A credit card can be a useful way to access extra money when you need it. With this in mind, adjusting the limit on your credit card can give you greater financial flexibility to realise your goals or help you manage how you spend.
You can apply to increase or decrease your credit limit at any time. For instance, you can apply for a credit limit increase if you’re faced with some unexpected expense. Alternatively, you can decrease your credit limit if you’d like to manage your spending more closely.
Most credit cards also let you set up a daily spending cap, which could act as a spending safeguard while letting you access extra funds if you need them later on.
Most credit card providers let you apply for a change to your credit limit in a few simple steps through your online banking, via their mobile app or by phone. You can apply online at any time, which may make this the simplest option – it’s just a matter of filling in the relevant information and hitting ‘submit’.
If you’re applying for a credit increase, your bank will most likely need details of your financial situation to ensure your new limit is suitable for your needs. If you’re set up for Westpac Live Online Banking with us, you can apply to increase or decrease your credit limit online.
Things you should know
Credit criteria, fees and charges apply. Terms and conditions available on request. This information does not take into account your personal circumstances and is general in nature. It is intended as an overview only and it should not be considered a comprehensive statement on any matter or relied upon as such.
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