It feels intimidating when a transaction gets declined by the bank. What if the purchase is for an emergency? What if you don’t have any option left in the first place? You will get doomed. The necessary actions are mandatory to get rid of such a disastrous situation. The situation will be more spoiled if you have a single card, as you do not have any option left on your end. The reason might be your CIBIL score is low. Consider CIBIL score check free with the CIBIL score app, as it helps you from many blunders in a transaction.
In this blog, you’ll discover ways to prevent your credit card from getting declined.
Methods to Stop Your Credit Card from Getting Declined
There are various reasons for one entity declining your credit cards, such as less credit score and poor financial history. But the best part is you can avoid such situations. Here are the ways to rescue your credit card from dropping:
- Know your Credit Limit
The primary reason for declining a credit card transaction could be exceeding your credit limit. The transaction will likely fail if the credit limit has already been exceeded when withdrawing the money. The exceeding credit limit is due to some imbalance in financial history or maybe because of sharing your card with loved ones.
Any of them could be the reason. The ideal percentage of credit utilisation ratio is 30%. Exceeding the limit will not accept your transaction. Moreover, make sure to CIBIL score check free, as it is vital to be on good terms with your finances.
The CIBIL score app can help check the CIBIL score for free.
- Avoid Dissimilar Locations.
Sometimes lenders refuse the transaction if you are in a different location. The refusal is for reasons of your safety. It is a wise decision by lenders because the intensity of fraudulent activities is at a peak. These activities often empty your account. Digitisation has made transitions easier, but it has also opened the door to various suspicious activities. The other possible cause could be that the merchant is from the other place, which results in the denial of your transaction.
- Avoid High-End Payment.
Another possibility for your credit card’s decline is you are making a high-end transaction. It is worth knowing that every card has its limit. Try making transactions under limits. If you do not follow this, the lender will reject the payment immediately. So, make sure to confirm your limit with the lender. Also, make sure to use CIBIL score check free via the CIBIL score app to improve your financial health.
- Don’t Provide Wrong Details.
When we are in a hurry, we may have the wrong details. We often enter the inaccurate OTP, account number or password in a financial transaction. The lenders reject such transactions to protect your money. Imagine giving the wrong name or contact number during your CIBIL score check free. It will not show you any accurate results. Similarly, wrong details will automatically prevent a successful transaction.
- Use a New Card When the Old Card has Expired.
We know that each debit and credit card has its life span. It is advisable to learn the expiry dates of your credit card. Many times we initiate the transaction, and when it drops, we tend to complain to the bank. The other cause may be that your card is blocked for not being used once a month.
- Lower Your Card Usage Rate
Using your card too often raises your card utilisation ratio, which hurts your credit limit and ruins your credit score. Try to use it strategically, and opt for the CIBIL score check free to put a check on your utilisation rate. The checking is far more effortless with the CIBIL score app.
The methods mentioned above will help you to maintain a fair credit limit. Make it a habit to CIBIL score check free for healthy working of your finances. You can visit CIBIL’s official website for a CIBIL score check. Also, the CIBIL score app can save you a lot of effort.