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Credit Card Limits 

Discover tips for staying within your credit limit to avoid fees, and, if it's the right option for you, find out how to request a credit limit increase.

 

 

What is a Credit Card limit?

 

A Credit Card limit is the maximum amount of credit you can use on your Card, set when your application is approved.


 

Should I increase my credit limit?

 

A higher credit limit may offer greater flexibility and convenience to meet your financial needs. However, it may also increase your risk of taking on too much debt, which could be costly, or take a long time to pay off. So carefully consider the pros and cons.

 

If you’re looking to cover a large purchase, do the sums to confirm you can afford timely repayments before applying for an increase. Credit limit increases are subject to approval and therefore not guaranteed.

 

Increasing your limit in response to expense and repayment struggles will only really add to the issue:

 

·      It could open you up to more debt.

·      A high credit limit could prevent you from qualifying for important loans like mortgages. Potential lenders pay

       attention to the amount of credit you already have access to.

 


 

How to increase your credit limit

 

You can request to change your credit limit at any time with American Express. If you’d like to request a credit limit increase (subject to approval), you can do this via your Online Account or by calling the number on the back of your Card.

 

Before you apply for an increase, consider your personal financial circumstances. We’ll need to assess your capacity to repay the higher limit before we approve it, looking into things such as your credit history, reports and income level.

 

From time to time we may offer to increase your credit limit if you meet certain criteria. To manage how we send you offers, or to opt out of these communications, log into your Online Account or call the number on the back of your Card.

 

If your existing limit is higher than you need it to be, you can request a credit limit decrease – as long as it remains above the minimum limit and your total balance owing.


 

If l choose to lower my Credit Card limit, can I increase it again?

 

Yes, you can apply for a credit limit increase at any time. Approval will be subject to our approval criteria.


Tips on staying within your credit limit

 

Know your credit limit

Knowing your credit limit is the first step to making sure your balance stays under control. You can reduce the risk of going over your limit by making regular payments through one of our many payment options.

Pay off as much as you can

Paying more than the minimum amount required will reduce the amount of interest you’ll be charged and will help you pay your balance off faster.

Make use of our tools

You can log in to your Online Account or download the American Express® App to keep track of your spending and more while you’re on the go.

 

What is the highest limit I can apply for?

 

Your highest lmiit will depend on your financial circumstances as well as the Credit Card you choose.

How does the limit differ between a Credit Card and Charge Card?

A Credit Card will have a set Credit limit. A Charge Card comes with no pre-set spending limit1, which means your spending limit can vary depending on a variety of factors . You’ll also be required to pay the full closing balance on your Charge card every month.

How do I avoid or limit Credit Card fees?

 

Be smart with your repayments

Make sure you know when your Credit Card repayments are due, and, if possible, pay off as much as you can to reduce interest.

 

Sign up for SMS and email alerts

Get informed instantly with text and email alerts. There’s a range of useful notifications to help you avoid paying additional fees. Choose when you’d like to receive your alerts and whether you’d prefer to be contacted on mobile or email. You can also place your alerts on hold when you travel, or change the time zone they arrive in.

 

Track your expenses

Log in to your Account regularly or download the Amex App to access your current statement and Account details.

What do you want from a Card?

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Choose the Card with benefits that best suit you.

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No Annual Fee

 

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