You'll find out whether it's possible to increase your credit limit by transferring money to your credit account.
You want to buy a flight ticket or laptop with your credit card, but your credit card's credit limit is lower than something you want to buy and you want to increase your credit card limit? Many people tell you to simply increase your credit limit, but if you're a student and have a secured card or just made your first credit card, you might not be able to increase your credit limit. Most of those people have a bank credit card (e.g. TD Cash Back Visa* Card) and are probably wondering if they can increase their credit limit by transferring money from their chequing or savings account to their credit account.
The answer to that question is no. You cannot increase your credit limit by transferring money to your credit account, however, you might be able to increase your credit card's spending limit
According to Wikipedia, a credit limit is the maximum amount of credit that a financial institution or other lenders will extend to a debtor for a particular line of credit. So you can't increase your credit limit without your bank's approval.
Credit card's spending limit is the maximum amount of money you can spend with your credit card. So you might be able to increase it by transferring money to your credit account.
This is an example of a person who successfully increased his/her credit card's spending limit.
This person's original credit limit is $25,000. Now his available credit is $26,630.61 which means that his available credit increased.
But this might not be always the case, so here are the things to do!
1. Ask your bank if you can increase your credit limit
2. If you got denied, ask your bank if you can increase your credit card's spending limit by transferring money to your credit account.
It's always safe to ask your bank before you do anything.
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