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    Credit limit on a credit card is the maximum amount you can spend on your credit card at a time. Usually banks in Singapore give you a credit limit that is 4 times your monthly salary, but it could differ from bank to bank. So if your credit limit is S$12,000, you cannot purchase anything costlier than that using your credit card. This credit limit is not a monthly figure or an annual figure – it’s the limit on your spending on your credit card for as long as you own the card. So if you want to buy something that costs more than your credit limit, you will end up paying over-limit charges along with interest rates until you clear the dues.

    So what if you want a higher credit limit? Are there ways to increase it? Yes, there are. Here we list some ways you can get your credit limit raised:

    Different ways you can increase your credit limit

    1. Permanent credit limit review: If the last time your credit limit was set long ago and your salary has increased since then, you can apply to your credit card provider to review your credit limit. Credit limit is usually pegged to your salary, so a higher salary means a higher credit limit. You will be asked to provide fresh payslips and CPF statements to prove the higher income.
    2. Temporary credit limit review: If you are anticipating a need or higher expenses for a short term – wedding, flight ticket purchases, overseas travel, etc. – then you can contact your bank relationship manager and put in a request to allow you a higher credit limit. If you do this, you can get a greater credit limit for just the period that you will need more money.
    3. Pay more and raise your credit availability: Let’s assume that you have the money needed to make large purchases but want to buy it through the card in order to reap rewards or cashbacks. In this case, you could make an advance payment on your credit card by paying not just your outstanding balance but also some additional amount. For example, if you have a credit limit of S$6,000 and you need a credit limit of S$10,000, clear all your dues and make an extra payment of S$4,000 from your savings. This will increase your total credit availability to S$10,000.

    Things to remember when requesting for increasing your credit limit:

    • Banks will approve your temporary or permanent credit limit increase requests only if you have a clean credit history and good credit behaviour. If you have made delayed payments, defaulted on payments, spent over-limit earlier, or not used your card for a few months, then it is likely that your request may be rejected.
    • The banks may also check your current credit score before approving your credit limit to double-check your credit risk.
    • Your current income should be more than the income in the bank’s records. If the current income is less than the amount in their records, your credit limit will be reduced.
    • For any change to credit limit on supplementary cards, both the primary and supplementary cardholders need to assent.
    • If you need a temporary credit limit increase, you need to apply in advance, giving the bank enough time to process your request. Most banks take 7 to 14 days to complete the procedure.

    We’ll discuss the credit limit review procedures of a few banks in Singapore to give you a clearer idea:

    OCBC Credit Limit Review:

    • Download the application form from the bank’s website and fill it. The application form will need information such as your personal details, employment details and your preferred credit limit.
    • Attach your most recent income documents (last 3 months’ payslips, CPF contribution history for the past 6 months, Income Tax Notice of Assessment for the last 2 years).
    • Send via snail mail to Oversea-Chinese Banking Corporation Limited, OCBC Credit Cards, Robinson Road, P.O. Box 1386, Singapore – 902736.
    • Alternatively, fax the documents to +65 6830 7917.
    • If you need a temporary credit limit increase, you can call the OCBC customer care hotline.
    • The application is valid for 30 days and it will take 2 weeks to process.

    UOB Credit Limit Review:

    • Log in to UOB’s online banking and apply directly from there.
    • Alternatively, you can download the application form from the website.
    • Fill up the form and attach your latest income documents.
    • Either send the documents to the bank, or visit a branch personally and drop it off.
    • Temporary credit limit increase can be sought by calling the customer service hotline or through online banking.
    • Temporary credit limit increase can be availed only for overseas travel, weddings, medical or hospitalisation, and compassionate purposes.

    Maybank Credit Limit Review:

    • Download the credit limit review form from the Maybank website.
    • Fill it up and attach your most recent income documents.
    • Fax the documents to +65 6297 5697 or send it to: Maybank, Cards & personal facilities, Robinson Road P.O. Box 479, Singapore – 900929.
    • For temporary credit limit raise, call the customer service centre.

    Citibank Credit Limit Review:

    • You can apply online directly through the Citibank website/online banking.
    • Alternatively, download the application form and fill it.
    • Attach your latest income documents and either send it to the bank or fax it to +65 6704 6529.
    • Call the Citibank customer care or phone banking for temporary credit limit hike.

    ANZ Credit Limit Review:

    • Download the credit limit review form from the ANZ website and fill it up.
    • Attach your income documents and send it to the bank via snail mail or fax.
    • ANZ is offering $20 cash or 1,100 miles on successful applications of credit limit increase, until 31st March, 2017.

    For more information about credit limit review process of your bank, check with their customer care centre or with your relationship manager.

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