Credit card usage in India has grown multi-fold. According to RBI data, there were 58.69 million credit cards in use as of September 2020. All credit cards come with limits fixed on their usage, which is set based on various factors like the income of the applicant, credit score, other loans, etc.
Types of SBI Credit Card Limit
The various types of credit card limit for an SBI credit card are
- SBI Card Total Credit Limit – This is the total amount that is available for spending on your credit card. For example, Your SBI credit card may have a credit limit of Rs 100000. This amount will go down as you make purchases/payments. It is replenished as and when you pay your credit card bill.
- SBI Card Available Credit Limit – This is the amount available for spending during a particular period. For Example: On a credit limit of Rs 1 lakh, if you have already spent Rs 25,000, the available credit limit would be Rs 75,000.
- SBI Card Cash Limit: A credit card may also be used to withdraw cash from an ATM. The maximum amount of cash that can be withdrawn on any credit card is called the cash limit. The cash limit on a card is generally set at 10% of the credit limit.
At any point, you may feel there is a need to increase your credit limit on your SBI credit card, learn about the various ways in which you can do it.
Ways to increase the credit limit on SBI credit card
With an increased credit limit, you would be able to incur more expenditure on your credit card. SBI allows you to increase your credit limit in 2 different ways.
- Pre-approved credit limit increase offer
- Credit Limit increase based on your request
How to increase your credit limit through a pre-approved offer?
Before going ahead with the steps involved in increasing your credit limit through a pre-approved offer, it is good to know that only select SBI credit card users would get pre-approved offers. These offers are released based on the risk and credit assessment done by SBI.
Eligible credit cardholders could get intimation about the pre-approved offer through their registered Mobile Number via SMS, on Email, on their Monthly credit card statement, or in Post Login Section on the SBI Card website.
Steps involved in Pre-approved Credit Limit Increase
There are various ways in which you can get your credit limit increased after getting the preapproved offer. The best thing about a pre-approved credit limit increase is that you do not submit any documents to get your credit limit increased.
By logging on the SBI Cards website
You could follow these steps on the website to get your credit limit increased
- Log on to SBI’s exclusive website for card users.
- Click on the “Offers or Benefits” tab on the left-hand side
- Check for the “Credit Limit Increase Offer” button and click on the submit button.
Through the Chatbot ILA on the SBI Card website
The chatbot ILA (Interactive Live Assistant) can be found on the bottom right-hand side of the screen on the SBI Card website
- You could ask the query for Credit Limit Increase and follow the guided steps there to get your credit limit increased.
Through an SMS
After getting your pre-approval message, you could get the limit increased just by sending an SMS. You could SMS the following code INCR XXXX (last 4 digits of your credit card) to 5676791 from your registered mobile number to get your credit limit increased.
By calling the SBI Card Customer care number
After you receive the pre-approval, you could call the customer care numbers 1860- 500-1290, 39- 02- 02- 02 (prefix local STD code), or 1800- 180- 1290 and follow the IVRS process to give your consent for increasing the credit limit on your credit card.
How can you get the Credit Limit on Credit Card increased on Request?
It may be possible that you require a credit limit that is higher than the one approved by SBI. In this case, you could place a request for a credit limit increase.
Steps to place a credit limit increase request
You could call the SBI Cards customer care number at 39- 02- 02- 02 (prefix local STD code) or 1800- 180- 1290 and check with the customer service care executive about your eligibility for a credit limit increase.
Unlike a pre-approved credit limit increase offer, a credit limit increase on request will need the submission of income documents. This is needed to assure the bank that you are well placed to handle the increase in your credit limit.
The accepted documents for credit limit increase with Income documentation are
- Form 16
- Last 2 months’ salary slip
You could send in the soft copies of the documents by mail by using this link. Or you could also send hard copies of the documents to the address mentioned here
DLF Infinity Towers, Tower C, 10-12 Floor,
Block 2, Bldg 3, DLF Cyber City,
Gurgaon – 122002
Your credit limit may be increased based on the assessment of your documents and SBI Card’s internal risk policy.
Points to take care of when you go in for an increased credit limit
At the outset, increasing your credit limit might seem like a nice feature to have, but there are certain points that you should consider before going in for an increased credit limit on your credit card.
- An increased credit limit may mean more expenditure, make sure you are capable of handling it.
- If you end up losing your card or if your password gets compromised, then you could end being subjected to a fraud of a higher amount. So do not forget to set limits/lock your transactions for e-commerce/ POS transactions so that you can protect your card.
- A higher cash limit may also cause similar concerns.
- On the other hand, a higher credit limit can help you lower your credit utilization ratio which in turn, can pull your credit score higher.
Documents required to increase the limit
Some of the income-related documents accepted by SBI for credit limit increase are:
- Last two month’s salary slips
- Form 16 and
- Income tax returns IV
All that you should know about SBI credit card upgrade and enhancement?
While a credit limit increases the amount that you can spend on your credit card by giving your card a higher limit, a credit card upgrade means you get a higher category of credit card that could give you better benefits. These benefits could be more reward points, a higher category of lounge access when traveling, co-branded/partnership benefits, etc.
However, you have to bear in mind that better benefits may come at a higher annual fee or higher minimum spend throughout the year. Make sure you understand these factors well before applying for a credit card upgrade.
Frequently Asked Questions
- How to check SBI Credit Card Limit?
There are various ways of checking the SBI credit card credit limit. You could either log on to the SBI Card Mobile app or the SBI card website to know your limit. You could send an SMS in the format -AVAIL XXXX (last 4 digits of your card) to 5676791 to know your card limit. Your monthly credit card statement also has information about credit card limits and cash limits.
- How to decrease the SBI credit card limit?
You could apply for a decrease in credit card limit by calling the customer care numbers for SBI Credit card.
- How can I increase my SBI credit card limit by SMS?
If you have a pre-approved offer for an increase of credit limit, you could send an SMS with the following code INCR XXXX (last 4 digits of your credit card) to 5676791 from your registered mobile number to get your credit limit increased.
- SBI offers a free credit card to those with no credit history. Should you go for it?
A credit card may be a good way to build your credit history. It may be a good idea to go in for a free SBI credit card, but make sure you use the card judiciously and pay back the outstanding balance in full at the end of each billing cycle.
- How do I become eligible for a Credit Limit Increase (CLI) on SBI Credit Card?
Credit Limit increase can either be a pre-approved offer from the bank’s end where a risk assessment is done before rolling out an offer. Similarly, when you request a credit limit increase, the bank will go through your income documents before approving your request.
- How can I get my Credit Limit increased for a Pre-Approved offer?
There is no way to apply for a pre-approved offer. These offers are rolled out from the bank’s end based on their risk/credit assessment of the existing credit cardholders.
- How often can I get my credit limit increased?
There is no fixed duration after which you can apply for a credit limit increase. But frequent requests for credit limit increase may make you look like a credit hungry individual and result in a credit limit decrease. Most credit issuers offer you a credit limit increase if you demonstrate good credit card usage like paying back the bill in full and not maxing the credit limit often.