How To Increase Your Credit Limit Without Affecting Your Credit Score In Malaysia

With the current COVID-19 pandemic, many credit card users are searching for ways to increase their credit limit without hurting or harming their credit score. Here we’ve listed down the step-by-step guide on how to have your credit limit increased for Maybank, CIMB, Citibank, Hong Leong, AEON, Standard Chartered Bank, Public Bank, and more.

Your credit card’s limit is like your pants during the MCO. In no time, you’d realise that you’ve outgrown it.

If you’re relatively new to this, you may ask – what’s a credit limit? Very simply put, it’s the maximum you can charge to your credit card, and is usually put in place to stop you from going overboard.

This goes hand-in-hand with how much you earn too, as in most cases, banks would give you a credit limit of 2x your monthly salary. If you have a humble paycheck, there’s a chance you’ll have an equally humble credit limit. (And vice-versa, of course.)

However, there are times when you just need a little more room to swipe. Increasing credit limit is a common consideration, especially if you’ve outgrown your limit. You may need to make an extraordinarily huge purchase this month. Or you need that extra room because you now want to give your daughter a supplementary credit card.

Or perhaps your rice bowl has been affected by the pandemic, and likewise with your cash flow. You may need to help bolster your finances by paying with your credit card while things improve on your end.

Don’t be ashamed if you fall in that category – the Covid-19 pandemic has caused many to lose their jobs, and it seems like every new week comes with news of massive layoffs in a variety of industries – media, aviation, hospitality… the list goes on.

Regardless of why you need a credit limit increase, the question beckons…

Is It Actually A Good Idea To Increase Your Credit Limit?

Is it good to increase your credit limit? Is it bad to increase your credit limit? Should you even bother? Let’s dive into the pros and cons of increasing your credit limit really quickly.

On one hand, increasing your credit limit gives you more spending power to meet your needs and wants. This is especially useful if you have a major milestone in life – a wedding, a new and empty home, a new baby, trying to win your girlfriend back because of that thing you said…

But on the other hand, if your history of dealing with debt has always felt like trying to stay afloat in choppy waters, increasing your credit limit may be a bad idea. Scratch that – it would be the worst idea.

First off, if you’re struggling to pay your debt, chances are, banks won’t actually agree to giving you a credit limit increase. You’re already trying to survive the rough seas – increasing your credit limit at this point would be akin to attaching an anchor to your feet.

But the bigger thing here is that your credit limit WILL affect your credit score. More on this in the next section.

How Increasing Your Credit Limit Can Impact Your Credit Score

If you didn’t know, your credit score is a 3-digit number that indicates your creditworthiness. It’s what banks, lenders, insurance companies, employers, and future mother-in-laws use to gauge if you’re financially healthy or not. The higher your score, the more likely it would be to get financial help. (And, in some cases, the hand of the person you want to marry.)

If you have a higher limit and an equally high usage, you’ll run the risk of having a high credit utilisation rate. If you increase your limit without actually increasing your expenses, then you’ll have a lower utilisation rate. Let’s demonstrate:

 Standard AliSuper Spender Ali 2.0Super Jimat Ali 3.0
Credit LimitRM5,000RM10,000RM10,000
Credit UtilisationRM4,000RM9,000RM4,000
Credit Utilisation Rate

RM4,000 / RM5,000 x 100% = 80% utilisation rate

RM9,000 / RM10,000 x 100% = 90% utilisation rate

RM4,000 / RM10,000 x 100% = 40% utilisation rate

*WINNER!*

From the above, here’s the takeaway as to how increasing your limit affects your credit score.

  • High utilisation rate: lowered credit score
  • Same utilisation rate: credit score maintained
  • Low utilisation rate: improved credit score
 

Related: 5 Ways to Improve Your Credit Score 

So… When to Increase Your Credit Limit, and How Much Should You Ask For?

As an increased credit limit means bigger responsibilities, it would be wise to only request for this when you have a significant pay raise. The more income you have, the easier it will be to cover your debt if you ever overspend. Just remember that, in most cases, you’ll need to provide your most recent 3 months’ payslip – you may want to wait till you get that before requesting for an increase.

