A credit limit increase is when the maximum amount of credit available to you on your credit card is increased.
This means you’ll have more available balance to spend before you reach your credit limit.
As a responsible lender, we want to be sure you can comfortably manage your repayments. Increasing your limit gives you more flexibility to spend. But a higher balance means a bigger minimum payment and possibly more interest charged. So, always make sure this is affordable.
We’ll automatically review your account every month and let you know if you’re eligible. Unless you’ve told us you don’t want to receive offers of credit limit increases, we’ll let you know via the app, by email or SMS. It’s a good idea to check your credit limit preferences in case you opted out of offers in the past.
You can set and control your preferences in the Vanquis app:
- tap the ‘Person’ icon top right of the home screen
- tap the ‘Account preferences’ tile
- tap the ‘Manage credit limit’ tile
- tap the ‘Credit limit increase offers’ tile
Jump to the Profile and settings screen.
Things to note:
- your credit limit is the total amount you can borrow on your card.
- if you or an additional cardholder exceed it, the card may be stopped. The primary cardholder must repay the over-limit amount, and you may also have to pay an over limit fee.
We may refuse to carry out a transaction if:
- you’ve already gone over your credit limit or daily cash limit; or,
- you would go over your credit limit or daily cash limit if the transaction went ahead
We may end your agreement if you keep going over your credit limit.
To see if you’re eligible for a credit limit increase, on the home screen of the app:
- tap on the ‘Offers’ tab
Jump to the Offers screen.
