Credit cards are among the most common modes of payment today. In 2019, the number of credit card users in India was over 52 million. This number has only increased with the rise in the use of digital payments especially during the recent period of lockdowns.
ICICI bank issues many types of credit cards to its customers depending on their eligibility, creditworthiness, income level, etc. Each credit card issued by the Bank has a set limit beyond which the customer cannot use such credit card for their spendings. This usage limit is known as the credit card limit.
What is ICICI Credit Card Limit?
ICICI Credit Card Limit is the maximum amount of money that you can spend using your ICICI Credit Card in a billing cycle. The credit limit is determined by the bank based on your income, credit score, repayment history and other factors.
Types of credit card limits
There are three types of credit card limits that are available for ICICI credit card users. The details of the same are mentioned below.
Total credit card limit
This limit is the maximum credit amount that can be utilized or spent by a cardholder. The total credit card limit will reduce when the cardholder uses the credit card for any transaction. This limit is restored when the cardholder makes the payment of his/her credit card dues.
Available credit card limit on any particular day
The available credit card limit is the limit that is available to a cardholder on any particular day. This limit is the balance limit that is available out of the total credit card limit post any transactions done by the cardholder. This can be set by the cardholder to enhance the safety of the card.
Available cash limit on credit card
Each ICICI credit card provides a certain percentage of the card limit that can be withdrawn by the cardholder as cash for any emergency purposes. Usually, ICICI Bank provides a cash limit of 20%-40% of the total credit limit depending on the type of credit card and the profile of the cardholder.
Procedure to increase ICICI Amazon Pay credit card limit
The credit card limit of a cardholder can be increased on a request by the cardholder or by the Bank upon evaluation of the cardholder’s profile. There are many ways that a cardholder can increase their credit card limit. These modes are discussed below.
Customer care service
Cardholders can contact the customer care of ICICI Bank to increase their credit card limit. Customers can follow the following path for the same,
- <1860 120 7777> <PB GB>
- <1800 103 8181> <Wealth>
The customer care executives will guide the cardholder in proceeding with the increase of the credit card limit.
Credit limit increase through SMS
Increasing the credit card limit through SMS is a very easy and quick process. Cardholders have to send an SMS to 5676766 through their registered mobile number in the following format.
CRLIM <Last 4 digits of the credit card>
The bank will increase the credit card limit of the eligible customer to the maximum available limit.
Increasing credit limit through internet banking
Internet banking is another easier way of increasing the credit card limit. The steps for the same are mentioned below,
- The first step is to log in to the net banking account of the cardholder.
- After that, the cardholder will have to click on ‘My Accounts’
- Following this, the cardholder will have to click on ‘Credit Card’
- The next step is to select ‘Manage Credit Limit’ and then ‘Go’.
- The cardholder will get two options ‘Existing Credit Limit’ and ‘Manage Credit Limit’ and then enter the ‘ Desired Credit Limit’.
- This will send an OTP to the registered mobile number of the cardholder to authorize the transaction and after entering the same the cardholder will have to select ‘Submit’.
- The notification for a successful increase of credit limit will be sent to the cardholder and can be used immediately for any transaction.
Increasing credit limit through Mobile banking
The mobile application of the bank is known as the iMobile App. The process to increase the credit card limit for any ICICI credit cards is mentioned below,
- The first step is to log in to the iMobile app and then go to ‘ Cards, Loans and Forex’
- After this, the cardholder will have to select the card number and then click on ‘Manage Cards’
- The next step is to click on ‘Manage Credit Limit which is available under ‘More Options’
- The cardholder will then have to select ‘Desired Credit Limit’ and finally select ‘Submit’ to complete the process.
- The notification for successful transaction of the increased credit limit will be sent to the registered mobile number of the cardholder and the increased limit can be utilized immediately.
Tips to increase ICICI credit card limit
Increase credit score
The credit score is one of the most crucial factors determining the credit limit of a cardholder. By increasing the credit score, the cardholders can easily get an increased credit limit on their credit card. One of the easiest ways to increase credit score is to use the credit card in paying monthly bills and paying the credit card dues on time without any defaults.
Provide proof of increased income
Proof of an increased income can support the cardholder’s request to increase the credit card limit. It will assure the Bank of the timely repayment of credit card dues and the repayment capacity of the cardholder. The cardholder can show proof of a hike in salary or any alternate income source to support the request for an increased credit card limit.
Application for new credit card
Another easier way to increase the credit card limit is by applying for a new credit card. There are many types of credit cards available with ICICI Bank. if the cardholder has been repaying the credit card dues on a timely basis and has sound creditworthiness, the cardholder will get the sanction of a new credit card easily.
Timely payment of credit card dues
Repaying the credit card dues is very important to maintain the creditworthiness of the cardholder. This assures the bank of the sound repaying capacity of the cardholder. If the past dues of the cardholder are not cleared and have been carried forward, then they have to be cleared firstly at the earliest. Following this, the future credit card dues have to be cleared before the due date to assure the Bank that the cardholder is a good candidate for an increased credit limit.
Reduction in existing liabilities
External liabilities are always reviewed while considering a request for an increased credit card limit. When the cardholder makes such a request, it is preferable to reduce their external liabilities first like home loan installments, personal loan installments, other credit card dues, etc.
Avoid 100% credit utilization ratio
The credit utilization ratio is the ratio of the total credit limit allotted to the cardholder and the actual credit availed by such cardholder. An ideal credit utilization ratio to be maintained by cardholders as per many experts is around 30%. A lower credit utilization ratio implies that the cardholder does not need maximum utilization of credit to manage his/her expenses. It also will in turn increase the credit score of the cardholder which can result in an increased credit card limit.
How to check eligibility for ICICI credit card limit increase?
ICICI credit card limit increase is a facility that allows you to enhance your credit limit on your existing ICICI credit card. The eligibility for this facility depends on various factors such as your income, credit score, repayment history and usage pattern. You can check your eligibility for credit limit increase by following these methods:
- SMS CRLIM <last 4 digits of card> to <5676766>
- Log in to iMobile app and go to Manage Card > Credit Limit
- Log in to internet banking and go to Credit Card > Manage Credit Limit
- Call the customer care number 1860 120 7777
If you are eligible, you will receive a confirmation message from the bank after verifying your details and OTP. The credit limit increase is subject to the bank’s discretion and approval.
Conclusion
An increase in the credit card limit as mentioned above can be initiated by the bank or by the cardholder. Bank will review the credit profile of the cardholder and the past history of the credit card already held by the cardholder while sanctioning the increased credit limit.
