How to Increase Your Credit Limit at CIBC

Depending on when you opened your CIBC bank account, the credit limit set to your account may not be suitable to your current needs. You may wish to increase your credit card limit if you need to make a big purchase, use your credit card for your significant bills and expenses, or you simply feel ready for the responsibility of more spending power.

How to increase the credit limit at CIBC? To learn the steps to gain a higher credit limit on your account, the benefits of having increased credit, and other related FAQs, keep reading below!

What are the benefits of an increased credit limit at CIBC?

An increased credit limit on your CIBC account is beneficial for several reasons. For instance, when significant, unexpected payments come up that you may not be able to settle immediately, having more wiggle room on your credit card can give you more time to pay it off in full.

Also, having an increased credit limit enables you to make more significant purchases that would otherwise take more time to pay for in full, such as furniture, important electronics, parts for a vehicle, and other day-to-day life essentials.

Overall, having a larger space for spending on your credit card gives you more purchasing freedom and can also provide more peace of mind, knowing you have breathing space when it comes to paying off major expenses. 

How to increase credit limit at CIBC: 3 methods

You’ll have to file a request to receive a credit increase on your CIBC account. However, note that the request may not be approved if you don’t meet the necessary qualifications (which we’ll discuss below). 

If you’d like to request a credit limit increase, you can utilize a few methods: you can complete the request through CIBC’s website, the mobile banking app, or at your local CIBC banking location. For the individual techniques on how to increase your credit limit at CIBC, read below:

Online banking

To learn how to increase your credit limit on CIBC’s website, follow the steps below:

1. Go to the CIBC website and sign in to your account.
2. On the left-hand side of the page, scroll down to the Customer Services option and click it.
3. Once on the Customer Services page, scroll to the Account Services section and select Apply For a Credit Limit Increase under the Credit Cards option.
4. On the Credit Limit Increase form, select which credit card you’d like to have the increase applied to.
5. Next, enter the amount you’d like to have added to your credit limit. This can be anywhere from $100 to $99,000 in $100 increments.
6. Next, input your gross annual personal income and your household income.
7. Finally, enter your email address and agree to the Terms and Conditions. Select the Next button, which will submit your request to CIBC.

Mobile banking app

To request a credit limit increase through the CIBC mobile banking app, follow the steps below:

1. Open up your CIBC mobile banking app and sign in to your account.
2. Select the Menu option on the left side of the screen, and scroll down to the Customer Services option.
3. Select the “+ Credit Cards” option, and from the drop-down menu, select Apply for a Credit Limit Increase.
4. Fill out all the prompts mentioned in the Online Banking method on the Credit Limit Increase form and submit the request.

At your local CIBC location

To request a credit limit increase at your local CIBC in person, you can phone your local branch or select the “Book a Meeting” option on the CIBC website to arrange a meeting with your banker.

Once you arrive at the meeting, relay the credit increase to your banker. They will likely discuss the request with you and review your eligibility for the requested amount. If you don’t qualify for the requested amount, ask your banker to detail some alternative options.

Note that once you file your request, it will take a few days to receive notice of whether the credit limit increase was approved. This notice will arrive in the email attached to your CIBC account.

How to be approved for a CIBC credit limit increase

When evaluating your eligibility for a credit increase on your CIBC account, the bank will base your approval on your personal credit history. 

If you have a good track record of paying off debts, an income that lines up with the amount of credit you’ve asked for, and if your overall credit score has a good ranking, you will have a better likelihood of being approved.

In contrast, if you have a credit history riddled with unpaid debts, your credit limit will stay lower until your credit score improves. 

In addition to your credit history, to be eligible for a credit limit increase, you have to meet the following criteria:

• You must be the primary cardholder on your account
• Your credit card account must be open for at least six months
• You haven’t increased your credit limit over the last six months
• You have a good history of paying your bills
• Your credit card account is in good standing

Other related FAQs

Now that you’re aware of how to increase your credit limit at CIBC, along with how to qualify for a credit limit request, you likely have other related questions. 

For instance, how can you request a spending limit increase on your CIBC debit card? What are the benefits of having more than one CIBC credit card? 

To learn the answers to these questions, continue reading below:

Can I request a debit card limit increase at CIBC?

Yes! Fortunately, CIBC allows account holders to increase the spending limit on their debit and credit cards. This can be done by chatting with a live agent on the CIBC website through the chat portal and requesting an increase for ATM withdrawal or direct spending on your debit card. 

The amount your account spending limit can be increased to will depend on your account standing. For instance, if your current spending limit is $1,000, CIBC may be able to increase your limit to around $3,000 (as confirmed by chatting with a CIBC live agent). 

What are the benefits of having multiple CIBC credit cards?

There are many reasons why having multiple credit cards attached to your CIBC account is beneficial. For instance, having different credit cards for separate bills can help you track your expenses better. 

Also, in an emergency, having a spare credit card will enable you to make any necessary urgent purchases without racking up the debt on your main credit card.

Conclusion- CIBC: How to increase your credit limit

You can learn how to increase your credit limit at CIBC through online banking, the CIBC mobile app, and in person at your local CIBC location. 

Note that your credit history should be in good standing to be approved for a credit limit increase. If you have a history of missing payments and overspending on your account, you are less likely to be approved for a credit increase. 

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