Also, if you have an unhealthy credit score, you may want to fix that ASAP. Requesting for a limit increase when you have a low score will likely leave you disappointed. Having a low score isn’t the end of the world, though.

There are many ways to fix this, and you can start with paying all your bills on time. One thing though – improving your score is a slow burn process, and roughly takes about 6-12 months before you see an improvement. Hang in there, be diligent, and you’ll definitely see results.

Related: How To Check My Credit Score In Malaysia?

If you’re planning to increase your limit because you’re planning to go overseas, you may want to request this early as the process can take a few days to complete. You definitely don’t want to be caught unprepared when you’re about to travel. (PSA: Please think twice about planning your travels in this post-Covid-19 period!)

As for how much credit limit you should ask, well, the truth is that there really isn’t much you can do when it comes to choosing your new limit. This will largely depend on how much income you have, and in some cases, how good a paymaster you’ve been to your bank.

Easy Steps On How To Increase Your Credit Limit

For your convenience, we’ve compiled the following step-by-step guide from the websites of the respective banks. These steps are accurate at time of publishing, and are subject to change depending on each bank’s plans.

Be prepared to share some official documents to help your banks consider your application, which may or may not include your most recent 3 months’ payslip, EA form, and EPF statement.

P/S: Your request will be at the discretion of the bank itself, so we can’t guarantee that you’ll get your request approved.

Banks (alphabetical order)Process
Increase credit limit for AEON Credit Service

1. Download and complete the Credit Limit Review Form.

2. Prepare the latest documents for the following:

For salaried employees

Either one of the following:

  • 3 months salary slip
  • Form B with tax payment receipt
  • EA form
  • EPF statement

For self-employed individuals

  • Latest 6 months’ company’s bank statement

3. Send all the documents to them either via email (customer.service@aeoncredit.com.my), fax (03-7863 7800), drop-off at any one of their branches, or by mail (AEON Credit Service (M) Bhd, AEON Credit Card Sales, Level 5, AEON BIG Subang Jaya, No. 3, Jalan SS16/1, 47500 Subang Jaya, Selangor Darul Ehsan).

*For a temporary increase: Call their Customer Care Officer at 03-2719 9999 instead

Increase credit limit for Affin Bank

1. Go to the Affin Bank credit limit request page here.

2. Fill in your details and press ‘Submit’.

3. Wait for their representative to contact you.

Increase credit limit for Alliance Bank

1. Download and complete the Permanent Credit Limit Increase form.

2. Prepare the latest documents for the following:

For MNC/PLC salaried employees:

  • A copy of your NRIC (both sides) or a copy of a valid passport
  • AND one of the documents below:
  • Latest 1 month payslip
  • Latest EA form
  • Latest EPF statement
  • Latest Borang BE together with official tax receipt/bank-in slip

For non-MNC/PLC salaried employees:

  • A copy of your NRIC (both sides) or a copy of a valid passport
  • Latest 3 months payslip
  • Latest 3 months bank statements showing salary crediting amount or latest EPF statement OR
  • Latest Borang BE together with official tax receipt/bank-in slip

For self-employed individuals:

  • A copy of your NRIC (both sides) or a copy of a valid passport
  • Business Registration Form & Form D OR Form 24, 49, 9
  • AND one of the documents below:
  • Latest EPF statement (dated < 3 months old with listing of at least 6 monthly contributions)
  • Latest 6 months’ bank statements
  • Tax Return Form with tax receipt

3. Send all documents to them either via email (info@alliancefg.com) or by dropping them off at any Alliance Bank branch.

*For Temporary Credit Limit increase: call their Contact Centre at 03-5516 9988. Do note that this is only applicable for overseas travel, hospitalisation, and compassionate purposes.

Increase credit limit for Ambank

1. Log in to AmOnline and select on ‘Apply’, then ‘Apply Credit Limit Increase’.

2. Fill up your desired new limit and employer details.

3. Click on ‘Income Documents and choose the type of income documents you want to submit. Click ‘Upload Now’ to upload your file.

