Bogdan Roberts, Credit Cards Moderator
@bogdan_roberts
Your Bank of America credit card limit will vary based on your creditworthiness. The lowest credit limit Bank of America would approve a card for is $200, which is the minimum deposit requirement for the BankAmericard® Secured Credit Card. Other Bank of America credit limits could start out much higher. The Bank of America® Premium Rewards® credit card, for instance, offers a $1,500 minimum credit limit for approved applicants.
Generally, cardholders with at least good credit have a better chance at receiving higher credit limits. Your actual credit limit will be determined based on your creditworthiness and income, among other factors. The higher your credit score is, and the more income you have relative to your debt, the higher you can expect your Bank of America credit limit to be.
Here’s how you can get a Bank of America credit limit increase:
- Get an automatic credit limit increase. If you're unsatisfied with your initial Bank of America credit card limit, you may get a higher one later on. Bank of America periodically reviews accounts for an automatic credit limit increase. These reviews typically occur after you've had the card for at least six months. Automatic increases are not guaranteed, however. How much of an increase you'd receive depends on your payment history, existing debt, and other factors.
- Request a credit limit increase. You can also request a Bank of America credit limit increase through your online account or by calling the number on the back of your card. Your chances of getting a credit limit increase will be best if you've paid your credit card bills on time and in full during the last six months.It's also a good idea to update your income information, especially if it has increased since you first received your card.
Ultimately, it is worth noting that when you request a credit limit increase, Bank of America may ask to do a hard pull of your credit. This may cause your score to drop a bit in the short term. By comparison, an automatic credit limit increase will only result in a soft pull, which will have no effect on your credit score.
2023's Best Bank of America Credit Cards
Compare CardsPeople also ask
What is the highest credit card limit you can get?
The highest credit card limit you can get 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. The best high limit credit cards offer spending limits of $10,000 or more.
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...
read full answerHow do you get approved for a high limit credit card?
To get approved for a high limit credit card, you will need good to excellent credit and proof that you can afford a high spending limit. More specifically, your credit limit will be determined by several factors, including your income, assets, and existing debt obligations. Picking the right credit card goes a long way, too.
How to Get Approved for a High Limit Credit Card
- Apply for a credit card with a...
Can I get a credit limit increase without asking?
Yes, it’s possible to get a credit limit increase without asking, typically after 6-12 consecutive months of on-time bill payments with a new credit card account. Credit card companies need evidence that you can handle your current spending limit responsibly before giving you the ability to borrow more.
Creditors will review your credit, income, and payment history on a regular basis moving forward. If they feel you can afford an increase and refrain from abusing the...
read full answerDid we answer your question?