What will happen if you're out shopping and suddenly hear a 'beep-beep,' signalling that your transaction has been declined? The reason - you have exhausted your Debit Card limit for that particular day! At that moment, you must be wondering how to extend Debit Card limit!
Well, the good news is that you can avoid such nightmares by increasing your debit limits. But before we get on to that, let’s explore why there are limits on Debit Card transactions in the first place.
Why are there Debit Card limits?
Banks generally put a Debit Card daily limit on usage to protect the users' account from fraud.
For instance, if your Debit Card gets stolen or someone with bad intentions has the details, having a particular Debit Card limit can help you avoid larger transactions which can be made. Having a per-day daily limit on Debit Cards does not feel like a bad idea, does it?
How to increase your Debit Card limit?
If you’re thinking about how to increase limit on Debit Card; worry not. We’re here to help. If you have made up your mind about it, here’s how to increase Debit Card limit:
1. Determine your Debit Card’s limit
Here’s how you can check Debit Card limit:
- Call the bank’s helpline number
- Visit the bank
- Read the account disclosure, also known as the agreement
You can check with the bank about the bank’s policy on how they disclose such information if you’re not able to find the Debit Card’s limit using the above methods.
2. Request for a Debit Card limit increase
The best way to raise Debit Card limit is by contacting the bank. It depends from bank to bank on how to increase Debit Card limit online or offline, with each bank having its own set of processes.
Axis Bank has some simple ways on how customers can increase their Debit Card limits -
- Through any Axis Bank ATM
- Through the Axis Bank mobile app
- With the help of Internet banking
Note that your Debit Card and ATM withdrawal limits are separate.
3. Confirm the increase has been approved
Before you receive any confirmation on your Debit Card limit increase, banks will ask you whether you want a permanent increase or a temporary one. You can choose as per your requirements.
Banks shortly confirm when the increased Debit Card limit has been applied via either a text message or email or both. It is only after you receive a confirmation from the bank, that you can be assured about the increase in Debit Card limit.
What is the maximum limit on a Debit Card?
Usually, the Debit Card limit varies based on the type of bank account. Premium accounts give you a higher transaction limit. For instance, if you own the Axis Bank Burgundy Debit Card, the daily withdrawal of cash will be as high as ₹3 lakh and a purchase limit of ₹6 lakh along with benefits free ATM transactions, waiver on charges and complimentary movie and non-movie tickets. On the other hand, the Axis Bank Delight Debit Card comes with a daily withdrawal limit of ₹1 lakh and a purchase limit of ₹5 lakh.
Why does a Debit Card have a limit?
Today you can use your Debit Cards to do multiple things, such as withdraw money, check account balance, make online purchases, etc. Banks set a limit on Debit Cards to ensure that customers don’t go overboard and spend smartly with the Debit Card. Another reason why banks put a limit is to secure you from scamsters who can abuse your Debit Card details to get access to your bank account.
How to check your Debit Card limit?
Use the following ways to know your Debit Card limit:
- Using NetBanking
- Visiting any Axis Bank ATM
- Going to your Axis Bank branch
- Using the Axis Bank mobile app
- Calling the Customer Service department
Also Read: Virtual debit card: The future of card payments
Summing Up
Banks strive towards making the financial journey of customers as easy and smooth as possible. At the same time to ensure their safety, banks provide customers with an option to increase their Debit Card limits. On the other hand, as a smart customer, you should know all the options using which you can increase the limit of your Debit Card on any given day.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