4. Upon accepting the T&C, click on ‘Confirm’. You can then proceed to ‘Request TAC’.

5. Key in your TAC, and end your request. You will receive an SMS and email notification to indicate a successful submission.

Increase credit limit for Bank Islam

1. Download and fill up the Increase/Decrease Limit and Card Upgrade/Downgrade forms here.

2. Prepare a copy of your latest 2 months’ payslip or 6 months’ bank statements with the latest B Form and tax payment receipt (if self-employed) for processing. If you have changed jobs, please include a job validation letter.

3. Get in touch with the bank directly to submit your documents.

Increase credit limit for BSN

1. Print/Download and complete the Credit Limit Increase Application Form.

2. Prepare the following documents:

For salaried employees

  • Latest 1 month salary slip, or
  • Latest EA form, or
  • Latest BE form with LHDN receipt or proof of tax paid, or
  • Latest EPF statement

For self-employed individuals

  • Latest B form with LHDN receipt or proof of tax paid

For commission earners

  • CP58 Form, or
  • Latest 6 months’ commission statements

3. Submit your completed forms via email (cardservices@bsn.com.my).

Increase credit limit for CIMB

Call their Customer Service centre (03-6204 7788) for step-by-step guidance. However, do prepare the following documents:

For salaried employees

  • Latest 1 month salary slip OR
  • Latest EA Form (issued within the last 12 months) OR
  • Latest EPF statement (issued within the last 12 months) OR
  • Latest Borang B / BE with LHDN receipt or proof of tax paid

For variable income earners

  • Latest 3 month salary slips OR
  • Latest EA Form (issued within the last 12 months) OR
  • Latest EPF statement (issued within the last 12 months) OR
  • Latest Borang BE with LHDN receipt or proof of tax paid

For self-employed individuals

  • Business Registration Form / Form 24,29 AND
  • Latest Borang BE with LHDN receipt or proof of tax paid
  • Latest 6 months bank statement

Increase credit limit for Citibank

1. Fill up the application form here.

2. Be prepared to submit at least one of the following documents:

  • Payslip or
    • Latest 1-month (for Salaried)
    • Latest 3-month (for Commission earners with basic salary)
    • Latest 6-month (for Commission earners without basic salary)

  • Latest 12 months EPF Statement or
  • Latest EA Form or
  • Latest complete Borang B/BE and LHDN receipt
    (Please attach bank statement as proof of funds clearance made to LHDN, if applicable) or

Salaried foreigners working in Malaysia must also include the following documents:

  • Passport and work permit (valid for at least 1 year)

3. Click on ‘Submit Now’.

*For temporary credit limit increase:

1. Log in to your Citibank Online account.

2. Click on Services > Card Services and select ‘Temporary Credit Limit Increase’ under the credit limit increase tab.

3. After filling in your desired credit limit (subject to approval), effective date, and reason, click “Next”. In the next screen, check that your details are correct, before ticking the Terms & Conditions box. Lastly, click “Confirm” to submit.

4. Your temporary credit limit increase will be granted instantly, and will be reflected in your account credit limit.

5. If you prefer speaking to someone directly, you can contact their CitiPhone Banking:

  • 03-2383 0000 (Kuala Lumpur)
  • 04-296 0000 (Penang)
  • 07-268 0000 (Johor Bahru)
  • 1800-82-1010 (Sabah and Sarawak)

Increase credit limit for Hong Leong Bank

How to increase credit limit via Connect Online Banking:

1. Log in to Connect Online Banking

2. Go to ‘Other Services’

3. Go to ‘Request Increase in Credit Limit’

4. Follow instructions to complete steps

How to increase credit limit via Connect Mobile Banking App:

1. Log in to Connect Mobile Banking App

2. Tap on ‘Menu’ > ‘Services’

3. Tap on ‘Credit Card’ > ‘Request Increase in Credit Limit’

4. Select Credit Card(s)

5. Follow instructions to complete request

(Excerpt taken from this HLB page. For more info, contact HLB directly.)

