The highest credit limit on a Discover card is not public knowledge, as Discover does not disclose a maximum credit limit for any of its unsecured credit cards. Some Discover cardholders have reportedly been approved for credit limits ranging from $10,000 up to $20,000. These are unconfirmed reports, however.
Discover sets a minimum credit limit of $500 for all of its cards except the Discover it® Secured Credit Card. Its credit limit is determined by the amount of a cardholder’s refundable security deposit, which starts at $200 and could be as high as $2,500.
If you are approved for an unsecured Discover card, the information on your application will determine whether you’ll receive a starting credit limit above the $500 minimum. That initial credit limit is not permanent, though. After making at least six consecutive months of on-time payments, Discover cardholders may become eligible for an automatic credit limit increase, though receiving one is not guaranteed. You may also request a credit limit increase, either by logging into your Discover account online or by calling customer service at 1 (800) 347-2683.
Discover credit card limits will always be at least $500, and there’s no disclosed maximum. How much you get is determined by your creditworthiness. The only exception is if you have Discover it® Secured Credit Card. In that case, your credit limit is the amount of money you put down as a security deposit, at least $200 and up to $2,500. But every other available Discover card has a credit limit of $500+.… read full answer
Discover is actually really upfront about what goes into their determination of your credit limit. They name a bunch of different factors they consider. And while these might not be the only things they take into account, they’re certainly useful to keep in mind.
Here’s how your Discover credit card limit is determined:
Payment history. If you haven’t missed bills in the past, it’s likely you’ll pay on time in the future. And Discover will reward people who pay on time with higher credit lines because they’re more trustworthy.
Utilization. How much of your credit limit do you typically use on any other cards you have? If the answer is more than 30%, you should probably think about cutting back. You’re more likely to get a higher credit line when you have lower utilization rates, because issuers know you won’t use it all up.
Credit history length. If you’re new to credit, you’re probably not going to get the biggest credit line to start off. But if you have an established history and multiple accounts in good standing, you’re more eligible for high credit lines.
Expenses vs. income. Every month you both earn and owe money. What Discover wants to see is an applicant who earns a lot more than they owe. That type of person has more to spend on a higher credit line.
Inquiries. Applying to a lot of places at once will raise red flags on your credit report. To issuers, it looks like you’re desperate for credit. So even if you’re approved you probably won’t get a big credit line.
Keep these areas in mind and you should be able to improve your chances of getting a higher credit line. But you’ll always be guaranteed $500. From what I’ve seen from other users, a lot of people seem to have gotten a higher limit than they expected, so that’s encouraging. And don’t forget that you can always ask for a credit limit increase in the future (but wait at least 6 months of paying on time).
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
Here are some of the highest credit card limits right now:
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.
American Express Platinum card has no pre-set spending limit, which means your limit is flexible, will depend on your monthly spending habits and could change from month to month. The annual fee is $695, and you need good credit or better to get approved.
Students can look forward to a limit of at least $500. That’s pretty good for a first card when you have limited credit. The annual fee is $0.
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.
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