A credit limit is a predetermined amount of money you can use. A financial institution considers various factors to determine the maximum amount it will make available to you, such as your income and your reimbursement habits.

Evaluating your ability to pay

For your part, try to limit your credit based on your means. A financial institution may offer you a limit that is much higher than you need.

Determine how much you think you can reimburse every month. This amount should cover your entire balance, not just the minimum payment. Keep in mind that the less you reimburse, the more fees you will pay.

Authorizing a limit increase

Once your credit limit has been established, the financial institution cannot increase it, unless you expressly and clearly ask them to do so.


Last update : January 8, 2020

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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.