Credit limit increase offers
Your credit card provider may offer to send you invitations to increase your credit limit. This service is only available if you opt to receive the invitations. Contact your provider directly to find out more.
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If you use your credit card regularly, requesting a higher credit limit could help you increase your financial flexibility, avoid overlimit penalty fees, earn frequent flyer points on big ticket items or allow you to consolidate balances onto one card. Use this guide to find out how to request a credit limit increase with your bank; learn the factors to consider and some tips to improve your chances of approval.
The first step is to ask your bank for a credit limit increase. Here is how you can initiate an increase to your credit limit with different credit card issuers:
Bank | How to increase the credit limit |
---|---|
American Express | If you need more credit at any time for your American Express card, request this through the Credit Limit Increase Form. American Express looks at your ability to repay this higher limit and advises that you evaluate your financial circumstances. |
ANZ | Drop in a New Zealand ANZ branch with your photo ID. You can also call them on 0800 658 044 or reach them on +64 9 522 3010 if you are overseas. Alternatively, use the ANZ Internet Banking platform to send a Bank Mail request. |
ASB | To begin your application, drop into any ASB branch or call them on 0800 255 382. |
BNZ | You can visit instore or complete an online form titled ‘Changes to your credit card’. Additionally, if your card is eligible, you can easily apply for an increased limit through your account online. Simply click your credit card, opt to ‘view details’ and then click on ‘Apply for increased limit’. |
GE Money | Simply call GE Money’s Customer Solutions team at 0800 500 505 to request an increase in your credit card limit. Once approved, increases can take effect immediately. |
Kiwibank | Log into your Kiwibank online banking account to make changes to your credit card limit. Select your credit card account and then refer to ‘Additional options & details’. |
The Warehouse | Once you are eligible, you can apply if you have been a cardholder with The Warehouse for at least 6 months or if your last credit limit increase was within the last 6 months. Alternatively, The Warehouse notifies you of the pre-assessed increase when you’re eligible. |
TSB | Apply at any time to TSB Bank to increase your credit limit. Approval of increases in credit limit are at TSB Bank’s own discretion. Holders of an Additional Card must have their application made by whoever is named on the Card Account. |
Westpac | Simply visit a Westpac branch to begin your application. You can also download, fill in and submit a form from Wespac’s ‘Updating your credit card details’ page. Alternatively, call Westpac’s Cards team on 0800 888 111 from 7am to 11pm. If you are overseas and willing to pay international toll charges, call +64 9 912 8000 |
Your credit card provider may offer to send you invitations to increase your credit limit. This service is only available if you opt to receive the invitations. Contact your provider directly to find out more.
When you first get a credit card, your bank or provider will usually assign you an affordable credit limit for your circumstances. This limit is based on factors in your credit card application including your income, expenditure, existing debt and credit score or credit rating.
If you increase your credit to a limit that is too high, you run the risk of ongoing debt. Submitting a request for a credit limit increase also impacts on your credit history. So, before deciding if you want a credit limit increase, it is a good idea to consider whether or not these circumstances have changed.
Consider the following reasons why you should or shouldn’t request a credit limit increase for more information.
Although your credit limit generally sets the ceiling for your credit card spending, some card companies may let you exceed that limit, while others may charge you a penalty for going over your limit. Make sure you check these details with your credit card company so you can avoid additional fees if you max out your card.
Even if a credit limit increase isn’t on the cards for you yet, all the above suggestions are good habits to practice. The underlying principle is to establish a healthy credit history by borrowing and repaying responsibly. A credit limit increase may be good to have but it shouldn’t increase your spending dramatically, or negatively impact your ability to repay. You should only apply for a credit increase if you can afford it and will spend responsibly.
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