¡Hello there! We’ll walk you through the process of raising your CIBC credit card limit in simple stages. You’ll probably need to raise the credit limit on your CIBC credit card in order to spend more money without restrictions. We will walk you through the procedure, and you can discover some information regarding this restriction at the conclusion of this post that you might find interesting.
Process for Raising Credit Card Limits at CIBC
Now, you must do the following actions in order to apply for a credit increase on your CIBC card:
- Go either to the CIBC Online Banking website or the Mobile Banking app.
- To get going, log in to your account.
- Choose “Customer Services” from the menu.
- Choose “Apply for a credit limit increase” and then adhere to the instructions.
- That’s all, then! A few days may pass before you get the confirmation. The amount you requested will be applied right away after it has been approved.
You may always call a CIBC specialist if you need assistance seeking the expansion. For individuals who prefer to make requests via phone, they provide a customer care number. Call 1-800-465-4653 and request an increase in your credit limit if you wish to do it; they will walk you through the process.
Qualification for an Increase in CIBC Credit Card Limit
The bank decides your credit limit when you initially get your credit card, mostly based on your credit history. In other words, your CIBC credit card limit is based entirely on your income, the debts you have and have not paid, and your credit score.
The fact is that the bank seeks clients who can pay their credit card payments in full and on time. Therefore, if you pay your payments on time and even in full, you will probably get a high limit. On the other hand, if you have outstanding debts on your credit history, you will be given a low limit.
However, in order to apply for a raise, you must first meet the following criteria:
- The primary cardholder who is applying must be that individual.
- Your credit card has been active for at least six months.
- In the last six months, you have not accepted an offer to raise your credit limit.
- You kept up an excellent payment history for your debts by making at least the minimum payment required each month before the due date.
- Your credit card account must also be in good standing, of course.
I have a CIBC credit card. Is it risky to request an increase in the credit limit?
Everything is always based on how you intend to use the new restriction. If there is an emergency, like paying for medical costs, it is advantageous. In such situation, you’ll have the assurance that you have adequate credit accessible to cover unforeseen bills.
Having a higher limit, nevertheless, also implies that you could occasionally go overboard. Keep in mind that if you go above your limit, you will have to pay your payments with interest. This might lower your credit score, which could make it more difficult for you to have other services approved.
We advise you to use your credit card responsibly and to not utilize more than 50% of the available credit. But you can also ask for a reduction in your CIBC credit card limit at any time. In this manner, you will have less money to spend but more opportunities to pay back your obligations.