How to increase credit limit Commonwealth Bank

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Having more space on your credit card can sometimes come in handy if, for example, you’re planning a big overseas holiday or to purchase a major household appliance, but don’t have time to save the cash. But uncontrolled spending on high-limit credit cards also comes with risk, so it’s important to know your own limits and manage your spending.

Possible benefits of raising your credit card limit

One obvious advantage of upping your credit card limit is that you instantly have access to more funds. Also, many credit cards provide interest-free periods of up to 55 days, which, provided you repay your full balance within that time to avoid interest, can be a useful tool to help you maximise your cash flow.

Paying for day-to-day expenses on your credit card and taking advantage of the interest-free period will mean that funds you’ve set aside to cover these purchases can be working for you – perhaps in a savings account with bonus interest rate, or home loan offset account.

In the meantime, you can take advantage of the benefits of using your card for purchases, such as any rewards program that may be linked to it.

Possible risks of raising your limit

The higher the limit you have on your credit card, the more you might be tempted to spend – which may not be a good idea. Having a lower credit limit can reduce the temptation to spend more money, while still providing a borrowing safety net.

As well as higher credit card bills and interest payments, another possible risk of increasing your limit is that it can also impact your ability to get credit elsewhere. A request for an increased limit may appear on your credit report and reduce the amount of credit that another institution is willing to extend to you.

Most lenders typically look at your credit card limits when deciding how much they would consider offering to you as a loan. Your actual outstanding credit debt is not the issue. A higher limit means they may offer you less than you were hoping or even knock back your application altogether.

So even if you only owe, say, $500 on a $10,000 limit credit card, you’re still likely to be deemed a higher risk than someone who owes $1000 on a $5000 limit card.

Are there other options?

Before committing to any credit card limit increase, it’s important to fully understand your own financial situation, as well as reasonably anticipate your likely future spending patterns based on current and past behaviours. Obtaining your credit report can also be a smart move to better understand your situation before contacting your card issuer about your limit.

An online resource such as the CommBank budget planner can help you work out how much money you’ll have available each month to make credit card repayments, as well as set a timeline for repaying all your debts.

Existing credit card customers can set a spending cap and increase or decrease their limit in NetBank or using the CommBank app.

Why use a spending cap?

Complete control

A spending cap allows you to stay in control all the time. It’s fast and easy to set up and applies to all CommBank cards and additional cardholders on the account.

Flexibility

Want to restrict your day-to-day spending, or perhaps just for a night out or while you’re travelling? A spending cap lets you cap a portion of your limit at a click of a button without having to permanently decrease your limit. You can change or remove a spending cap at any time.

Heads up

Recurring payments such as direct debits, scheduled transfers and bill payments (including BPAY®) will go through, even if they go over your cap. Transfers in NetBank or the CommBank app, bill payments and recurring payments like direct debits won’t be declined even if they exceed your spending cap. In-store and online purchases will be declined.

If you need to make a purchase that exceeds your spending cap, you can turn the spending cap off in NetBank or the CommBank app.

To find out more, see our full Terms and Conditions in NetBank or the CommBank app.

Commonwealth Bank credit cards are extremely popular in Australia for everyday purchases and big ticket items alikers. A number of the card’s functions can be customised, depending on your needs and desires. If you wish to increase your Commonwealth credit card limit using the CommBank, you can usually do so on the app or via NetBank.

In the CommBank app, tap on the ‘Cards’ icon and choose your credit card. Then, click on ‘Credit Limit’ and select the ‘Increasing your limit’ option. If you don’t have the CommBank app, you can also increase your Commonwealth Bank credit card limit through NetBank. Simply log on and go to Settings, then click on ‘Product Requests’ and then choose ‘Credit Card Limit Changes’. 

Once the bank has received your application, they will review your account and payment history. Based on this assessment, your application will either be approved or denied. If approved, your new limit will be applied to your card instantly. 

While increasing your credit card limit may be an easy process, it’s important to remember that you should only request limits that you can manage. A high limit increases the risk of having a larger debt, even with cards that provide generous rewards programs or low-interest rate options. So, it’s important to think carefully and seek advice from people you trust before increasing your Commonwealth Bank credit card limit.

Related FAQ's

Heritage credit card holders can increase their card limits, and typically without any hassles. There are two limits applied to your credit card: your account transfer limit and your credit card limit, each of which has a separate limit.

To increase your Heritage credit card limit, you can contact Heritage on 13 14 22. Unfortunately, you cannot opt to increase your credit card limit online due to security reasons. 

