for Capital One Quicksilver $10000? ›
According to anecdotal reports, the card's credit limit can be as low as $750 and as high as $10,000. However, Capital One does not list a minimum or maximum credit limit in the card's terms and conditions. If you want to aim for a higher credit limit, there are a number of areas you should focus on improving.
What is a good credit limit for a 35 year old? ›
Average American credit limit by age group
| Generation | Average Overall Credit Limit Per Person 2022 | Average Overall Credit Limit Per Person 2023 |
|---|
| Generation Z (18-26) | $11,290 | $12,899 |
| Millennials (27-42) | $24,668 | $27,533 |
| Generation X (43-58) | $35,994 | $38,665 |
| Baby Boomers (59-77) | $40,318 | $41,906 |
1 more rowThe Capital One Platinum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation. Most cardholders get credit limits of at least $300, though.
What is the max amount of money a credit card can hold? ›
The average credit card limit, according to 2023 data from Experian, is roughly $29,855 per American. This number represents the total credit Americans can access across all of their credit card accounts, not their per-card limit. In general, credit limits tend to run between $500 to $10,000 per card.
What credit card has a 50000 limit? ›
The best credit card with a $50,000 credit limit is the Chase Sapphire Preferred card. In addition to a credit line of at least $50,000, the card offers 1 - 5 points per $1 on purchases and gives new cardholders an initial bonus of 60,000 points for spending $4,000 within the first 3 months.
What is the maximum amount on a credit card? ›
Your credit limit is the maximum amount of money, in total, you can borrow on your credit card at any one time. An initial amount is set by your provider when you apply for your card, but this can change over time. It's usually based on your individual circ*mstances and credit score.
Can a credit card have a million dollar limit? ›
In theory it is possible, but in reality it is virtually impossible unless you are a multimillionaire such as, for example, Bill Gates, and even then. One problem, other than income and creditworthiness, that comes into play is a bank's maximum exposure policy.
