If you are afraid of overspending on your credit card, asking for a credit limit increase doesn't make sense.
However, there are several benefits to increasing your credit limit, including improving your credit score.
1. Having a higher credit limit will reduce your credit utilization ratio and, in turn, boost your credit score.
2. An enhanced credit limit can act as a bigger cushion when you face financial emergencies and shortfalls.
3. Higher credit limits provide you with more opportunities to make big-ticket purchases and rack up better rewards.
4. With a higher credit score, it becomes easier to get cheaper loans and additional credit when required.
5. Higher credit limits help you earn more rewards, such as cashbacks, reward points, or travel miles.
6. Increasing your limit instead of applying for a new card helps increase your credit history and keep your score up.
To get a credit limit increase, get in touch with your credit card issuer or you can apply online on their site.