We’re excited to introduce the Limit Increase feature, designed to give you more financial flexibility when you need it most! Whether you're planning a big purchase or preparing for unexpected expenses, this feature makes it easy to adjust your Ferratum Mastercard limit, ensuring it aligns with your evolving financial needs.
What is the Limit Increase Feature?
The Limit Increase feature allows you to request an increase to your current Ferratum Mastercard limit directly in the app.
How to Request a Limit Increase
- Open the App: Navigate to the Ferratum Mastercard Overview section.
- Locate the Limit Increase Button: Tap it on the action pane to start the process.
- Eligibility Check: We’ll automatically check your eligibility for a limit increase. If eligible, you can proceed.
- Financial Information: Provide or update your financial details, including information about your expenses. This helps us assess the right limit for your financial situation.
- Income Verification: We use a secure third-party service to verify your income. Rest assured, your income data is handled securely to determine a limit that matches your financial capacity.
- Receive Your Limit Increase Offer: After review, a personalized limit increase offer will be displayed in the app.
- Approval and Signing: Finalize your limit increase by agreeing to the terms. You can either check the box and click "Agree" or sign electronically.
Your Ferratum Mastercard limit will be updated immediately in the app, showing your new available balance. We’ll also send updated contract and legal documents to your email as PDFs for your records.
Frequently Asked Questions (FAQs)
Q: How long does it take to get a limit increase?
A: Once you submit your request and provide the necessary information, the process is typically completed within a few minutes. You’ll receive an offer and can approve it directly in the app.
Q: Will requesting a limit increase affect my credit score?
A: The process may involve a credit check, which can have a minor impact on your credit score. However, increasing your credit limit can improve your credit utilization ratio, which may positively influence your score over time.
Q: Can I choose a limit lower than the one offered?
A: No, you can only select the limit offered by the bank, up to the maximum amount provided in your offer.
Q: What if I don’t want to sign the new agreement?
A: If you decide not to accept the limit increase offer, you’re under no obligation to proceed. You can continue using your card with your existing limit.
This feature is designed to provide flexibility and convenience, making sure your credit card supports your financial goals when you need it most.