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Credit Cards

How can I increase or decrease my credit limit?

Requesting an increase is easy! You can do this in the comfort of your home by logging into Online banking or our app.

 

Approval of any credit limit increase depends on your circumstances. By requesting a credit limit increase you are authorising us to review your credit history and any other relevant information required to process your request, which will not impact your credit score. Requests should be avoided if:

 

  • Your credit limit has changed in the last 6 months (increase or decrease)
  • You’ve had your credit card for less than 12 months, however after your June 2017 statement date is issued this changes to 6 months
  • You’re over your current credit limit
  • You have outstanding payments to be made to your credit card

 

Please carefully consider any increase to your credit limit as it may increase the risk of taking on too much debt, which may be costly or take a long time to pay off.

 

Decreasing your credit limit can be done just as easily by logging into our mobile app and heading to the 'Account Management' section. You can decrease you credit limit at any time, and the request will not impact your credit score. The minimum that you will be able to decrease your limit to is £250, or 105% of your current balance. You will not be able to complete credit limit decrease using online banking.

Version History
Revision #
12 of 12
Last update:
‎06-10-2017 04:00 PM
Updated by:
 
Comments
james198200

what is the standard credit limit for a tesco credit card for 1st timers

Hi @james198200, thanks for getting in touch. Your credit limit is decided by your financial information, entered in your application, and a credit check, so we don't really have a standard limit! If you decide to apply and you're accepted, we'll let you know your limit at the end of the application. If it's not suitable, you can withdraw from the application at that time. I hope that helps, but please get back in touch if you have any other questions – Scott

james198200

i  got my pin number on monday  but havent yet recieved my credit card

Your card should follow your PIN by a maximum of seven working days @james198200, so you should have it by early next week :-)

piplong

Hello 

 

I'm using the desktop online banking and I can't see to see the option to change my credit limit. I wanted to transfer a balance of from a card with a higher interest rate approx £1800 but I've only got £1250 of credit left. I'd then pay it off at a fixed monthly rate. I think I recall seeing an offer of 0% on balance transfers 16-30 months for .2.69% fee. The illustrated amount was £1200 but don't know if that's a hard limit or if its available to existing customers. If so I'll have credit at different rates..I assume by default payments pay off the lowest % rate first? My credit rating seems to be good - although I extended a loan recently and applied for a CC but its all about consolidation to minimise interest. 

 

Kind regards,

 

Phil

 

Thanks,

 

Phil

piplong

Hey - I found a way to increase it via the phone app. If you could respond to my queries re the balance transfer I'd appreciate it, or just point me in the right direction.

piplong

I suppose there's nothing to stop me paying off my current Tesco card, closing the account and applying for a "0% Balance Transfer Fee Credit Card", unless Tesco has any policy restrictions which disbar me from qualifying as a 'new customer' for a certain period? I guess if I did lot a off shuffling it might harm my credit record but don't need todo a lot?

Hi @piplong, thanks for getting in touch. I'm glad you've been able to increase your limit, the option to lower and raise the credit limit via the app was recently added :-) 

 

In terms of our accounts, you're able to hold more than one Tesco Bank credit card at a time, and this means that any new 0% interest terms are available. You can also decide to close one account before you apply, but that would be down to you. As you mention, any further applications will show on your credit file. 

 

If you want to check and see if there are any 0% interest periods available on your existing card, you can call us on 0345 300 4278, open 24/7, and our team can let you know.

Debbzzee

Can anyone let me know if Tesco bank credit card has received a letter saying you limit has been increased. But Tesco has not put it in account, and not sent any correspondence saying you cannot have it now for some reason. Very unprofessional I don' understand why they would send a letter out you inform you of an increase, yet not one to say why it is not in on the day it should be 

Hi @Debbzzee, we would contact you if a proposed limit increase wasn't going ahead. I've checked and the next group of increases isn't due at the moment. Can you confirm what date the letter states?