Are you trying to increase your available credit? Find out the quick process you can take to apply for a credit limit increase with Barclaycard, as well as how you can improve your chances of success when you do. Image source: Getty Images.
Ideally, you want to be able to use your credit card for typical expenses without micromanaging your balance to avoid hitting your credit limit. This is difficult to do if your credit limit is too low, in which case you might want to ask for a raise.
Applying for a credit limit increase is easy with Barclaycard credit cards, and you can even manage it online. If your income or credit score has changed since you opened the account, or even if you’ve just diligently just paid your bill each month and think you deserve a bigger line of credit, here’s how you can ask Barclaycard. to increase it.
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When you can request a credit limit increase
Barclaycard has a few rules for credit limit increases that you should be aware of:
- The minimum time between credit limit increases is four months.
- If you have experienced a decrease in your credit limit, you must wait at least six months before you can request an increase.
- If you request an increase in your credit limit and Barclaycard denies your request, you must wait at least a month before you can request one again.
Whether Barclaycard approves your request will largely depend on your payment history with the card issuer. When you always pay your bill on time and make full payments, you have a good chance of increasing. If you’ve had late payments or are only paying the minimum amount, Barclaycard is unlikely to increase your credit limit due to these red flags.
While you don’t need more income to increase your credit limit, it does help, especially if you’re asking for a big increase.
How to increase your credit limit with Barclaycard
Barclaycard allows you to request a credit limit increase online or over the phone. To do so by phone, simply call the number on the back of your card. Here’s how to do it online:
1. Log into your Barclaycard account.
2. Click on “Services” and then on “Request a Line of Credit Increase” from the drop-down menu.
3. The page you are on will offer different account services and you will need to click the “Request a credit limit increase” link again.
4. Complete the application page with your employment information, annual income, and desired increase in credit limit.
Pro tip: Go for a realistic amount, but aim high. Even if Barclaycard thinks your demand is too high, they might still give you a smaller raise, so it’s better to exceed than underestimate.
Let’s say your current credit limit is $ 10,000 and your income has increased significantly since you applied for the card. It is better to ask for $ 15,000 and get $ 12,500 than to ask for $ 11,000 and get $ 11,000.
5. Submit the request.
Decisions are often made instantly, otherwise the standard response time is 24 hours. There are three potential outcomes:
- Barclaycard approves the increase you want.
- Barclaycard approves a lower increase than requested.
- Barclaycard denies any increase.
Why ask for a higher credit limit?
The main reason to increase your credit limit is to avoid high credit usage. Since credit usage is 30% of your FICO® score, you want to keep it as low as possible. It’s easier to do with more credit available.
This is especially important when placing every purchase on your credit card, which is a smart way to maximize your rewards. For example, with the Barclaycard Arrival® Plus World Elite Mastercard®, it makes sense to use your card for all of your spending in order to earn as many miles as possible. But in order to do this, your credit limit needs to be high enough that you don’t use too much credit in the process.
The one thing you shouldn’t do with a higher credit limit is start spending more than usual. Stick to your regular budget and don’t buy more just because you can.
Can your credit limit increase automatically?
Most card issuers, Barclaycard included, will perform an occasional review of your account and potentially increase your credit limit. Hopefully, you can get the raise you want without having to apply for it yourself.
Best Barclaycard credit cards
Barclaycard has a whole list of cards, and if you’re not sure which one you have is the perfect one, you can check your options on our page with the best credit cards.
Remember that another way to increase your total available credit is to get a new credit card. Although you shouldn’t do this just because, it is worth considering if you find another Barclaycard credit card that better meets your current financial needs, whether you are looking for a low interest rate card or l one of the most rewarding cards.