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A credit card limit is basically the maximum amount the bank offers to the customer. This controls the customer purchasing power. People usually prefer credit cards which provide a higher limit but how the bank decides an individual credit card limit. There are many credit cards in the market but the ICICI Coral credit card limit is high but the credit limit of this card also depends on some factors.
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A credit card limit is basically the maximum amount the bank offers to the customer. This controls the customer purchasing power. People usually prefer credit cards which provide a higher limit but how the bank decides an individual credit card limit. There are many credit cards in the market but the ICICI Coral credit card limit is high but the credit limit of this card also depends on some factors. There are some common elements that help the bank in deciding the individual credit card limit.
Credit History: When an individual applying for ICICI coral credit card he/she should have a good credit score in the past. The bank checks the previous records of the applicant and if any due or delay is found in the records, then you may not get a high limit credit card. But if the user found to be a disciplined borrower in the past records, with a good credit score for a long period of time the bank gives you a high credit card limit.
Income & debts: The next thing the ICICI bank considers for a high credit limit is the individual income and existing debts. It does not mean that a person with a higher income will get high credit card limit, because it depends on the debt-to-income ratio. The ability of a person to pay off the current debts is known as it’s debt-to-income ratio higher the debt-to-income ratio lower will be your ICICI coral credit card limit.
Limit on the other credit card: If the applicant’s previous or existing credit card limit is high the bank will consider your application form, And provide you a new credit card with high limit. You must be a premium member of the bank then it will be easier to get a high credit limit. Types of Credit Card: Different credit cards come with various benefits and limitations. If you have a premium credit card then it already provides you a high limit as the starting range of the ICICI platinum, premium card & ICICI coral credit card limit is high. On the other hand, if you are applying for a basic credit card then you may not get a high credit limit.
Other factors: The bank will also track your previous purchases from a specific mall, restaurants, etc. This provides information to the bank about your daily credit card usage and helps to set a credit limit. The above-mentioned factors help the bank or NBFC in determining your new credit card limit. The credit card providers also approach some credit bureaus like Transunion CIBIL, Experian & Equifax to check the applicant’s previous credit score.
How to apply for ICICI credit card? To apply for ICICI credit card the user can visit the ICICI bank branch. There the user will fill the credit card application form and provide the required documents. You can also apply for ICICI credit card by going to the ICICI official website. • Visit the http://www.icici.com. • Click on the credit card option • Choose your desired credit card • Fill the details and click on the submit button
