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FinFIRST Blogs
Credit Card
Illuminate your Festive spending with Overlimit Protection!
Summary: As the festive season approaches, we understand that your wishlist might be as long as the brightest Diwali lights and your plans as grand as the most vibrant rangoli. Here's how to activate your Credit Card's overlimit protection, so that you never lose that festive sparkle!
The festive season is a time of joy, celebration and, of course, spending. While it’s easy to get caught up in the excitement of shopping for gifts and attending events, it’s important to safeguard yourself from any unsavoury financial situations. This is where overlimit protection on your credit card can help.
Read on to know how this often-overlooked feature can offer you the stability you need during critical times.
What is the overlimit feature on your credit card?
The overlimit facility is a valuable option offered by many credit card issuers, including IDFC FIRST Bank. It allows you to temporarily exceed your credit limit, usually up to a certain amount. This feature serves as a vital buffer in situations where your expenses exceed your available credit. As a result, you can avoid financial stress if unexpected expenses arise.
Peace of mind in emergencies
Life is full of surprises, whether it's a sudden medical expense, a car repair, or unexpected charges you didn't account for. In such critical times, having the overlimit feature enabled on your credit card can be a blessing. Instead of facing declined transactions or resorting to high-interest loans, you can use the feature to cover the necessary expenses and preserve your financial well-being.
You can use overlimit protection to make essential purchases or payments, even if they exceed your credit limit temporarily. This is particularly useful if you need to take advantage of time-limited opportunities or face unexpected expenses. Utilizing this feature wisely allows you to stay on top of your finances and avoid being caught off guard.
How to enable overlimit protection on your IDFC FIRST Bank Credit Card
1. Login to your IDFC FIRST Bank mobile app or netbanking account
2. Select your credit card in the Credit Cards section
3. Switch on the Enable Over Limit Facility option
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To fully benefit from the overlimit facility, it's essential to understand the terms and conditions set by your credit card provider. IDFC FIRST Bank allows a maximum 10% overlimit for a fee of Rs. 500 or 2.5% of the overlimit amount, whichever is higher. However, opting-in for overlimit protection is free of cost.
Conclusion
In conclusion, the overlimit facility can be a valuable solution for those seeking financial wellbeing. It offers peace of mind knowing that your credit card has your back when unexpected expenses arise. When utilized responsibly and in accordance with your credit card terms, this feature can offer the financial confidence of having more purchasing power, while staying mindful of your budget.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank 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 mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
