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Credit cards don’t have a daily transaction limit. However, for your convenience, you can set a daily transaction limit to watch your spending. This can also be a useful feature when you have add-on cards used by your family members or employees.
Transaction Limit VS Credit Limit
A transaction limit is an amount limit you set on your personal credit card or an Additional Cardholder's card to ensure that individual transactions exceeding the set amount limit are not processed. For each transaction, this limit only applies to in-person and online purchases. Pre-authorized payments, ATM transactions, and transfers are not covered. You can change a transaction limit you've set on the HDFC Mobile app at any time.
A credit limit is the total amount you can charge on your credit card account. The transaction limit on a card cannot be greater than the credit limit.
Why should I set a transaction limit on my credit card?
1. Card issuers may want to set a transaction limit on add-on cards to help check usage. This limits how much money can be spent in a short period of time and can help protect your account from being overdrawn.
By limiting the amount of debt you’re accruing, you can help maintain control of your finances and avoid getting into too much debt. Additionally, setting a limit can help you avoid costly charges and fraud.
2. Additionally, having a transaction limit in place helps you monitor your spending pattern. If you find that you're regularly hitting your limit, it may be time to reassess your budget. On the other hand, if you rarely reach your limit, you may be able to increase it. Either way, by paying attention to your spending habits, you can better manage your finances.
3. Additionally, setting a transaction limit can help to prevent fraud and theft. If someone tries to use your card more than the allowed number of times in a set period of time, they may be flagged and prevented from making additional purchases. This helps to protect your account and prevent financial damage.
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