As your lifestyle changes, you may be searching for ways to increase your credit limit without hurting or harming your credit score. Here we’ve listed down the step-by-step guide on how to increase your credit limit for cards from Maybank, CIMB, Citibank, Hong Leong, AEON, Standard Chartered Bank, Public Bank, and more.
Your credit card limit is just like a highway. As the economy develops and more people inhabit an area, the said highway will have to be expanded to meet transportation demands.
If you’re relatively new to credit cards, you may ask - what’s a credit limit? Very simply put, it’s the maximum you can charge to your credit card, and is usually put in place to stop you from overspending.
The credit limit on your card is usually determined by your income. In most cases, banks would give you a credit limit of 2x your monthly salary. If you have a humble paycheck, there’s a chance you’ll have an equally humble credit limit (and vice-versa.)
However, there are times when you just need a little more room to swipe. Increasing credit limit is a common consideration, especially if you’ve outgrown your limit.
For instance, you may have encountered an emergency that involves an unexpectedly large spend. Or you may need that extra room because you now want to give your loved one a supplementary card.
Regardless of why you need a credit limit increase, the question remains of whether or not this is a wise choice.
There are many factors to consider when deciding on whether to increase your card's limit. Let’s dive into the pros and cons involved.
On one hand, increasing your credit limit gives you more spending power to meet your needs and wants. This is especially useful if you have a major milestone in life - a wedding, a new home or a new addition to your family.
On the other hand, if your financial history resembles one struggling stay afloat in choppy waters, increasing your credit limit may be a bad idea .
First off, if you’re struggling to pay your debt, chances are, banks won’t actually agree to giving you a credit limit increase. If you’re already trying to survive the rough seas - increasing your credit limit at this point would be akin to attaching an anchor to your feet.
More importantly, your credit limit WILL affect your credit score.
Your credit score is a 3-digit number that indicates your creditworthiness. It’s what banks, lenders insurance companies and other relevant authorities use to gauge if you’re financially healthy or not.
The higher your score, the more positively you will be viewed as a borrower. Similarly, you will gain more favorably treatment when it comes to financing terms and conditions.
If you have a higher limit and an equally high usage, you’ll run the risk of having a high credit utilization rate. If you increase your limit without actually increasing your expenses, then you’ll have a lower utilization rate. Let’s demonstrate:
RM4,000 / RM5,000 x 100% = 80% utilization rate
RM4,000 / RM10,000 x 100% = 40% utilization rate
From the above, here’s the takeaway as to how increasing your limit affects your credit score.
In general, an increased credit limit will not itself affect your credit score. The way you behave with the new limit will, however.
If you maintain a high credit utilization rate , or if you struggle to pay your credit card bills, this will have an impact on your credit scores.
The general guide is to keep your utilization rate below 40% of your limit to maintain a good credit record. The other is of course to make timely payments.
As an increased credit limit means bigger responsibilities, it would be wise to only request for this when you have a significant pay raise. The more income you have, the easier it will be to cover your debt if you ever overspend.
Keep in mind that, in most cases, you’ll need to provide your most recent 3 months’ pay slip - you may want to wait till you have these documents before requesting for an increase.
Also, if you have an unhealthy credit score, you may want to remedy it as best you can. Requesting for a limit increase when you have a low score will likely leave you disappointed.
There are many ways to fix this, and you can start with paying all your bills on time. One thing though - improving your score is a slow burn process, and roughly takes about 6-12 months before you see an improvement. Hang in there, be diligent, and you’ll definitely see results.
If you’re planning to increase your limit because you’re planning to go overseas, you may want to request this early as the process can take a few days to complete. You definitely don’t want to be caught unprepared when you’re about to travel.
As for how much credit limit you should request for, the truth is that there is no hard and fast rule.
It will depend largely on how much income you have, and how good a paymaster you’ve been to your bank (basically your credit score). These are the main factors that will guide the lender's decisions.
For your convenience, we’ve compiled the following step-by-step guide from the websites of the respective banks. These steps are accurate at time of publishing, and are subject to change depending on each bank’s plans.
Be prepared to share some official documents to help your banks consider your application, which may or may not include your most recent 3 months’ pay slip, EA form, and EPF statement.
Your request will be at the discretion of the bank, so there are no guarantees that your request will be approved.
1. Download and complete the Credit Limit Review Form.
2. Prepare the latest following documents:
For salaried employees
Either one of the following:
For self-employed individuals
3. Send all the documents to them either via email (customer.service@aeoncredit.com.my), fax (03-7863 7800), drop-off at any one of their branches, or by mail (AEON Credit Service (M) Bhd, AEON Credit Card Sales, Level 5, AEON BIG Subang Jaya, No. 3, Jalan SS16/1, 47500 Subang Jaya, Selangor Darul Ehsan).
*For a temporary increase: Call their Customer Care Officer at 03-2719 9999 instead
1. Go to the Affin Bank credit limit request page here.
2. Fill in your details and press ‘Submit’.
3. Wait for their representative to contact you.
2. Prepare the latest following documents:
For MNC/PLC salaried employees:
For non-MNC/PLC salaried employees:
For self-employed individuals:
3. Send all documents to them either via email (info@alliancefg.com) or by dropping them off at any Alliance Bank branch.
