When done consciously, using the credit card is an excellent ally for your finances. In addition to allowing installation and purchase of goods and services of values that would not be possible in view, there are still those that have rewarding systems for miles, points and other advantages that can be obtained with the frequent use.
But is your limit enough to make all your purchases? At the? In today’s post, you will find out how to raise the limit of your credit card and enjoy the benefits it has for you as well as knowing the care required with the higher limit. Let’s go there?
What is the limit of the credit card?
The credit card limit is no more than the maximum amount your card operator or financial institution allows you to use to make credit purchases. Within this limit, you can make purchases that can be on the invoice payment date or even in installments, and will be included in subsequent months’ invoices.
However, if you exceed the threshold amount, your card is blocked and your next unauthorized purchases until you pay the invoice amount and release it for further purchases. Ions on the card.
What are the card limit values?
Typically, credit card limits – noting those granted by public banks – hover around 30% of the client’s gross income. In private banks, this may be slightly higher and managers offer even more freedom for the progressive increase of the limit. Even so, this should always be done based on the customer’s income, just as not to compromise their finances and generate problems with the use of the card.
What are the possibilities of raising the limit?
There are some possibilities for you to increase the credit card limit – for example, the increase in income, which can be reported to the bank by sending the pay stub. But try to do this through a personal conversation with your manager!
Avoid having any kind of debt with the bank, such as those of the revolving credit card itself or overdraft as they get registered and may damage their history with the institution. History of buying from your carrier and, with timely payments, indicates that you are also a good payer. .
Once you understand that the limits on public banks are lower, an alternative is to try switching to a private institution and thus increasing the value of your limit with your new manager. Don’t forget to always pay your bill by the due date! In order not to have problems, a great option is to include it in automatic debit as this will prevent you from delays and consequent obstacles to increase your limit.
What care is needed with the upper limit?
Raising the credit card limit may be a great option but be aware that this should not be viewed as a second income or a loan! The interest rates are very high if you use the rotary card. So regardless of your income and your limit, use the card consciously!
Be disciplined with payments and installments, using spreadsheets or applications to track the values of your next invoices and ensure they do not compromise financial planning. And keep an eye out for fees and charges that may be charged for your credit card!
Now you know how to raise the credit card limit and know the care you need when your credit card limit is higher. And how do you use your credit card? Have other questions or suggestions on the subject? Leave your comment and join the conversation!