HSBC Credit Card Limit is set by the bank. HSBC Credit Card Limit is the maximum spending limit given on credit cards. Factors deciding the credit limit and the ways via which credit limit can be enhanced are mentioned below.
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How is HSBC Credit Card Limit Decided?
The factors via which the HSBC credit card limit can be decided are as follows:
Credit History of the Cardholder: This is one of the primary factors via which HSBC credit limit is decided. The bank checks upon the credit score of the applicant and his past banking experience to analyze the credibility.
Income: The income of the applicant has a substantial role to play while determining the credit limit for a card. A high income serves as a guarantee for debt repayments.
Outstanding Balance/ Debt: All the previous transactions will be declined if the credit card is not funded fully or partly. Suppose, the total outstanding exceeds the credit limit, then all the purchases or cash transactions done through the credit card will be declined.
Add-on Cardholder: In case there is an add-on card holder for a specific credit card then the credit limit approved by the bank is shared between the primary cardholder as well as add-on cardholders.
How to Increase HSBC Credit Card Limit?
Credit card limit can be increased by the following ways:
- The issue date of the credit card should be higher than 6 months in the least
- There should not be any modifications or increase/decrease in the credit limit within the previous 6 months
- At least one transaction or purchase should be done with the credit card
- The credit limit of the credit card must not be exceeded
- Once the credit bureau check is done as per the discretion of the Bank’s, the credit limit enhancement will be initiated
- The KYC of the cardholder must be updated recently
The essential documents required for increasing the credit card limit are mentioned below:
The salaried employees must have one of the below-mentioned self-attested copies for income proof.
- Bank statements of the last three months showing salary credited and pay slips
- Recent Income Tax Returns
- Form 16
The self-employed people must have any one of the following self-attested copy for income proof
- Latest Income Tax Returns
Anyone of the below-mentioned documents must be submitted by both self-employed and salaried people. The copy of the ID proof must be self-attested.
- Passport
- Government Employee ID card
- Election/Voter’s ID
- Defense ID Card
- Permanent Driving License
- PAN Card
Frequently Asked Questions (FAQs)
When will the bank process my request for credit card limit increase?
The credit limit increase request will take 3 working days for processing after the verification of the form and documents submitted. If your request gets approved, then you would be able to check the updated credit limit in the subsequent credit card statement.
Is it possible to decrease my credit limit?
Yes, you can decrease your credit limit.
Will the add-on card also get the increased or decreased limit?
Yes, the modification done regarding limit enhancement will also be added to the add-on card.
Will I receive any notification if the bank declines the request?
Yes, you will be notified via SMS if your enhancement request gets cancelled.
If the bank reduces the credit limit, will I be notified?
Yes, you will receive an SMS after the credit limit reduction takes place on your card.