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How Credit Limit Is Determined

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Ever wonder how your credit limit is determined by a bank? Have you ever felt bad about having a low credit limit compared to others? Do you sometimes wonder why you were given a very high credit limit? The “magic number” is dependent on a lot of things, but mainly at how the bank assesses your ability to pay back your credit.

Banks love good credit

Banks are ready to give you a higher credit limit if your credit score is good. There are some banks willing to instantly give you a big credit limit upon application but others may put you on probationary mode where you get low credit limit at first; the amount eventually increases over time when you prove to them that you are capable of paying your loan.

The bank is watching you

Banks and credit card companies in general like to monitor your credit status. While most of them can limit any increases on your credit to at least once or twice every year, you can also be rewarded with a higher number of increases if your credit is really good. Sometimes, having good credit is also unfortunate in a sense that you continue getting higher limits regardless of whether you are capable of affording to pay such an amount or not, so if you are not careful, you may find yourself buried in debt.

What to do to avoid debt

The truth is, credit card companies don’t care about your financial status. They just want to know if you are capable of paying your credit card bills on time. Therefore, you need to tell the bank or the credit card issuer to not give you higher credit limit anymore if you think you have enough. You need to know your own financial limitations first so you can set a boundary with your credit card.

To turn down an increase in your credit limit, a simple call to the bank or your credit card company should do the trick. You may have to send them a letter to ensure that they take action.



Featured Credit Cards:

BDO PLATINUM MASTERCARD


FEATURES:

  • Relish on a FREE annual membership for the first year!
  • Request for up to 6 supplementary cards for your loved ones and each card will get a FREE annual membership FOR LIFE!
  • Have the power of 2 currencies in just one card with the BDO MasterCard Platinum’s Dual Currency Feature!
  • Access your account anywhere you are and spend on your own terms! Have the assurance of a high credit limit that is available in both Philippine peso and US Dollar in just one card!
  • Avail up to 50% cash advance of your credit limit during any emergencies
  • Choose how to pay for your outstanding balance in the Minimum Payment Options!
  • Go and do anything you want with the BDO MasterCard Platinum and enjoy international recognition and acceptance in over 20 million locations wherever MasterCard is accepted!
  • Get very exclusive discounts on dining, shopping and travel with partner merchants!
  • Travel abroad with your love ones and be worry free with the Travel Accident and Inconvenience Insurance coverage of up to Php20000000!

EASTWEST BANK CREDIT CARD


FEATURES:

<ul>
<li>Global Reception. Shop and travel around the world with your EastWest Bank Credit Card and enjoy unlimited control in almost 30 million international establishments all around the world.</li>
<li>To keep your foreign currency intact, all purchases you have, whether they may be local or international, will be funded in the Philippine peso.</li>
<li>Enjoy Finance charge of 3.50% per month</li>
<li>Cash advance of 5% or Php300 whichever is higher</li>
<li>Avail of the Free Family Accident and Dismemberment Protection </li>
</ul>

Citibank Rustans Credit Card


FEATURES:

  •  Pay an annual fee of just Php2500 and enjoy 2% rebate on all Rustan purchases!
  • Transfer your old account to your new Citi Rustan’s Card absolutely for FREE!
  • Relish on a Cash Advance Rate of 3.50%!
  • Get a Cash Advance Service fee of Php500 or 3% which ever is higher!
  • Go over your credit limit of over Php500! 

PNB Astra Secured Kredit (ASK) Card


FEATURES:

<ul>
<li><span style="font-size: x-small; line-height: 11px;">Apply for a credit card and the first year&rsquo;s annual fee is FREE!</span></li>
<li><span style="font-size: x-small; line-height: 11px;">The PNB ASK Card allows you access to over 25 million establishments all around the world!</span></li>
<li><span style="font-size: x-small; line-height: 11px;">Need cash? There is no need to worry as PNB ASK Card allows you to have a cash advance anytime of the day at any PNB ATM outlets!</span></li>
<li><span style="font-size: x-small; line-height: 18px;">Avail of financial flexibility and pay for as low as 5% of your whole purchase with their Easy Payment Terms!</span></li>
</ul>

Featured Articles:

The Power Within You

Ever thought of getting a credit card but don’t know where to start? For majority of cardholders we know, credit cards are terrific tools that certainly have very great advantages.

We at comprecreditcards.com.ph have surveyed many customers and here is what came out…

Its very handy payment. That’s the big thing, right? You don’t have to worry about being robbed or something because you don’t have that big cash with you. Even if you’re just making small purchases, it’s a big help. Plus, the fact that we are in the on-line shopping age, it’s a total must have.

On the spot loans. When you’re short of cash, a credit card will be there to save you from the embarrassment of not being able to pay as it will help you make up for your purchase. To avoid any fees, just pay your balance in full.

You have no idea as to where you’re spending your money? People have the tendency to say they don’t know where half of their money went. With a credit card, you can easily track your purchases on your monthly payments. So if you think your wife spent too much for the month, check on your bill, who knows, it might even be you…

It’s easier to pay off. It’s easy to pay credit card bills. All you have to do is find an ATM with your checking or an easy account transfer. Good news is you don’t have to wait a month to pay it off. And guess what, some even lets cardholders pay their bills ONLINE. So say goodbye long lines; Hello to convenience!


You get rewards.

Every time you make transactions you earn point or “rewards” that you can exchange for either gift checks, vouchers, exclusive items or maybe the cash back system. We’re not saying that you use your credit card non-stop to avail of these, but as a matter of fact, it is a nice bonus.

Very exclusive deals. How would you spell exclusive? Its “c-r-e-d-i-t-c-a-r-d”. Why? Because you get a lot of high class services that are only available for those people who hold the cards. Sometimes its discounts on products, dining and traveling first class. Remember the times when you really wanted to buy something and you were able to buy it because of the discount my credit card was able to give me.

We can go on and on with these, but nothing is really important than learning it by experience. Everything has its ups and downs. It’s up to you, as the card holder, to become responsible in how you manage your money. Look into the bigger picture of how credit cards make life easier and who knows you might just even love it. Just be responsible and a word of advice, pay your dues on time, all the time…