Your Bank of America credit card limit will be at least $500 in most cases. Only the BankAmericard Secured Card has a minimum credit limit of $300. Other Bank of America credit limits could start out much higher. Some BofA Cash Rewards and Premium Rewards cardholders have reportedly received credit limits up to $35,000 - $50,000. It depends on your creditworthiness and income. The higher your credit score is, and the more income you have relative to your debt, the higher you can expect your BofA credit limit to be.
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’ll receive will depend on your payment history, existing debt, and other factors.
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 $0 for 1st yr, $95 after annual fee that’s waived the first year. 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.
You can get a high limit credit card by having excellent credit and a large income. Picking the right credit card goes a long way, too.
If you’re applying for a new credit card with a high limit, your best bet is to target cards known for high minimum initial credit limits. Cards’ terms and conditions usually show the minimum limit, and there are plenty of cards that start at $5,000 to $10,000, such as Chase Sapphire Preferred/Reserve, Bank of America Cash Rewards and Capital One Venture. But you should make sure you know the ins and outs of high limit credit cards before you apply.… read full answer
In general, your credit limit is determined by the credit card issuer, based primarily on your income and credit history. So, the higher your income and the better your credit history, the more likely you will receive a new card with a high initial credit limit. But issuers take other things into account too, like the number of other accounts you have and the length of your history.
Here is how you can get a high credit limit on your credit card:
Apply for a credit card with a high starting limit. Chase Sapphire Reserve has a $10,000 minimum. Chase Sapphire Preferred and Capital One Venture are some of the credit cards with minimum credit limits of $5,000. High limit cards usually come with annual fees ($450 for Sapphire Reserve), so you’ll have to decide if high spending power is worth it. They also often have good travel rewards. Sapphire Reserve gives you a $300 travel credit each year, and Venture offers 50,000 initial bonus points, redeemable for $500 in travel purchases. And they require good or excellent credit. If this limits your options, consider a card with fewer rewards and a smaller limit. Capital One Quicksilver’s minimum limit is $300, but it requires only limited credit and gives 1.5% cash back on all purchases.
Improve your credit score. High limit credit cards typically require good or excellent credit. If you check your latest credit score and discover that you don’t qualify, that means you have some work to do. You need to add positive information to your credit report, which you can do by using a credit card responsibly and catching up on any past-due bills, among other things. A good credit card to use in the meantime is Capital One QuicksilverOne. Its minimum credit limit is only $300, but you can get approved with limited credit, and you’ll earn 1.5% cash back on all purchases. There is a $39 annual fee, though.
Earn a higher credit limit with good behavior. Once you have paid on time for several months, you will be eligible for credit limit increases. The issuer may automatically raise your credit limit after reviewing your account, usually in 6 to 12 month intervals. How much depends on how responsibly you are using the card. Not all issuers will give automatic increases. An automatic increase is typically a soft inquiry which will not show up on your credit report. An issuer must get your permission to generate a hard inquiry for a credit limit increase.
Request a credit limit increase. You can also request a credit limit increase, either online or by calling the issuer’s customer service department. You will either get the requested increase, receive a lower counteroffer from the issuer or be denied the increase. Requesting a credit limit increase usually results in a hard inquiry, which could hurt your credit score. However, some issuers – including Discover and Wells Fargo – now use soft inquiries in most cases.
A high limit credit card will help raise the total available credit listed on your credit report, which can help to lower your overall credit utilization ratio. You should aim for credit utilization below 30%. If you’re unable to get a high limit card, you can pay off purchases right away to free up spending power.
You have the best chance of getting a credit limit increase without asking after 6 consecutive months of on-time bill payments. 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. If they feel you can afford an increase and refrain from abusing the added spending power, they may automatically grant a credit limit increase without you asking. … read full answer
If you get a credit limit increase without asking, it should help your credit score. To start off, issuers only use a soft inquiry, which does not affect your credit score, for this type of increase. If you ask them for an increase instead, they’re more likely to use a hard inquiry, which can cause a temporary drop in your score. In addition, getting any kind of credit limit increase adds to the total credit you have available, which can lower your credit utilization if you spend the same amount of money (or less) than you did before. Or, it can allow you to spend more without increasing your utilization.
If you want to increase the chances of a credit card company giving you a higher limit without you having to ask for it, there are a few steps you can take.
How to get a credit limit increase without asking:
Always pay your bill on time (in full if possible).
Use only a portion of your current credit limit.
Update your income on the credit card company’s website/app.
Keep your account open for at least 6 months.
Pay down any debt you owe.
These steps won’t guarantee a credit card limit increase without asking. But they will certainly help your chances. And if your issuer doesn’t grant you an unsolicited increase, you may want to just ask for an increase yourself. While your request will probably lead to a lower credit score, the damage will be small and temporary. In the long term, a limit increase has the potential to bring your score higher.
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