The limit on your PNB Bank credit card is the maximum balance that is available for you. The bank will determine your credit card limit and you can always request the bank to increase it in the future.
If you use your credit card to make a transaction that is over the credit limit, you will have to pay an over-limit fee and this will negatively impact your credit score. It can also reduce the chance of you getting a loan for a financial emergency.
The bank will determine the limit on your credit card based on a lot of factors:
Your Credit Score:
Income and Debts:
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If you have a high credit score, your creditworthiness will also be high. The way you use your credit limit affects your credit score. This is because every month, the credit limit and credit utilisation ratio are being reported by the bank to the credit bureaus. The credit bureau will look into this and then calculate your credit utilisation ratio. If you want a high credit score, you have to use the credit card limit very wisely. If your credit utilisation ratio is high, then, your credit score will be low.
Your credit utilisation ratio shows how much credit limit you have used. If the credit utilisation ratio is very high, then a lot of banks will think you are credit hungry. This will in turn affect your credit score. If you have a low credit utilisation ratio, it will show lenders that you know how to manage your finances and you can repay any borrowed amount.
No, the card limit will be decided by the bank. This will be different and be set after the bank looks into your expenditure, income, and factors like repayment history and credit score.
Yes, you can always decrease your credit card limit. You will need to submit documents as proof and the bank will process them as soon as possible. The bank can also decrease your credit card limit if you are not able to pay the credit card bills on time or if you cannot fund yourself.
Yes, the add-on cardholder will get the features and credit card limit as the primary cardholder.
You should not have exceeded your credit card limit over the past years and should have also paid the entire credit card bill amount in full and on time.
The documents that you submit to the bank when you apply for an increase in credit limit needs to be self-attested.
The bank will keep notifying you regarding your application status. If PNB bank rejects your request, then also the bank will send you an SMS.
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