Look out for your MasterCard credit limit

credit card limit

Master credit card is one of the reliable names in online transaction. The credit limit on this card is decided by the institution.MasterCard credit limit varies from individual to individual based on their credibility. However, this limit is negotiable with the credit provider. You can ask the credit provider to review your credit limit after six months. Similarly repayment terms and interest charged on outstanding amount is also negotiable with the credit provider.
Are you eligible for a MasterCard credit?
MasterCard needs to get some information in order to assess your credit status and to verify your identity. They will get this necessary information through credit agencies and your group records. Similarly to get this master card you need to be UK resident with age over 18 and you should have a reliable source of income. MasterCard gives you the freedom to purchase goods on credit up to your pre-decided credit limit. The MasterCard credit can be paid back in small payments or you can pay it in full each month. However, if you failed to pay back in full, interest will be charged on the outstanding amount. Similarly, failure to pay the minimum amount every month may incur penalties and bad affects on your credit rating.

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What are the MasterCard credit limit interests?
You can transfer up to 95 % of your total credit limit of the master card. For example, if your master card has a credit limit of 4000 pounds you can transfer up to 3800 pounds through it. However, you need to transfer minimum 100 pounds to avail this service. Master card also gives the facility to avail interest free credit if you comply with some conditions. These conditions are- if you pay in full and on time for all your purchases and you have no balance outstanding for your previous month you can avail interest free credit up to 56 days. However, this interest free credit facility can’t be availed on balance transfers and cash advances made.

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Easy to use worldwide
MasterCard credit is famous for its worldwide acceptance. It is accepted in more than 32 million different locations worldwide. No credit card is more acceptable than a master credit card. It is also important to note that Master card cannot be issued directly from master card international. You need to apply for this card through the member institutions and finance provider agencies. Master credit card also gives you the facility to withdraw cash from ATM but high interest rates will be charged for this service. You will be charged near about 2% fee on the amount withdrawn. Some provider of master credit card charges annual fees as well, but this helps the customer to offset the necessary maintenance fees. It’s easy to check your credit anytime via your mobile banking app or online anytime through the internet. Master credit card also provides you the facility to share your card with your family. You can share it with your spouse or other close family members and they can avail this credit facility as well.