Increase credit limit for HSBCPlease contact the bank directly at 1300-88-1388 (local) or +603-8321 5400 (overseas).
Increase credit limit for ICBC

Please contact the bank directly to discuss a credit limit increase option:

  • 24-hours Customer Service Hotline(1800-18-5588, domestic only) or +603-2788 1600 (overseas)
  • Fax: +603 2301 3388
  • Address: ICBC Cards Centre, P.O. Box 13435, 50810 Kuala Lumpur
  • Email: cardcentre@my.icbc.com.cn

Increase credit limit for Maybank

1. Login to Maybank2u

2. Click “APPLY”, then click “CARDS”

3. Click “INCREASE NOW” at “Increase Credit Limit”

4. Fill up all the details and upload your latest income documents.

(Excerpt taken from this Maybank page. For more info, contact Maybank directly.)

Increase credit limit for OCBCPlease call the bank directly at 03-8317 5000.
Increase credit limit for Public Bank

Please contact the bank directly at 03-2176 8000, but be prepared to submit the following documents:

For salaried employees

  • Latest Month Payslip and/or
  • Latest EA Statement and/or
  • EPF Statement and/or
  • Employment Letter / Employer Confirmation

For self-employed individuals

  • Latest 1 year Tax Returns / Tax Receipts
  • Latest 6 months company CASA statement (for company directors)

For individuals with variable income

  • Latest 6 months of the following: Overtime as reflected on the Payslips
  • Commissions Statements / Vouchers
  • Fee Statements / Vouchers
  • Latest 3 years of the following: Dividend Statements / Vouchers, Interest Statements / Vouchers

For individuals with other income

  • Tenancy Agreements and/or
  • Pension Statements / Vouchers and/or
  • Annuities Statements

For individuals with overseas income

  • 3 Months Payslips
  • Latest 2 years Notice of Assessment / Form IR8A / Form IR8E (for Singapore only)
  • Salary Deposits Account (reflecting the latest minimum 3 months of salary crediting – for Brunei only)
  • Employment Letter

We also found this helpful excerpt from this Public Bank page:

For Cardmembers who earn RM36,000 per annum or less, the maximum credit limit extended shall [be] two times of Cardmembers’ monthly income.

Where the Cardmember operates two or more cards with the Bank, a total Combined Credit Line will be extended to cover the use of all the cards held by the Principal Cardmember and the Supplementary Cardmember(s), if any. If preferred, the Supplementary Card may be nominated with a separate Credit Line from a minimum of RM1,000. Emergency temporary Credit line extension will depend on circumstance and payment record.

Increase credit limit for RHBPlease contact the bank directly at 03-9206 8118 for Peninsular Malaysia (available 24 hours, 7 days a week) or 082-276 118 for Sabah and Sarawak.
Increase credit limit for Standard Chartered Bank

Please contact the bank directly at 1300-888-888 or +603-7711 8888, but be prepared to provide the following:

For salaried employees/commission earners

  • Latest pay slip (minimum 1 month) OR
  • Latest 6 months EPF Statement (dated within the same year of your application) OR
  • Latest Full Borang BE OR
  • Latest Borang EA (For MNC only)

For self-employed individuals

  • Latest 6 months EPF Statement (dated within the same year of your application) OR
  • Latest Borang B, AND
  • Borang SSM if income is derived from partnership

To increase your credit limit, you also need to have maintained your credit card account with the bank for at least six months.

Increase credit limit for UOB

1. Call their 24-hour Call Centre & request for a permanent/temporary credit limit adjustment.

2. Fax in your three latest income documents to 03-2690 0121. You can also send it via email (uobcustomerservice@uob.com.my) or mail (PO Box 11212, 50738 Kuala Lumpur).

For salaried employees

  • Latest 1 month salary slip OR
  • Latest EA form (issued within the last 12 months) OR
  • Latest EPF statement (issued within the last 12 months) OR
  • Latest Borang BE with LHDN receipt or proof of tax paid

For self-employed individuals

  • Registration Form/Form 24, 29, 49 AND
  • Latest Borang B with LHDN receipt or proof of tax paid
  • Latest 6 months bank statement