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If you use your credit card regularly, requesting a higher credit limit could help you increase your financial flexibility, avoid over-limit penalty fees, earn Airpoints on big-ticket items or allow you to consolidate balances onto one card. Use this guide to 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, and you can find the contact details for your credit card company in the table below. Alternatively, many credit card providers have facilities that let you apply for a credit card increase online.
| LENDER | TELEPHONE |
|---|---|
| American Express | Varies per card. Click here for contact information. |
| ANZ | 0800 658 044 Mon-Fri: 8am-8:30pm Sat-Sun: 9am-5pm |
| ASB | 0800 100 600 Mon-Fri: 8am-8pm Sat: 8:30am-5pm |
| BNZ | 0800 275 269 Mon-Fri: 8am-8pm Sat: 9am-6pm |
| The Co-operative Bank | 0800 554 554 Mon-Fri: 8am-8pm Sat-Sun: 9am-5pm |
| Farmers | 0800 990 077 Mon-Wed: 8:30am-6pm Thu-Fri: 8:30am-9pm Sat-Sun: 9am-6pm |
| Flight Centre | 0800 500 450 Mon-Wed: 8:30am-6pm Thu-Fri: 8:30am-9pm Sat-Sun: 9am-6pm |
| Gem | 0800 500 505 Mon-Fri: 10:30am-6:30pm |
| Kiwibank | 0800 521 521 Mon-Thu: 7am-9pm Fri: 7am-8pm Sat-Sun: 8am-4:30pm |
| Q | 0800 119 100 Mon-Wed: 8:30am-6:00pm Thu-Fri: 8:30am-9pm Sat-Sun: 9am-6pm |
| TSB | 0800 872 226 Mon-Fri: 8am-7pm Sat-Sun: 9am-5pm |
| Warehouse Money | 0800 801 808 Mon-Fri: 8:30am-7pm Sat-Sun: 9am-5pm |
| Westpac | 0800 888 111 Mon-Fri: 7am-8pm Sat-Sun: 8am-5pm |
When you first get a credit card, your bank or provider usually assigns you an affordable credit limit for your circumstances. This limit is based on your credit card application factors, including your income, expenditure, existing debt and credit score or credit rating.
If you increase your credit to a too high limit, you run the risk of ongoing debt. Submitting a request for a credit limit increase also impacts 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.
If you are considering a credit limit increase, the following pros and cons may help.
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 doing so. 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.
You may find that your current credit card provider may not allow a credit increase. However, you have other choices, as you can consider applying for a card with another provider. You can compare your options in the table below.
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