Every credit card comes with a maximum credit limit and is determined by the information you provide when applying. The card provider uses this information to arrive at a suitable credit card limit.
There is no definite way to determine what your highest credit card limit might be, as card providers often follow their own unique policies when deciding it. However, developing an understanding of how certain factors may determine your own credit limit could help you make a more accurate estimate.
A credit limit is the largest balance you can hold on your credit card at any one time. It’s decided using the full range of information you give a credit provider, such as your income, debts and liabilities.
When you’re comparing your credit card options, you’ll notice where available, we’ve included the maximum credit limit for a particular card. It’s important to note that this may not be the credit limit you end up with. For example, you could apply for a credit card that has a maximum limit of $10,000 but only end up being approved for a $2,000 limit instead.
Providers rarely share limit ranges for their credit cards. As you might observe, business cards with high limits are common thanks to the nature of business spending. Cards designed for people with less-than-perfect credit tend to have lower limits. With most secured credit cards, the amount you deposit becomes your credit limit. However, some secured cards may offer a higher credit limit with responsible use.
There is, as mentioned, no concrete way to calculate probable credit limit and the process to arrive at one can vary from one credit card provider to the next. Taking into account aspects that can affect your limit, on the other hand, can help estimate your current credit card’s limit. Based on these factors, you can:
Providers rarely share the limit ranges for their credit cards before you apply. If you’re looking for a high one, users have found that the cards below tend to have ones that are higher-than-average.
In some cases, you can find out what your minimum credit limit will be if you read the card’s terms and conditions. But the credit line you’ll get could be different. A card issuer will weigh in a few factors before assigning you your credit line.
If the limit you received doesn’t meet your needs and is not at its maximum allowed, you can always consider asking for an increase. The exact steps you’ll need to perform to request an increase depend on your issuer, though you’ll want to have a few pieces of information at the ready
To successfully get an increase, you typically have to meet these eligibility criteria:
If you’re eligible for an increase, aim modestly as your request could get denied. You can still request a higher amount than the one you want because sometimes you may get a counteroffer, which may be enough.
As a general rule, requesting a limit increase between 10% and 25% is reasonable. But if you already have a low limit, say $5,000 or less, you can safely ask for a higher amount.
Increasing your card’s credit limit gives you access to more money as and when you need it, and decreasing it can help you keep your expenses in check. In either case, it is important that you account for the following.
The credit limit your card defines how much you can spend using your card. Factors affecting your application for an increase include your income, creditworthiness, and the card provider’s policies. While increasing your credit card limit may seem like the resolution to your financial problems, you should consider your spending habits and ability to repay before going forward with this plan.
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