Why is the credit card limit so low? What should I do if I don’t want to use it anymore?

I believe that when everyone applies for a credit card, they want their limit to be higher, but in fact, many people are not satisfied with the limit after their credit card is approved. When they see that their credit card is so much lower than other people’s cards, they must be worried. You may want to know the reason for the low limit, and some even don’t want to use it when they see the limit is so low. How to solve these problems? Let’s take a look.

1. Why is the credit card limit so low?

1. Occupational reasons

Banks prefer some stable occupations, such as civil servants, teachers, etc., and will approve them with more card limits than ordinary company employees. If they are in some high-risk industries, Not to mention that the limit is low, you may not even be able to apply for a credit card.

2. Reasons for income

Income determines the applicant’s repayment ability. The higher the income, the stronger the applicant’s repayment ability, and the bank will naturally be willing to approve the application. Large-deposit cards; with low income and weak repayment ability, banks will definitely lower the card approval limit in order to avoid risks.

3. Card reason

The credit card limit is also related to the card level. Many banks divide credit cards into several levels. The higher the level, the wider the limit range. For example, the maximum limit of a regular card is 10,000 yuan, the maximum limit of a gold card is 50,000 yuan, and the minimum limit of a platinum card is 50,000 yuan, so the difference in the limits between card levels is obvious.

4. High debt ratio

If the debt ratio is too high, it will be classified as a risky customer by the bank. The bank will think that this type of customer has poor repayment ability. In order to avoid lending risks, Only cards with low credit limits will be approved. However, most banks only look at customers' debt status for half a year, and everyone only needs to reduce their debt ratio half a year in advance.

2. What should I do if my credit card limit is low and I no longer want to use it?

Using a card or not using a card depends on your own needs.

I can only tell you that the credit card limit is not fixed. There is still a lot of room for raising the limit on low-limit cards. As long as you persist in using it, you will eventually develop a large-limit card one day.

If you don’t want to use the card, it’s best to cancel it. If you just shelve the credit card and ignore it, there will be various risks. If you cancel the card, it will also leave a record on the credit report. If you go to the bank to hold a grudge, you may be blacklisted, and it may not be easy to apply for a card in the future.

What should I do if my Bank of China credit card limit is low and I don’t want it?

Bank of China will proactively increase the fixed limit for you from time to time based on your consumption and repayment status; you can also use Bank of China Credit Card WeChat If you apply for temporary quota adjustment through official accounts, Colorful Life APP, online banking, mobile banking, or customer service hotline, our bank will apply for it based on your card usage. Our bank's credit card activities are rich and colorful, and it is recommended to continue to use them.

The above content is for your reference, please refer to actual business regulations.

What to do if the credit card limit is too low

Generally, credit cards have a limit. If you exceed this limit, you cannot use it as an overdraft. So what should I do if my credit card limit is too low? Let me talk about this issue below.

01

When you apply for a credit card and the limit is too low, it is usually because you provide too little information to the bank. You can call the credit card issuing center (there is a phone number on the back of the credit card) to apply for an increase in the limit. .

02

It is not enough to apply for a credit increase verbally. You need to provide the bank with information to prove your property and repayment ability, such as salary slips, passbooks, real estate information, etc.

03

The bank will raise your credit limit, which requires an review process. During this process, you can first use the temporary limit of your credit card to make full use of the temporary limit, which will be beneficial to the bank. Give you a raise.

04

The credit card limit can also be increased slowly by using it more frequently. However, whether it is a credit card installment or a temporary limit, timely repayment is necessary. Maintain good credit and the credit card limit will always increase.

What to do if the credit card limit is low and you don’t want it

If you don’t want this credit card, please call the credit card customer service number on the back of the credit card and transfer to manual customer service to apply for cancellation of the credit card. Before applying to cancel a credit card, check with customer service to see if the card owes an annual fee. If the card owes an annual fee, you must pay the annual fee before applying to cancel the card to avoid affecting your personal credit record. Because some banks deduct the annual fee in advance after placing a credit card, and then waive the annual fee after the cardholder meets the consumption requirements. For example, Industrial Bank's Gold Card and Platinum Card, as long as these two credit cards are issued, an annual fee will be charged regardless of whether the user has activated them.

1. Credit card, also called credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit.

It is in the form of a card with the issuing bank name, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

2. Reasonable use of credit cards:

1. We must make full use of the interest-free period of credit cards.

Credit cards from different banks have different interest-free periods, but they are basically more than 30 days, and some banks can even reach more than 50 days. If we can repay the credit card in full before the due date, this basically means that we enjoy an interest-free period of 30 to 50 days in advance. For those who can use credit cards flexibly, we can completely regard this period of time as our stable cash flow.

2. It is best not to use installment payments and minimum repayments, and do not actively withdraw cash.

Some people cannot repay the credit card in full before the repayment date, so they use installment payments and minimum repayments. These two methods seem to be able to alleviate a person's financial problems, but they have very high annualized comprehensive interest. Generally speaking, the annualized comprehensive interest rate of a credit card can reach about 18, which is already very high. At the same time, active credit card withdrawals will also incur high interest charges.

3. We can participate in credit card points activities.

Each bank's credit card will basically launch corresponding points activities. When we use corresponding consumption behaviors, we can obtain the corresponding points amount. After we accumulate a certain level of points, we can use the points to exchange for items of equal value. I suggest friends to pay more attention to the points activity of their credit cards. This is also a process of gathering less and making more.

That’s it for the introduction of what to do if your credit card limit is low and you don’t want it anymore.