What is the Maximum Credit Limit on a Credit Card in India?

Credit Cards have become a ubiquitous financial tool today, offering the convenience of making purchases without carrying cash and providing access to a line of credit for emergencies or unexpected expenses. Like any financial tool, Credit Cards come with their own set of risks and advantages. This makes it necessary to be aware of these risks and advantages to make informed decisions about their usage. Here, we will explore the potential benefits and drawbacks of using Credit Cards, and provide tips for using them responsibly.

What is the Maximum Credit Limit on a Credit Card in India? 

First things first! Credit Cards must be used responsibly and well within your capacity. This is one of the reasons why Credit Cards come with a monthly spending limit in line with the Cardholder’s income, which is set by the issuer. Wonder what the Maximum Credit Limit is for a Credit Card in India? This is a key factor for shoppers to consider, along with Credit Card Interest Rates. Credit Limit is the amount that your Credit Card Company allows you to borrow each month. A higher Credit Limit can give you more room for funds, help make bigger purchases and pay them off. In this blog, we will explore the highest Credit Card Limit in India and how you can increase it with ICICI Bank Credit Cards. 

Maximum Credit Limit on Credit Cards in India 

The Maximum Credit Limit on a Credit Card in India varies depending on several factors such as your Income, Credit Score and History. Usually, Banks and Credit Card issuers determine the Credit Limit based on your creditworthiness and ability to repay. The Reserve Bank of India (RBI) has not set any specific limit for Credit Cards, but has put in place some guidelines for Banks and other Credit Card issuers to follow.

The Credit Limit for a Credit Card should not be more than twice the monthly income of an individual. Conversely, the issuing entity can set the limit based on the credit score and repayment history. Hence, it is essential to be financially capable, maintain a high credit score and have a good credit history to get a higher Credit Limit.

In terms of figures, the limit on Credit Cards in India can range from a few lakhs to crores of rupees. A high Credit Limit does not mean you have to max out your Card. It is imperative you use it wisely and not overspend beyond your repayment capacity. 

Credit Card Interest Rates? 

Credit Card Interest Rates are another significant factor when choosing a Credit Card in India. The Interest Rate is the amount charged by the Credit Card Company on the outstanding balance on your Card. Keep yourself updated on these rates if you’re looking at high Monthly Credit Limits. Make sure you factor in all of these, before making a decision.

Why you should consider increasing your Credit Card Limit.

Being a Credit Card user, you understand the convenience, ease and benefits.

If you’ve had your Card for a while and have increased your financial capacity, consider increasing the Limit on your Credit Card and bring it up to a level that suits your lifestyle and spending habits. This has some benefits for you that can  .

• Bring you more Rewards and Cashbacks: Credit Cards come with terrific Rewards, Cashback, Points and other Incentives. With a higher Credit Limit, you’ll be entitled to higher Rewards and Benefits

• Improve your Credit Score: The biggest benefit of increasing your Credit Limit is its potential to improve your Credit Score which is calculated on certain parameters that include the Credit Utilisation Ratio. Increase the credit available to you by increasing your Card’s Limit. This will help keep your Credit Utilisation Ratio low and improve your Credit Score.

Get greater purchasing power, more financial flexibility and the ability to meet unexpected expenses with an increased Credit Card Limit.

How to increase the Credit Limit with ICICI Bank Credit Cards?

As one of India’s most trusted private sector banks, ICICI Bank is pleased to offer a wide range of Credit Cards that cater to our customer’s unique needs and requirements, including Instant Credit Limit Increase without any charges.

If you’re an existing customer, you can do this through any of the below ways:

1. iMobile Pay app

The iMobile Pay app makes banking convenient and twice as easy for all our customers. Follow these steps to Increase your Credit Card Limit on your app:

- Open iMobile Pay and select ‘Cards and Forex’

- Select the Credit Card for which you want to increase your Credit Limit

- Scroll on ‘Manage Card’

- Click on ‘Manage Credit Limit’ (this is under ‘More’ options)

- Select the ‘Desired Credit Limit’

- Click on ‘Submit’. Within a few seconds, you’ll receive confirmation of your Credit Limit Increase through an SMS. What’s more! You can start using your Card with its increased limit instantly.

If you don’t have the app, download it from your App Store now or send an SMS to 5676766 to get a link

2. Send an SMS 

All you have to do is send an SMS CRLIM last 4 digits of your Card to 5676766.

Your Credit Limit will be increased to the maximum based on your eligibility.

3. iMobile Pay app

Log in to your Internet Banking and:

- Click on ‘My Accounts’

- Click on ‘Credit Card’

- Scroll towards ‘Manage Credit Limit’ and hit ‘Go’

- Go to ‘Existing Credit Limit’ and the ‘Maximum Credit Limit’ option will present itself

- Key in the ‘Desired Credit Limit’

- Enter the OTP sent to your registered mobile number and click ‘Submit’. You will receive an instant confirmation SMS indicating your Credit Limit Increase. 

For guidance or queries, call 1800 1080 and a Customer Care Executive will help increase your Credit Limit.

The Maximum Credit Limit on any Credit Card in India will depend on your Income, Credit Score and Credit History. ICICI Bank offers a wide range of Credit Cards catering to host of needs and requirements, with adequate Credit Limits that are in line with each customer’s finances.