As per latest bank limits, users monthly limits will be limited to 2.5 times their FD limit. That is, if a user has utilized his entire credit limit and makes a repayment, he will only be able to utilize is card upto 2.5 times that of his FD per month. Example FD = Rs. 5000 Monthly Spend limit = FD amount * 2.5 (Rs. 12,500) Even if a user makes repayments before the bill date into his card to replenish his limit, he will only be able to spend upto 12,500 Rs per month.
Users can make additional FDs in order to increase his monthly spend limit as well (Subject to overall SCC limits)
Canned response for rejected transactions due to "exceeded 2.5 * FD":
Your transaction was rejected because you have exceeded the 2.5X spend limit on your card. In a month, you are allowed to spend 2.5 times more than your assigned credit limit.
Here is an example:
- Let's say you have two FDs of Rs. 50,000 each. Your assigned credit limit (which is your FD amount) in this case is Rs 1 Lakh.
- Say you have bought an Iphone with the 1 lakh credit limit available. If you repay the Rs. 1 Lakh spent before statement creation date, you can use the replenished Rs. 1 Lakh credit limit in the same month.
- If you exhaust this replenished limit again (now the total spends are 2 Lakhs), you can repay up to Rs. 50,000 to use the credit card again for that month, making your overall spends 2.5 Lakh though your credit limit is only Rs 1 Lakh.
COMMS SENT TO USERS:
? *IMPORTANT MESSAGE!* ✈️ Travelling internationally? Use your ? *Niyo SBM Credit Card* to enjoy TCS-free spends at *Zero forex markup*. ?? Few things to remember: ✅ Your assigned credit card limit = total FD amount ✅ Repay before statement creation date and replenish your limit ✅ Transact up to 2.5X of your credit limit every month ✅ Create more FDs to increase assigned credit limit ? Here’s an example of how this works: ? You have 2 FDs of INR 50,000 each ? Your assigned credit limit = 1 Lakh (2*50,000) ? You buy an iPhone for 1 Lakh, exhausting your credit limit ? You repay 1 Lakh before statement creation date and can now use the 1 Lakh credit limit again ? You exhaust the 1 Lakh limit again (total spends = 2 Lakhs) and can now repay up to 50,000 again