![]() It’s also important to remember that exceeding If you go over your limit, a penalty may apply. You may make purchases and cash advances up to your credit card's pre-set credit limit. Why it’s important to pay down debt, pay your bills on time, and always keep your balance under If you have a good credit history, you’re more likely to receive a higher credit limit. Your credit limit is generally based on three things: your income, your existing debt, and your How is my credit limit determined for my credit card? So if you have a credit limit of $6,000, you may want to keep yourīalance under $2,000 at any given time. Tip: To help improve your credit score, the Financial Consumer Agency of Canada recommends using less than 35Ĭent of your credit limit. You shouldn’t hold more than $6,000 in purchases Imagine you have a credit card limit of $6,000. Your credit limit is the maximum amount you can charge to your credit card. ![]() ![]() How do I change the credit card limit on my card? For questions related to the insurers, you may contact Assurant at 1 800 268-5962 or visit ®Assurant is a registered trademark of Assurant, Inc. ABIC and ABLAC, their subsidiaries, and affiliates carry on business in Canada under the trade name of Assurant ®.
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