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Credit Card Limit: How It Works

Limit is the amount you can spend on your credit card as long as you are paying your monthly bills on time. That’s how much the Bank understands, when analyzing your …

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Limit is the amount you can spend on your credit card as long as you are paying your monthly bills on time. That’s how much the Bank understands, when analyzing your consumption, that it can be lent to you.

Do you use your credit card and sometimes realize that even paying your bills on time, you can’t make purchases? You may not be able to use your credit card limit.

Read in this article some tips on how to use this limit to your advantage and not get stuck in debt!


Understand How Credit Card Limits Work

What is the first step in not breaking the card limit?

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The limit depends on how much you move in your monthly account. However, when the consumer makes a split purchase, this limit amount is retained until the payment is made in full.

In some banks, the customer even receives a limit increase, but at a high cost. Therefore, having control over purchases made is the first step in not breaking the credit card limit.


How to raise the limit?

credit limit

The bank constantly advises your ability to pay according to deposits made to your account, such as a salary or pension. Compared to the amount that goes out of your account, it sets the value that you believe can be covered by your monthly income.

If you would like to increase your limit, you will probably need to bring documents to your account manager, such as proof of income or bank statement to prove your ability to pay.

However, be careful when requesting a limit increase, plan to spend less than half of your salary on credit card use!


What is the withdrawal limit?

withdrawal limit?

Some cards also allow cash withdrawals in Brazil or abroad and their limit is included in the total limit.

Although it is practical, it is necessary to be careful, because this service is nothing more than a loan, since interest is charged on the amount of money withdrawn.

Use this feature carefully to avoid blocking your limit or accumulating debt. Abroad, this withdrawal may also include local or international taxes. Therefore, check with your bank or card company before you travel to find out how to use the service.


What are the limit control tools?

What are the limit control tools?

To help you have control over your limit, we recommend using personal finance manager applications.

In this type of application, simply fill in the date for your credit card and the software is fully responsible for assisting you in this activity, telling you how much you have spent and how much you will have available at that time, for example.

Plus, they have a variety of features such as interactive charts, goals, budgets, and due dates alerts that will make it easier for you to manage your finances because you can have control of your financial life in the palm of your hand.

One such application is Claudia, a personal finance manager who is available on the web as well as Android, iOS or Windows Phone systems, making it an excellent choice for personal finance control.