How To Change Your Westpac Credit Limit

Information verified correct on October 25th, 2016

Whether you want more credit or less, here’s how you can easily change the credit limit on your Westpac credit card.

There’s a range of reasons you might want to change your credit limit. Maybe you’d like to make a large purchase and your current card limit is the only thing standing in the way. Or perhaps you’re looking to decrease your card limit instead, as a way to bring down your debt-to-income ratio before applying for a home loan. Whatever the reason, this page will guide you through the process of changing the limit on your Westpac credit card.

Westpac Low Rate Card

Low Interest Credit Card from Westpac

The Westpac Low Rate is a no-frills credit card that offers a genuinely low interest rate on purchases, a low annual fee, and a balance transfer option which could be useful if you looking to consolidate your credit cards.

  • $59 p.a. annual fee
  • 1% p.a. for 12 months (reverts to 13.49% p.a.) on purchases
  • 0% p.a. for 16 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $15,000 p.a.

A business man holding a credit card and phone

How to change your Westpac credit limit

Changing the credit limit on a credit card can be a fuss-free affair, and depending on whether you’re after an increase or decrease, can take just a few minutes online or over the phone.

How to increase your credit limit

There are several ways to request an increase to your credit limit:

  • Online banking. Simply log in to your Westpac Internet banking account and select “Request a Credit Limit Increase”.
  • In person. Visit your nearest Westpac branch and request an increase in person.
  • Over the phone. Call 1300 130 961 and speak to a consultant.
  • By invitation. By registering to receive credit limit invitations, you will simplify the future process of getting a credit limit increase because Westpac may periodically send you an invitation to increase it. To register your interest, sign in to your online banking account and “Register your consent”, or call 1300 308 930. If you no longer wish to receive these invitations, you can opt out by calling 1300 651 089 between 8am and 8pm, Monday to Friday.

How to decrease your credit limit

You can request a decrease in your credit limit by calling Westpac on 1300 130 961. Make sure you have all your relevant account details handy to complete the process.

What are the benefits of changing your credit limit?

  • More spending power. A major perk of increasing your credit limit is obviously the ability to buy more. Be careful, though, that this doesn’t turn into a snare and cause you to overspend.
  • Curbs the temptation to spend. If you find yourself overspending and trailing behind in repayments, a credit limit decrease could be exactly what you need to help you better manage your finances.
  • Cater the credit limit to suit your spending. Maybe you needed a higher credit limit for a time but don’t need it anymore. On the other hand, maybe you’re paying off your credit card bill more than once a month because you’re spending more than your monthly limit allows. Adjusting your credit limit can be helpful in managing cash flow.
  • Improve your credit history. A higher credit limit can be beneficial to your credit score in that it improves your debt utilisation ratio, i.e. the amount of credit used given the amount of credit available to you.
  • Improve your chances of getting a loan. Reducing your credit limit can improve your debt-to-income ratio, in that you appear to have less debt in proportion to your income (the ratio only indicates available credit, not how much you actually use). This can improve your chances when applying for a loan.

What are the pitfalls of changing your credit limit?

  • Declined application. Credit limit increases are subject to lending criteria and assessment by Westpac. If you don’t meet its lending requirements (ie. if it seems you may not be able to manage a higher credit limit), your request could be declined.
  • Potential impact on your credit history. When assessing your application for a credit limit increase, banks will make an inquiry into your credit history (similar to when you apply for a new card). This inquiry will be listed on your file and could negatively impact on your credit score. If your request is declined, it could also have a negative impact on your report.
  • Higher debt risk. A higher credit limit could increase the chances of accumulating more debt in the future.
  • Overlimit charges. If you request a lower credit limit and then spend over this amount, you could end up paying an overlimit fee.

Maximum and minimum credit limits with Westpac credit cards

Before requesting a change in your credit limit, be aware that different minimum and maximum credit limits apply to different Westpac credit cards. Make sure your request abides by these limits:

Product nameMinimum limitMaximum limit
Altitude Black and Earth Black credit cards$15,000$75,000
Altitude Platinum credit card$6,000$30,000
Altitude Platinum Plus credit card$8,000$75,000
Earth Platinum Plus credit card$8,000$50,000
All Gold credit cards$5,000$30,000
Ignite credit cards$2,000$25,000
All Platinum credit cards$6,000$50,000
Student credit card$300$1,000
Other personal credit cards$500$25,000

As long as your new Westpac credit limit falls within the acceptable range for your particular card, your request should be accepted. That said, if you’re applying for a credit limit increase, a standard assessment of your credit history will usually be made to determine your suitability. Other factors like your card repayment history may also factor into the assessment, but there should be no issues if you’ve been paying your bills regularly and keeping your credit report clean.

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