It’s hard to say with any certainty, unfortunately. Your credit limit will be determined based on your credit standing, income and existing debt obligations. And you will be informed what it is when you receive your card. You can check your credit score for free on WalletHub, which is the first and only site to offer free credit scores and full credit reports that are updated on a daily basis. Again, sorry we could not provide more-detailed information.
The Citi Diamond Preferred credit limit is $500 or more, depending on each applicant’s creditworthiness. Once you’re approved for the Diamond Preferred card, Citibank will determine your specific credit limit based on factors such as your annual salary and wages, additional income, and any debt you owe. Some cardholders have reported receiving starting limits as high as $12,000.
You need at least good credit to be approved for the Citi Diamond Preferred card. For your best chances at a high limit, you’ll want good-to-excellent credit and plenty of disposable income. Even if you don’t receive the limit you want, you can always request a credit limit increase later on. You’ll want to wait at least six months from opening your account before requesting an increase though.
You can request a Citibank credit card limit increase online or by phone, at 1 (800) 950-5114. Citi may also offer an automatic credit limit increase if its regular reviews of the account show a history of on-time payments and low debt. Periodic reviews typically start after the account has been open for about six months. To make a decision about a credit limit increase, Citi will also review your current income as well as your credit history.… read full answer
Some Citibank credit card limit increase requests may involve Citi doing a hard pull of your credit report, at least as of February 2019. A hard pull may cause a short-term dip in your credit score. Citi will almost always use a harmless soft pull initially, but will do a hard pull if you ask them for a higher increase than they first offer you. And when Citi offers an automatic credit limit increase, they will always use a soft pull. Citi cannot do a hard pull without your permission.
How to get a Citibank credit card limit increase online:
Log in to your online account. Click Services, and then “Credit Card Services.”
Select “Request a Credit Limit Increase” under the Card Management menu.
Choose the Citibank account for which you’re requesting the increase (if you have more than one).
Enter your total annual income and monthly mortgage/rent payment. Click “Continue.”
Confirm the information entered and click “Continue” to submit the request.
Review the decision you will receive after a few seconds. If you’re approved for an increase, the new credit limit is effective immediately.
A Citibank credit card limit increase can boost your credit standing if you use the extra purchasing power responsibly. The added credit can lower your utilization, assuming your spending does not increase, and that in turn can raise your credit score. If you’re planning on making a major purchase soon, an increase will also reduce the risk of maxing out the card’s credit limit.
To raise your chances of being approved for an increase, always pay your bill on time and pay more than the minimum due. And if your income increases, make sure to update that information on your online account, as Citi will see that you can afford higher limits.
Balance transfers don’t hurt your credit, but transferring a balance can indirectly cause credit score damage. When you apply for a balance transfer credit card, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score. If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. … read full answer
Balance transfers don’t hurt your credit score directly. But when you apply for a balance transfer credit card, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score. If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage as a result. A balance transfer could still result in high credit utilization, though, and even allow you to rack up more debt than you can afford, if you’re not careful. Both of those things can hurt your credit score.
So, the act of transferring a balance itself won’t affect your credit, but it will indirectly alter several key components of your credit profile, from utilization to the age of your accounts. These changes might lower your score a bit in the short term. But over time, interest savings and the ability to pay off your debt faster should make transferring a balance a net positive for your credit score.
Here is how a balance transfer could hurt or help your credit:
Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card. Transfers to new accounts may take longer than existing accounts. Continue making payments on your original account in the meantime to avoid hurting your credit score.
If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.
Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.
Keep an eye on how the transfer affects your account’s credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that’s not good for your score.
If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.
Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.
Balance transfers won’t hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card’s low introductory APR period.
Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They’re not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.