You can, however, request to increase your daily account transfer limit and BPAY® to up to $40,000 per day easily through Heritage Online. To do this,  you'll need to first ensure that your credit card limit is more than $40,000. If it is lower, you’ll need to first ask Heritage for an increase in your credit card limit. 

• It’s important to note that once you change your credit limit, the daily periodic rate and corresponding annual percentage rate will change as well. This is likely to come into effect on the first day of each billing cycle that begins in March, June, September, and December. The effect of an increase in the annual percentage rate and the daily periodic rate will lead to an increased amount of interest you will have to cover in your monthly payment. 

You can opt to increase your HSBC credit card limit in multiple ways. 

The easiest way to change your HSBC credit card limit is through online banking. Log on to your account and click on ‘Manage your account’. Then, click on ‘My Cards’ and choose to change your credit card limit. Simply complete the HSBC credit card limit increase form and click on ‘Submit’. 

You can also request to increase your credit card limit by calling HSBC’s customer service hotline on 1300 303 168. 

Lastly, you can visit any HSBC branch to apply to lift your card limit. 

If you are facing challenges while trying to complete an HSBC credit card credit limit increase online, you can chat with a representative using internet banking. Click on the ‘Need Help’ button on the right of the dashboard and open the chat window to speak with the customer service officer. 

As a Bendigo Bank credit cardholder, you can avail a minimum limit of $500, but if you use your card regularly, you may want to consider increasing it. To increase your Bendigo Bank credit card limit, you can contact the bank’s credit card team on 1300 236 344 and talk to the bank directly.

You can also apply for a credit card limit increase through online banking, by logging into Bendigo Bank web portal or through the app on your phone or tablet. Once you’ve successfully logged in, you'll want  to send a secure message to Bendigo Bank asking them to increase your credit card limit. 

If you cannot access the online portal or the app, you can also apply to increase your credit card limit through the online enquiry form. Simply add relevant information in the required fields and click ‘Submit’. Once you have completed the application, Bendigo Bank should verify your details and analyse your current financial standing. Based on this assessment, the bank will either accept your application to increase your credit card limit or deny it. 

If you want to increase the credit limit on your American Express (AMEX) credit card, you will need to apply through the AMEX Online Services, or by calling the number on the back of your card. You may need to share personal information that the bank can use to assess whether the requested limit is suitable for you and your current financial status. Once your application is approved, your new limit will be ready for use within an hour.

When your income or spending habits change, you might wish to increase your credit card limit. The Qantas Premier credit card allows you to do this over the phone. You can contact Qantas Premier Card Support by calling on 1300 992 700. Unlike some other credit providers, Qantas doesn’t give you the option to increase your limit online.

Qantas will only accept your application if you have a good history of repayment and have not increased your credit or bought another credit product from Qantas in the past six months.

Before approving your Qantas Premier credit card limit increase, Qantas will perform a credit assessment on your current financial circumstances and ask why you would like to increase your credit limit.

To ensure that there are no bumps in your application process, you must provide accurate and recent information about your financial situation. You should also account for any future changes you’re anticipating which could hinder your ability to repay the loan.

Once the assessment is complete, Qantas will either approve or deny your application. If they approve it, you will need to sign a credit limit increase agreement - and you can request a written copy of the credit assessment. However, if your application is rejected, Qantas can opt not to provide a copy of the assessment.

A credit limit is pre-assigned based on factors like your income, expenses, and debt by the card-issuing company. It varies from time to time based on credit utilisation and changes to your circumstances.

If your income has increased or your liabilities have reduced, you can request for an increase of your CUA credit card limit. You can lodge the request via online banking on the website, or by visiting the closest branch, or by downloading the application form and mailing it. While making the application, you may need to provide information about your income, employment status, desired limit, and the reason for the increase. The card-issuing company will assess your request before approval.

Before you apply for an increase to the credit limit, ensure your bills are paid in full and you aren’t asking for a very steep enhancement.

If you’re a Virgin Money cardholder and you’re looking at increasing your credit card limit, the first step is to get in touch with Virgin’s credit team on 13 37 39. 

Once you request a Virgin Money credit card limit increase, the lender will do an assessment of your current financial position to make sure you can repay the credit. Virgin Money will typically take 7 to 10 working days to complete this process.

Virgin Money has strict terms around credit increases. To be eligible, you must have opened your account no less than nine months before making the application. Also, at least six months must have passed since your last credit limit increase. The maximum increase you can expect will be 50 per cent of your existing credit limit.

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