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Monday, December 05, 2022

Now 30: Government wants to increase credit card limit

Now 30: Government wants to increase credit card limit

Within the framework of the implementation of the Now 30 program, which allows access to financing in fixed installments for the purchase of TVs, air conditioners, refrigerators, washing machines and cell phones, the Ministry of Commerce works with financial institutions to help banks Increase the credit card limit, and prevent consumers from facing difficulties in taking advantage of the program.

The plan considers purchases with a limit of $200,000, with the exception of phones, which have a limit of $120,000. And it offers a rate of 48% per annum, which is half of what is offered in the market today, which means the consumer should have a substantial limit on their credit card.

From the financial sector, most financial institutions ensure that they update the card limit permanently. In some cases, automatically, while in others they are pre-approved and activated when requested by the customer.

Earnings are typically updated periodically based on growth projections, so that the quota proposal aligns with the holder’s assets.

Each bank usually has its own mechanism for requesting a credit card limit increase. This is typically accessed by telephone, home banking, sending an email to the parent branch, or in person.

Institutions analyze each request based on the credit status of the customer, i.e. according to their history. For example, they verify if the consumer has loan balances, if he took out loans and paid them off, or if they cancel card details on time. Another factor to consider when analyzing grants is that the client has a steady income.

In some banks, customers who collect from that entity or who have been in service for more than a year without arrears, have a pre-approved upper limit that is updated from time to time based on earnings growth projections. which can be enabled from any online platform and takes effect between 24 and 48 business hours after the request is made.

Currently, the value of the credit card limit ranges between 2 to 3 assets for new customers and up to 5 for customers with salary accounts.

Source: Page

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