The OpenSky Visa Card credit limit is the amount of your security deposit, up to a maximum $3,000. You’re required to put down at least a $200 deposit to open the account. It’s important to know that OpenSky Secured Visa has a $35 annual fee which, when applied to the security deposit, will reduce the amount your credit limit.
You can increase your credit limit any time by adding to your security deposit – up to the $3,000 maximum. But make sure you do so during the first year you have the card. After 12 months, OpenSky charges a $25 fee to add (or withdraw) from your security deposit.
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 possible isn’t public knowledge. Some people have reported limits of $100,000+. But in order to get that kind of spending power, you’d have to have a ton of assets and income, along with spotless credit. Most credit card issuers don’t disclose a maximum credit limit for their cards, so it’s hard to say for any individual card. But many companies do share their cards’ minimum credit limits, and some cards definitely have higher minimum limits than others. For example, one credit card that requires good credit for approval might have a $5,000+ credit limit, while another offers just $500+. Similarly, you’ll find limits ranging from $500+ to $10,000+ among cards that require excellent credit. Let’s look at some of the most popular offers with high floors and, hopefully, even higher ceilings.… read full answer
Here are some of the highest credit card limits:
High Overall Minimum: Chase Sapphire Reserve – You’re guaranteed a credit limit of at least $10,000 with this card, but it comes with a $450 annual fee and requires excellent credit. If you’re a high spender, though, the points you’ll rack up can be well worth it.
High Travel Minimum: Capital One Venture – This card has a $5,000 minimum limit. It requires good credit and charges a $95 annual fee that’s waived the first year. And it gives excellent value on travel rewards.
High Student Minimum: Discover it for Students– 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.
High Bad Credit Maximum – Wells Fargo Secured: This card accepts a refundable security deposit of as much as $10,000, which will serve as your credit line.
Again, keep in mind that with the exception of Wells Fargo Secured, these are all minimum credit limits. So your limit could be a lot higher based on your creditworthiness. In order to have a better chance of getting a high limit, you should make sure to always pay 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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