The Indigo Credit Card’s maximum Limit is $300.
While it is the maximum the card can issue to anyone, there’s no limit to the lower amount. The fee charges are $59 per annum for assessment setup and maintenance. The annual fee will deduct from your total credit limit.
Having a higher credit limit myindigocard will benefit you in many ways. If you’re looking to build or rebuild your credit report, having a high credit limit can increase your usage as well.
For keeping your record clean and healthy, it is advisable to use not more than 20 or 30% of your whole limit. Thus, the higher the limit you get, the higher is your ability to spend more. It also aids in improving the credit score.
Also Check: How do I cancel MyIndigo Credit Card?
How to increase your Indigo Credit Card Limit?
The limit issued to you is based on many factors and primarily on your past record. If you’re looking to get your MyIndigoCard limit increased, one can do two things-
- Wait until you get an offer from the issuer.
- Apply for an increase in your credit limit.
Generally, after getting your card issued, you can not ask the issuer to increase it unless you complete the successful 6 months with the brand.
And in most cases, the company will re-evaluate your credit history and terms you have maintained with them.
On the basis of that, your limit will increase or decrease. If you have yet not got an offer from the issuer itself, you can apply for the same. But before you do it, there are a few things that you must go through.
If you have more doubts and questions check out our FAQ page.
Who is eligible to request a higher credit limit from an Indigo card?
Before you jump on how to increase your credit card limit, it is vital to know who is eligible to crack the eligibility criteria.
While considering the increase in the limit of your credit card, the card issuer will also consider many factors. Factors such as your income, your credit score, credit history, whether you’re making payments on time or not, and if there’s any new inquiry made from you for your credit report or for applying for a new credit loan are important.
After going through all these points, the issuer will consider it.
However, if you have recently inquired about a credit line, or holding multiple secured credit cards, or have received a sudden increase or decrease in your credit limit from any issuer, you must not apply to increase your credit limit.
If you think you are eligible for the card, still you are denied you can contact MyIndigoCard Customer Support
Factors to Consider Before Applying for the Credit Limit to Get Increased
There are a few factors that one must consider before they head to apply for their credit limit increase from the card issuer.
- The timings- The timings matter a lot in this area. If because for any reason, you have missed your payment this time and have made a late payment, be it one day late too, you must not ask for it unless you make it on time for the next few months in a row.
- Hard pull- For your information, the more you enquire about your credit report, the more negative impact it will leave on your report. Having said that, if you have recently requested a credit report or have made an inquiry for a new loan, it is better to wait for some months.
- Your score- Your credit score determines your credit limit. If you are their existing customer, you must make timely payments and not use more than 20% of their given credit line and it will surely aid in improving your credit report. If you are using the card heavily, you must not demand an increase right now. If you’re a new user, your credit score must be somewhere between 300 to 639. If you do not lie under these criteria, it is a no for you as well.
Once you have applied for the Credit Card know How to Check Indigo Credit Card Application Status? or can check the status via Indigo Credit Card App
Things to do to increase your Credit Limit
Here are the given tips that can aid you in increasing the chances of getting your credit limit increased. Please note that we do not claim an instant increase from the limit, however, these tips will help you in long term.
- Pay your bill on or before time- If you’re using your credit card every month, you know that the bill will generate on every fixed date of the month, and you will be given a few days for paying the same. Ensure that you always pay your bills in advance or on time. Do not delay it even for a single month.
- Limit your usage to 20%- From any credit card you have been issued, you must not use it more than 20-30% of its limit unless it is very urgent. Keep your usage as limited as possible.
- Don’t hold multiple cards- Even if you have more than 1 credit card issued already with you, try not to use all of them. If you hold many, make sure you do not touch as many cards as possible. If you don’t hold them right now but is willing to, do not do it as your chances of getting your credit line increased will be impacted from the same.
- Do not enquire about your credit score- You must be excited to know whether your credit score has been boosted yet or not. However, do not enquire about checking your credit score as it will also harm your credit report.
- Do not use the cash-out feature- Keep this feature as your last resort and try not to utilize it. You will get the feature of getting the cash out of the ATM using your credit card. But make sure you do not use this feature as it might not be a smart decision for boosting your credit limit.
- Reduce your financial liabilities- If you are already carrying a loan or is in debt from any financial institution, you must clear off your debts and then apply for an increase in your credit limit.