It’s actually impossible to tell what your American Express Business Gold credit limit will be. Amex won’t even tell you what it is after you get approved. You have to call customer service to ask. That’s because the Amex Business Gold Card has “no preset spending limit,” which means the amount you’re allowed to spend can change every month. It can be a confusing system at first, but getting a feel for what affects the limit will help.
Here’s how the American Express Business Gold credit limit works:
You have no-preset limit. You do have a limit on the card. It’s just not stated, and it fluctuates every month. But you can call the number on the back of your card to ask what your current spending cap is. You can also call to ask for more spending power if you’re planning to make a big purchase.
Your spending affects your limit. Amex takes your past spending into account when deciding your limit. If you haven’t been using up a lot of your available credit thus far, you may actually receive more as a reward for being responsible.
Payment history is important. Amex Business Gold is a charge card, meaning you’re supposed to pay off the full balance every month. If your payment is late, they’ll charge a fee and maybe even lower your limit.
Amex looks at overall credit history. If you pay your other loans and lines of credit on time every month and keep your credit utilization low, Amex will see you as more trustworthy and will be more likely to increase your spending power.
If you end up getting Amex Business Gold, make sure to keep track of your spending. You may want to give Amex a call if you’re ever approaching what you spent last month, just to see how much room you’ve got left. It’s also worth noting that no preset spending limit credit cards can create problems for your credit score. Because there’s no single, static credit limit, the account’s highest balance may be used instead. That means your credit utilization will be calculated by dividing the balance listed on your monthly statement by the biggest monthly balance you’ve had since opening the account. So if you usually spend about the same amount, unfairly high utilization could hurt your credit score.
The average first credit card limit is around $1,800, according to Experian. That’s based on a credit score of 300 to 499, which is the starting point for someone with little or no credit. When you start out with credit, it’s perfectly normal for your first credit card to have a small credit limit.… read full answer
Getting approved for a first credit can be difficult if you have little or no credit history. If you qualify for a card, you may end up being disappointed with your starting credit limit. That’s because your credit history is one of, if not the key factor that goes into extending an applicant’s credit limit.
As a new cardholder, you probably don’t have a history of using credit responsibly. Therefore, your issuer doesn’t have much to go on, so they’ll usually start you off with a small credit limit. If you’re applying for your first card with a mortgage or car payment under your belt, you may be extended a more generous credit limit, provided you’ve managed those accounts responsibly.
The amount of your first credit card limit will depend on the type of card you receive. Credit card companies don’t disclose starting credit limits, but for a store retail card such as the Amazon store card, cardholders report a starting credit limit of around $600. If it’s a major Visa or Mastercard, you may be approved for a slightly higher credit limit. Capital One Quicksilver cardholders report an average starting credit limit of up to $1,000.
To land a first credit limit above the $1,200 average, you’ll need that established credit history with no late or missed payments. You might land a higher credit limit if you’re listed as an authorized user on a card with a stellar credit history.
To get the credit limit you truly want, consider applying for a secured credit card. You’ll be essentially setting your own credit limit when you make a security deposit for the amount of your desired credit limit.
If you manage the card responsibly, you may be eligible for a secured credit card with a higher credit limit. In addition, your security deposit is refunded in full, if you close the account in good standing.
The highest credit card limit is over $100,000 according to anecdotes from credit card holders. But like most credit cards in general, even the highest-limit credit cards will only list minimum spending limits in their terms – and the highest minimum you’ll find is around $10,000.
In order to get $100,000+ in spending power, you need a lot of assets and income, little debt, and a spotless credit history. Let’s look at some of the most popular offers with high floors and, hopefully, even higher ceilings so you can see for yourself.… read full answer
Some of the highest credit card limits right now are:
Chase Sapphire Reserve: $10,000+. You’re guaranteed a credit limit of at least $10,000 with this card, but it comes with a $550 annual fee and requires excellent credit. If you’re a high spender, though, the points you’ll rack up can be well worth it.
Chase Sapphire Preferred: $5,000+. You’ll get at least a $5,000 credit limit with this card, and some people report a high limit of $100,000. The annual fee is $95.
Capital One Venture: $5,000+. This card has a $5,000 minimum limit. It requires good credit and charges a $95 annual fee. And it gives excellent value on travel rewards.
Discover it for Students: $500+. Students can look forward to a limit of at least $500. That’s pretty good for a first card when you have little to no credit history.
Wells Fargo Secured: up to $10,000. This card accepts a refundable security deposit of as much as $10,000. The amount you put down will serve as your credit line.
Amex Platinum: No Pre-Set Spending Limit. The Amex Platinum Card has no pre-set spending limit, which means your limit will depend on your monthly spending habits and could change from month to month. But some Amex Platinum cardholders say they start out with a limit of about $2,500 that then adjusts with their spending habits. The annual fee is $550, and you need good credit or better to get approved.
Amex Gold: No Pre-Set Spending Limit. This is another NPSL card, meaning your credit limit on this card will adapt to how you use it. Many cardholders report spending limits of $5,000-$10,000. Some cardholders report starting limits as low as $2,000, which rise and fall with your monthly spending. Amex Gold requires at least good credit and charges an annual fee of $250.
Again, keep in mind that most credit cards only disclose minimum credit limits, if that. So your limit could be a lot higher based on your creditworthiness.
In order to have a better chance of getting the highest credit card limit possible in your situation, you should make sure to always pay bills on time, use 30% or less of your available credit, pay down your debts, save money for the future, and otherwise make good financial decisions.
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