Managing your credit card limit with our Mobile Banking App
Changing your credit card limit isn’t something you should do without taking time to consider whether it’s right for you. But once you’ve had a chance to decide whether or not you need to, then like everything else at Tesco Bank we want to make it as easy as possible.
If you’ve decided to change your credit limit, our latest app release makes the process of either decreasing or increasing your credit limit simple, and it takes just seconds. If you’re looking to decrease your credit limit, here is what it looks like.
You’re able to decrease your credit limit at any time. Increasing your limit, however, comes with an in-app approval step and will depend on your current circumstances.
If you’re in one of the scenarios below, you’re unlikely to be approved for an increase:
You have changed your credit limit within the last 6 months (increase or decrease)
You have 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 already at the maximum credit limit we can provide you
Your balance is over your current credit limit
You have outstanding payments to be made to your credit card
So if you’re applicable for a credit limit increase, you’ll just need to know your annual income to get going. Have a look at the screens below to see what the journey looks like.
If you have more than 1 credit card with us, then you will not be able to manage your credit limit within our app, but you can still do this through online banking or by simply giving us a call. In requesting a credit limit increase you are authorising us to review your credit history and any other relevant information required to process your request. Your request won’t impact your credit score.
Please carefully consider if you need a higher 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.
As always, we really appreciate your feedback on the enhancements we’ve made to our app, so why not leave us your thoughts in the comments below about this new functionality. And if there’s anything you really want to see in the app, just let us know.