Need to know your credit card limit? Here are 6 key ways to check

To make intelligent financial decisions, you need to know your credit card limits. You can avoid overspending, which may lead to fines, reduced credit scores, and unnecessary fees, by adhering to these spending limits. Apart from offering insight into responsible credit card use, this outlines several ways to check your credit card limits.

What is the credit card limit?

It is the total amount of money you can put on your credit card at one time. Credit card companies will set a credit limit based on several factors such as your creditworthiness, spending patterns, and income. You need to know your credit limit so you do not exceed it and therefore incur over-limit fees that might impact your credit score.

Advice on controlling your credit card limit

Here are the helpful tips on how to effectively manage your credit card limit:

• Track your spending: You must keep track of your spending to know when you have reached the credit limit.
• Make on-time payments: This helps avoid fines and maintains a good credit score.
• Credit utilisation ratio: Try to use no more than 30% of your entire credit limit to maintain a low credit utilisation ratio, which raises your credit score.
• Ask for a credit limit increase: If you regularly make your bank payments on time, you might want to ask for a bigger credit limit.
• Avoid cash advances: They charge much higher interest and fees, thus being used sparingly only for emergency situations.

Different way to check the credit card limit

1. Online banking portal

• Go to the official website of your bank and log in.
• Go to the section on credit cards.
• See your cash advance limit, available credit, and total credit limit.

2. Mobile banking apps

• Get the mobile app for your bank and sign in.
• Navigate to the credit card area.
• It will show your available credit and overall credit limit.

3. Credit card statement

• Examine the monthly credit card statement that was mailed to you.
• Available credit, cash advance limit, and total credit available are all displayed on this statement.

4. Customer support

• Dial the customer service number provided by your credit card issuer.
• Finish the identification verification procedure.
• Enquire about your credit limit from the agent.

5. ATM

• Use an ATM to insert your credit card.
• To access credit card information, select the option.
• It will show your available credit and overall credit limit.

6. Branch of a bank

• Go to your bank's closest branch.
• Give a bank agent your credit card details.
• They will provide information regarding your credit card limit.

In conclusion, one of the prudent credit card managements is constantly reviewing your credit card limits. Credit cards have various benefits, like incentives and convenience, but they also have their disadvantages, which include high-interest rates and amassing debt. You can reap the benefits from your credit card if you are prudent in your usage and keep learning.

(Note: Using a credit card carries its own set of risks.)