How to Request for an Increase in Credit Limit with Metrobank

A higher credit limit means greater purchasing power. It is great but not that great if you are not good at managing your finances. Requesting for an increase in your credit card limit is that last thing you would want if you don’t want to be buried deep in credit card debts.

Photo courtesy: Metrobank.com.ph

You can request for an increase in your credit limit if you are able to manage your finances effectively. It means you follow a budget, decrease spending, pay down or not use your credit card at all. An increased credit limit also has its advantages such as:

ü Flexibility to make larger purchases

ü Money available for emergency situations

It is important to know how to use credit cards wisely and maintain a good credit history. Some banks and credit card companies can grant you a credit limit increase automatically. In other cases, you can request a limit increase on your own.

Unfortunately, you cannot simply increase your credit limit without the approval of the bank or the credit card company. Some companies and banks prefer that cardholders meet certain requirements before granting an increase in the credit limit.

In general terms, the bank will want to make sure that you have been a cardholder for a certain time. Then, they can review your payment history and use your existing available credit.

Some banks require that you request a credit limit increase over the phone, but most will allow you to do it online.

To request for a credit limit increase online, you must log in to your account and see if there is an account services page where you can request to increase your credit limit. See if your bank has a frequently asked questions page that will explain how to submit a request for a credit limit increase and how to find out if it is approved.

Request For a Credit Limit With Metrobank: Steps to follow

1. Call the detailed number on the back of your credit card to contact customer service.

2. Follow the phone menu until you can talk to a representative about your account. Some menus have a specific number to press if you want to request an increase in your credit limit.

3. Tell the customer service representative that you would like to have a higher credit limit. Indicate how long you have had the existing limit and how well you have managed your debt.

4. Answer any questions that the representative can ask you. You need to mention a reason to request the increase or provide your current annual income.

5. Request that the company send the written confirmation of the credit line for your registration.

According to Metrobank, it usually takes several days even weeks to get approved of a higher credit limit. If you have Metrobank Direct Online, you can check your credit card account to find out if your request for a higher credit limit has been approved.

You may also call the customer service hotline to follow up on your request.

An increase in the credit limit should not be seen as a reward or a free pass to spend extra money that you do not have. Experienced credit card users know that seeing credit cards as free money can generate a debt if they start spending more than they can afford.

Most credit card issuers or banks agree to increase limit on your credit card in the hope that it will lead you to spend more money. They know that if you don't spend money on your card every month, they don't generate so much money from your account for interest and fees.

Remember and keep in mind that the lower you maintain your total utilization rate, the better; A clear example of this is that if you have a credit limit of Php 15,000 and you want to maintain your use at around 20% of your total limit, it means you can only spend about Php 3,000 per month.

Spending more than that will hurt your credit score, if your limit remains low because your total utilization will increase. With a higher credit limit, it is much easier to maintain a low overall utilization rate.

For more information, contact Metrobank Customer Service Hotline.

Metrobank Contact Center

Metro Manila: +632 8700 700

Domestic Toll Free: 1 800 1888 5775