In this article:
Overview
There are two ways your Wealthsimple credit card limit can go up:
- We offer you an increase: If you're eligible, we may proactively offer you a higher credit limit. You can review the offer and decide whether you'd like to accept it. You're always in control of whether you accept an offer.
- You request an increase: You can request a higher credit limit through the Wealthsimple app. We'll review your request and let you know whether you're eligible and, if approved, what your new limit could be.
Approval isn't guaranteed for either option. Eligibility and the amount available may depend on factors such as your account history and our credit criteria.
Eligibility
- Card status: Your card must be unlocked to request an increase. If your card is locked, you'll see a prompt to unlock it before you can proceed.
- Account age: You must be a cardholder for at least 6 months before you're eligible for an increase.
- Time since your last increase: If you've already received an increase, whether through a proactive offer or a request, you'll need to wait 6 months before you're eligible again.
- Credit report status: Your report with the credit bureau must not be frozen in order to request an increase. This isn't something we can control or do for you. Once unfrozen, we have to wait for updated information from the bureau, which can take up to a month. Please try again in-app after a few weeks.
How to request an increase
Follow these steps to request a credit limit increase:
- Log in to the Wealthsimple app
- Tap the Home tab at the bottom of the screen
- Select your credit card account
- Tap the Settings (gear icon) in the top right corner
- Tap Increase your credit limit
- Follow the prompts to submit your request
After you submit your request
In most cases, you'll receive an instant decision. However, some requests require a manual review:
- If your request needs further review, you'll see a screen titled We're on it!
- Our team will review your request and contact you via email within 7 business days to discuss next steps.
Why you might be declined for an increase
If you aren't currently eligible for an increase, you'll see a specific reason for the decline in the app. Our support team can't provide more information than what's displayed there. Common reasons include:
- Your account is too new: Your credit card account needs to be active for 6 months before you can request an increase.
- Recent increase: If you recently received an increase, whether through a proactive offer or a request, you need to wait 6 months before increasing it again.
- Building your financial profile: We may need more information about your credit card usage or financial profile at Wealthsimple. Using your card frequently for everyday purchases or using more Wealthsimple features can help build this profile.
- Credit history: We use your credit history to help determine eligibility. You can improve this by paying off other credit cards, cancelling other credit applications, or catching up on missed payments.
- Maximum limit reached: You may already have the highest limit we offer based on your credit history, card usage, and Wealthsimple plan.
Frequently asked questions
How often can I request a credit limit increase?
While you can check your eligibility in the app at any time, you're generally eligible for an increase every 6 months, whether your last increase came from a request or an accepted offer.
Will requesting an increase affect my credit score?
No, we don't do a hard credit check.
What can I do if I need more room for one large purchase?
For a one-time large purchase that exceeds your credit limit, you can make an overpayment to your credit card to charge up to $50,000. The extra amount sits on your card as a credit balance, which adds to what you can spend.
Follow these steps:
- Log in to the Wealthsimple app
- Tap your credit card
- Pay your card down to a $0.00 balance. You need a $0.00 balance before you can overpay.
- Tap Make payment again and choose your Wealthsimple chequing account
- Tap Custom amount and enter how much more you need on top of your credit limit
- You'll see a message that this payment will create a credit balance on your card. Tap to confirm.
Payments from your Wealthsimple chequing account post instantly, so you can make your purchase right away. If you need to transfer in funds, you'll need to wait for that to clear before it's available to overpay your credit card.
How do I accept a credit limit increase offer?
We'll let you know about an offer through a push notification, an email, and a card on your credit card account page in the app. To accept:
- Open the offer from the app, your email, or the push notification
- Use the slider to choose your new limit, up to the maximum offered
- Review and confirm your consent in the app
Keep in mind:
- Offers expire 30 days after they're issued. If you don't act in time, the offer disappears from the app with no reminder.
- We check your eligibility again when you accept, not just when the offer was generated. If your eligibility changed in the meantime, you may see a decline even though you received an offer.
- If you're eligible for both a proactive offer and a request you've submitted, the offer takes priority.
- Not every client receives an offer, and getting one in the past doesn't guarantee you'll get one in the future.
If I choose less than the maximum limit, can I request another increase before 6 months?
No. After any increase, whether you took the full amount offered or chose less, you'll need to wait 6 months before you can request another increase. If you become eligible before that period, you'll receive a proactive offer in the app instead.
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