How to Effectively Increase Your CIBC Credit Limit

When we first obtain a credit card through our bank account, we’re given a base limit to how much credit we can accumulate on that card. For many, their first credit limit may start out relatively low due to the age of their credit profile, and this can impede their ability to make larger purchases using a credit card.

Fortunately, there are a couple of ways that consumers can effectively increase the credit limit on their personal bank accounts. If you’re an account holder at CIBC, you may wonder how to increase your credit limit at CIBC. To learn the answer to this and other related questions below, so keep reading!

The benefits of increasing your CIBC credit limit

Many consumers are somewhat wary of increasing the limit on their credit card when they make the request, as they worry about potentially using their credit card too often and racking up a large bill. However, there are quite a few benefits that come with increasing your credit limit.

For instance, having a higher credit limit shows the bank that you’re a good risk, which makes it easier for you to be approved for loans, mortgages, or even another credit card in the future. As well, when your credit rate is raised, you will have a better chance of obtaining a lower interest rate on a mortgage or loan, which can be greatly beneficial for new homeowners. 

Further, by raising your credit limit, your credit score will improve, as doing so shortens the length of your credit history. Overall, by learning how to increase your credit limit on your CIBC account and fulfilling it, your financial credibility will also increase and provide you with more opportunities to make those milestone purchases.

How can I effectively improve my chances of getting a credit increase?

Before putting in a request for a credit limit increase, you’ll want to review your current credit score to ensure that it’s in good standing. However, if your credit score is low, then there are a few things you can do to raise it, which will greatly improve your chances of being approved for a limit increase.

First, make sure to make all credit card payments on time. If you miss one of the due dates for payment, this can lower your score by a fair amount. Also, if you have account payments that are past due, try to pay them all off before applying for an increase, as this shows that you can be relied upon to pay off your debts.  

How do I request a CIBC credit increase?

Now that we’ve reviewed a few ways that you can better your chances of being approved for a credit increase, let’s go over how to increase your credit limit at CIBC by request. This can be completed through three methods: using CIBC’s online banking portal, the CIBC Mobile app, over the phone with customer service, or in person at your local CIBC branch. 

Online

To request a credit increase through CIBC’s online portal, follow the steps below:

1. From your computer or device, log on to your personal CIBC banking account

2. On the home page, scroll to the Online Banking Customer Services option and click on it

3. From there, hover over the Banking Services option and select “Request a credit limit increase” from the drop-down menu

4. Follow the on-screen prompts to complete the application, and press Submit. 

5. After submitting, you will need to wait for the bank to confirm your approval. Once your application has been approved, you will receive your desired credit increase immediately. 

CIBC: How to increase my credit limit through the Mobile app

If you want to request an increase through the app, follow the steps below:

1. From your phone or mobile device, open your CIBC Mobile banking app and log on to your account

2. From the menu on the left-hand side, select the Online Banking Customer Services option

3. On the next page, hover over Banking Services and select “Request a credit limit increase” from the drop-down menu

4. Follow the on-screen prompts to complete the application and press Submit.

Over the phone

Here’s how you can complete it over the phone:

1. Phone the CIBC customer service line (1-800-465-4653). To confirm the number, you can flip over your personal credit card and locate the number on the back.

2. After dialling the number, you’ll be directed to a customer service representative. Detail that you want to increase your credit limit, and they will either complete the request for you over the phone or direct you to your local CIBC branch.

3. If they fulfill your request over the phone, they will simply take you through the necessary questions to properly fill out the form. Make sure to have your account information ready should they require confirmation of your personal details. 

In-person

If you’d prefer to increase your credit limit in person, you can do so simply by visiting your local CIBC branch. Once you arrive, speak to one of the available clerks about making this request, and they will take you through the necessary steps to complete it. 

Make sure to have your account information with you in case you need to confirm any personal information. 

Other related FAQs

Now that you’re aware of how to increase your CIBC credit card limit, you likely have a few questions related to this topic. For instance, how can you request a debit card limit increase? What is the limit to how much of an increase you can request? To learn the answers to these questions, keep reading below:

Can I request a debit card limit increase at CIBC?

You can request a spending limit increase for your CIBC debit card, which can be done by following the steps below:

1. From your computer or device, log on to the CIBC Online Banking portal

2. Once on the homepage, select the Accounts tab and press View My Accounts

3. Select the debit card that you’d like to request an increase for, and select Manage My Card.

4. Choose the Change My Card Limit option and type in the amount for which you’d like your limit to increase. If you’re unsure how much you’re able to request, contact customer service for the debit card withdrawal increase limit for your account (these limits may vary per person)

What is the most I can request for a credit or debit card limit?

When you fill out a request for a credit or debit limit, the total amount to which they can increase it will depend on your personal account standing and the limit you currently have. In general, account holders can request a 10 to 25% increase from their current limit. 

For example, if your debit card withdrawal limit currently sits at $1,000 per day, you may be able to request an increase to around $3,000 per day. 

Conclusion – How to increase credit limit at CIBC

To learn how to increase your credit card limit at CIBC, you can follow the prompts outlined above for completion. There are several ways to do this such as on the app or with the help of a customer service representative. 

With an increased credit limit, you can now make some more significant financial investments. If you need to make a large purchase in another country, you may wish to have your funds exchanged into foreign currency to smooth the process, which you can do easily by using Knightsbridge Foreign Exchange. To learn more about our services, visit the Get Started page.