*For Temporary Credit Limit increase: call their Contact Centre at 03-5516 9988. Do note that this is only applicable for overseas travel, hospitalisation, and compassionate purposes.
1. Log in to AmOnline and select on ‘Apply’, then ‘Apply Credit Limit Increase’.
2. Fill up your desired new limit and employer details.
3. Click on ‘Income Documents and choose the type of income documents you want to submit. Click ‘Upload Now’ to upload your file.
4. Upon accepting the T&C, click on ‘Confirm’. You can then proceed to ‘Request TAC’.
5. Key in your TAC, and end your request. You will receive an SMS and email notification to indicate a successful submission.
1. Download and fill up the Increase/Decrease Limit and Card Upgrade/Downgrade forms here.
2. Prepare a copy of your latest 2 months’ payslip or 6 months’ bank statements with the latest B Form and tax payment receipt (if self-employed) for processing. If you have changed jobs, please include a job validation letter.
3. Get in touch with the bank directly to submit your documents.
2. Prepare the following documents:
For salaried employees
For self-employed individuals
For commission earners
3. Submit your completed forms via email (cardservices@bsn.com.my).
Call their Customer Service centre (03-6204 7788) for step-by-step guidance. However, do also prepare the following documents:
For salaried employees
For variable income earners
For self-employed individuals
1. Fill up the application form here.
2. Be prepared to submit at least one of the following documents:
Salaried foreigners working in Malaysia must also include the following documents:
3. Click on ‘Submit Now’.
*For temporary credit limit increase:
1. Log in to your Citibank Online account.
2. Click on Services > Card Services and select ‘Temporary Credit Limit Increase’ under the credit limit increase tab.
3. After filling in your desired credit limit (subject to approval), effective date, and reason, click "Next". In the next screen, check that your details are correct, before ticking the Terms & Conditions box. Lastly, click "Confirm" to submit.
4. Your temporary credit limit increase will be granted instantly, and will be reflected in your account credit limit.
5. If you prefer speaking to someone directly, you can contact their CitiPhone Banking:
How to increase credit limit via Connect Online Banking:
1. Log in to Connect Online Banking
2. Go to ‘Other Services’
3. Go to ‘Request Increase in Credit Limit’
4. Follow instructions to complete steps
How to increase credit limit via Connect Mobile Banking App:
1. Log in to Connect Mobile Banking App
2. Tap on ‘Menu’ > ‘Services’
3. Tap on ‘Credit Card’ > ‘Request Increase in Credit Limit’
4. Select Credit Card(s)
5. Follow instructions to complete request
(Excerpt taken from this HLB page. For more info, contact HLB directly.)
Please contact the bank directly to discuss a credit limit increase option:
1. Login to Maybank2u
2. Click “APPLY”, then click “CARDS”
3. Click “INCREASE NOW” at “Increase Credit Limit”
4. Fill up all the details and upload your latest income documents.
(Excerpt taken from this Maybank page. For more info, contact Maybank directly.)
Please contact the bank directly at 03-2176 8000, but be prepared to submit the following documents:
For salaried employees
For self-employed individuals
For individuals with variable income
For individuals with other income
For individuals with overseas income
We also found this helpful excerpt from this Public Bank page:
For Cardmembers who earn RM36,000 per annum or less, the maximum credit limit extended shall [be] two times of Cardmembers’ monthly income.
Where the Cardmember operates two or more cards with the Bank, a total Combined Credit Line will be extended to cover the use of all the cards held by the Principal Cardmember and the Supplementary Cardmember(s), if any. If preferred, the Supplementary Card may be nominated with a separate Credit Line from a minimum of RM1,000. Emergency temporary Credit line extension will depend on circumstance and payment record.
Please contact the bank directly at 1300-888-888 or +603-7711 8888, but be prepared to provide the following:
For salaried employees/commission earners
For self-employed individuals
To increase your credit limit, you also need to have maintained your credit card account with the bank for at least six months.
1. Call their 24-hour Call Centre & request for a permanent/temporary credit limit adjustment.
2. Fax in your three latest income documents to 03-2690 0121. You can also send it via email (uobcustomerservice@uob.com.my) or mail (PO Box 11212, 50738 Kuala Lumpur).
For salaried employees
For self-employed individuals
Before requesting an increase in your credit limit, it would be wise to consider if you have the financial capacity to do so.
In brief, if you want to increase your credit limit without affecting your credit score, it would involve you maintaining a low credit utilization rate and being a trustworthy paymaster if your new limit has been approved.
If you want to improve your credit score, consolidating your debts is a good starting point. Find the best balance transfer credit cards with us, starting from 0% balance transfer rates. Contact us to know more about credit limits and how our cards can help you.
The CompareHero.my team is comprised of many talented individuals, sharing their knowledge, experiences and research to help others make better financial decisions.
