Debit card daily spending limits are fixed maximum amounts set by banks or financial institutions. The daily spending limit restricts the total amount a cardholder can spend using his/her card in a single day. These limitations help to manage and protect the funds in the bank account, adding an extra layer of security against potential fraud or unauthorised activities. Want to understand how you can adjust the limit and make carefree purchases according to your requirements? Let’s have a look at the article below:
Reasons Why Card Holders Adjust Debit Card Daily Spending Limits
Cardholders may want to increase or decrease the daily limit because of the following reasons:
- Large purchases: Many individuals face a challenge when making payments and purchases of heavily priced items such as electronics and furniture. In such a case, they can request a permanent or temporary change to meet their financial requirements and conveniently complete the purchase without delays.
- Travelling: Individuals planning to travel may benefit from the change in daily spending limits. It allows them to create a budget that is over the limit they currently have and spend carefree on expenditures such as meals, stay, transportation, etc.
- Financial goals: Adjusting the daily spending limit enables individuals to adjust their card usage to fit their financial objectives. They may set restrictions based on their budgets, allowing them to stay within their planned expenditure.
- Convenience: Adjusting the daily spending limit to better align with individual spending habits and lifestyle choices might improve overall convenience. It guarantees that individuals can access the funds they require for everyday needs.
How Can you Increase or Decrease the Daily Spending Limit for a Debit Card?
Follow the step-by-step guide on increasing or decreasing your debit card’s daily spending limit and make smooth transactions everywhere:
Determine the Limit First
If you still need to check your limit, log into your account or call your bank to determine your debit card restrictions. Your debit card most likely has a daily withdrawal restriction for ATM withdrawals and online transactions and a daily purchase limit. Debit card limitations vary per bank and account, and your account’s limit may not be at the top of the bank’s range. If this is the case, you may be able to negotiate a raise.
Request for the Increase/Decrease in the Limit
You can apply for a limit increase/decrease by signing in to your net banking or mobile banking and going to the part where you may manage your debit card. If not, call the customer care helpline. They will inquire about the purpose of the change and how long it will be in effect. They may grant a permanent increase/decrease in your account’s limitations or only permit a temporary increase/decrease of 24 hours. If you’ve already reached the bank’s maximum limit, they may not increase/decrease the limit.
In such cases, users may apply for a new debit card with a higher limit.
Confirm the Approval
Before using your debit card to make a transaction, confirm the approval with a customer care representative or check the net banking or mobile banking app. It may take some time for the modification to take effect, so double-check that the limit is approved. While you’re at it, confirm the duration of the limit increase so you know when your old limit will be re-established.
Try Changing the Limit Online
Most mobile banking apps allow you to change the limit yourself via settings found in the App itself. If you are facing an issue, contact the team to temporarily change your limit, and then try changing it via Mobile Banking.
Staying within your means is an essential part of efficient financial management. However, you may need to boost your debit limit to make a large purchase or cover unforeseen costs. Increasing your debit limit might provide you more financial flexibility, but it’s vital to do so safely. Top banks like Kotak811 provide a Kotak811 debit card limit increase. Also, Kotak811 provides a beneficial EMI option. Are you a Kotak811 card holder and wondering how to check Kotak debit card EMI? Visit the Kotak811 website and head to the debit card section to get your desired answers.
