Rodney Bennett, WalletHub Analyst
@rodneyben
Yes, your Total Visa Card credit will go up by the same amount as the annual fee that you pay. However, this increase in your available credit will be applicable only until your account anniversary. Then, the annual fee will be charged again, thereby reducing your available credit.
It’s also worth noting that, beginning the second year, your Total Visa Card will start charging you a monthly fee, too. Your available credit will be recurrently reduced by this fee on a monthly basis, until you pay it off.
How to Your Increase Your Total Visa Card Available Credit
If you want to increase your available credit, you could ask for a credit limit increase after your account has been open for at least a year. However, you will be charged a credit limit increase fee of 25% of the amount of increase in your credit limit. For example, if your credit limit is increased by $100, then a credit limit increase fee of $25 will be assessed, which means and additional $75 of available credit on your account. This fee will be automatically assessed once you accept the credit limit increase each time.
If you are looking for an unsecured credit card to build credit, you can check out our editors’ latest picks for the best unsecured credit cards for bad credit to weigh your options.
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An unsecured credit card is a credit card with no security deposit. When a credit card is unsecured, it means the card’s credit line is not "backed" by collateral and the card is what most people would refer to as a normal credit card.
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read full answer by WalletHub, Financial CompanyWhat credit score is needed for an unsecured credit card?
You need a credit score between 550 and 750 to be approved for most unsecured credit cards. Having a score of at least 550 will likely qualify you for a decent unsecured card, but a higher credit score increases your chances of being approved for one of the best credit cards with no security deposit.
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What to Do if Your Credit Score is Below 550
... read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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