The starting credit limit for the PayPal Credit Card was $250. Every approved applicant’s credit limit was determined by multiple factors such as their credit score, income, and payment history. However, it is worth noting that the PayPal Credit Card is no longer available to new applicants.
What you should know about the PayPal Credit Card credit limit:
Initial credit limits aren’t permanent. Once your account has been open for at least 6 months, you can request a credit limit increase from your account online or by calling (844) 373-4961.
Requesting a PayPal Credit Card credit limit increase might result in a hard pull on your credit, lowering your score for a short period of time.
To improve your chances of being approved for a higher credit limit, always pay your bills on time and stay well below your credit limit.
If you’re looking for a credit card that offers a high starting credit limit, you should consider getting the Wells Fargo Active Cash® Card. This card has a starting credit limit of $1,000. Wells Fargo Active Cash® Card also has a $0 annual fee and requires at least good credit for approval. Plus, you can earn 2% cash rewards on all qualifying purchases.
The PayPal Credit Card’s annual fee is $0. So, all the rewards cardholders earn can be pure savings. The card offers 1 - 3 points per $1 spent on certain categories. However, this is not the only fee you need to worry about with the PayPal Credit Card.
Thanks to the $0 annual fee, the PayPal Credit Card can help you build credit even when you're not using it. Just make sure you leave it open without a balance. If you carry a balance, you’ll owe interest at the card’s APR of 19.99% - 26.99% (V).
You can request a credit line increase every 4-6 months, or even more frequently. But your chances of being approved for an increase are best if you wait at least 6 months from when you opened your account or last requested a higher limit. If you request an increased limit right after being approved for a new card, it’s unlikely that anything will have changed since the issuer made its initial decision about your credit limit. If you wait 6 months and manage your account responsibly in the meantime, however, you’ll have proven that you can handle your current credit limit.… read full answer
Here’s what you need to know about requesting a credit limit increase:
When you request a credit line increase, the issuer will ask about your current gross income, employment status, key financial obligations, etc. Once you’ve made a request, you should generally wait 6-12 months before submitting another. You can ask for another credit limit increase earlier if your financial situation changes, though. For instance, receiving a raise from your job is a great time to ask for an increase since you’ll have more money to spend. Anytime your overall income goes up, you could be eligible for a limit increase.
Requesting a credit line increase is easy, and you’ll often receive a decision quickly—either instantly or within 10 business days. Just make sure to request an increase when you have the greatest chance of being approved. Asking for a credit limit increase usually leads to a hard credit inquiry, which can cause a temporary dip in your credit score. While your score will recover, it’s best to avoid numerous hard inquiries in a short period of time, especially if you need your credit to be in good shape for a particular reason in the near future.
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