In this blog post, I will tell you how To Reset Credit Card limits? we know that all credit card comes with a limit which is the higher limit, and that limit can not be affected, but yes, the available credit limit of your credit card get reset periodically
There are no ways to reset Credit Card Limit that limit is assigned to you, you can make changes to your cash withdrawal limit or available limit,
for example – I have a credit card with a total limit of 80000 rupees, so when I use my credit card then my credit card available limit gets changed, ie. the more I use with that credit card’s limit get affected but not the total limit,
therefore In this blog, you will know what sort of limit can be reset to your credit card, and what can not be changed and why? basically, credit card issuer company provide the credit card with a certain limit which you know but with that other sorts of limits also counted
if seeing that those limits could be – Available credit card Limit, Add on Limit, Over Limit of a credit card, and one more can be said also excess balance limit,
- What is available credit card Limit – Available credit card limit is that limit which you can use using your credit card, which can be used to purchase the products & services using that credit cards, so available credit limit remains when we exclude the billed +unbilled statement,
Available credit limit = Total limit – (billed statement +unbilled statement ), for instance, my credit card limit – 80000 rupees, billed statement amount = 30000 rupees, unbilled statement shows= 10000 rupees thus the total uses from my credit card is = 40000 rupees, therefore the Available credit limit of my credit card will = 40000 rupees,
Remember please it does not count the limit changes in when is your credit card billing due date and when is your statement generate date, only it gives you real transaction records which you pay accordingly,
Over Limit of a credit card – Over-limit of a credit card also can not be remained constant, it also gets reset in keeping with credit card uses, for example – over-limit is that limit when you exceed the total limit of your credit card, and it indicates the negative sign, which impacts on credit card debt, you may come across OVL charges burden, so we count over-limit as =
OVL limit = Total amount due – Total credit card Limit, for example – My credit card limit = 80000 rupees, and Total amount due = 82000 rupees, where 2000 rupees is levied charges due to exceed the limit, thus OVL limit = 2000 rupees but I will pay 82000 rupees instead of OVL limit,
What is the ADD on credit card limit – Add on credit card limit is that limit is set by the primary credit card holder, whereas add on the credit card is considered secondary credit card , which secondary credit cardholder may use the available limit from Primary credit card’s total limit,
so a credit card holder can change the limit for his/her secondary add on the credit card limit,it is possible via internet banking or mobile banking,
How Can I Reset Credit Card Limit?
If you have read the above-mentioned information you might have understood how credit card limit gets affected but again I repeat the thing is when you avail the limit enhancement offer, it can change the limit at a time, but not continuously,
when the total credit card limit is increased with that credit card’s available credit card limit and cash withdrawal limit also get increased, this is an instant process of changing, it does not rely on when credit card statement generate,
Can be reset credit card limit if the card is not used?
Ans- No, if the credit card is not used then the limit will remain the same,
My credit card limit is over limit how can I Reset my Credit Card Limit?
Ans- if your credit card is over limit then either pay the over-limit amount or total outstanding balance to maintain the total credit card limit, i would recommend you pay the only total due amount,
I have a credit card with a Limit of 80000 rupees, can I purchase the product up to 90000 rupees?
Ans- very likely to say is NO, if you try to use the limit more than a given limit, transaction decline, therefore you can contact your credit card issuer company and ask them to provide add on the limit to using more than the credit card limit,