credit-limit-calculator-250x250-optimised

Credit Card Limit Calculator

Learn how your credit card limit is determined and ways to calculate a credit limit that will work for you.

Your credit limit is the amount of money you can access with a credit card. When you apply for a card, the issuer will decide on your credit limit based on a variety of factors including your income, credit history, personal circumstances and sometimes even the card that you choose. As credit limits are subject to the credit card company's lending criteria, terms and conditions, you won't know your exact limit until your application is approved.

Use this guide to learn more about credit limits and the factors that impact on them. You can also compare cards with high and low minimum credit limits and learn how to calculate the credit limit range that will suit your spending habits and budget.

Comparison of credit cards

Rates last updated September 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Min credit limit Max credit limit Minimum Income Product Description
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
$1,000
$25,000
$15,000
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
$1,000
$15,000
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Bank of Melbourne Vertigo Visa Credit Card
13.74% p.a.
0% p.a. for 16 months
$55 p.a.
$500
$80,000
Enjoy 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
St.George Vertigo Visa
13.74% p.a.
0% p.a. for 16 months
$55 p.a.
$500
$80,000
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
ANZ First Visa Credit Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$30 p.a.
$1,000
$15,000
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
NAB Low Rate Credit Card
0% p.a. for 6 months (reverts to 13.99% p.a.)
0% p.a. for 6 months with 2% balance transfer fee
$59 p.a.
$500
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.
NAB Low Fee Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$30 p.a.
$500
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
ANZ Rewards Credit Card
18.79% p.a.
$80 p.a.
$1,000
$15,000
Earn uncapped Reward Points and get 25,000 bonus points when you make an eligible purchase in the first 3 months from approval.
St.George Amplify Card
19.49% p.a.
3% p.a. for 36 months
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
$500
$80,000
Take advantage of 3% p.a. interest on balance transfers for 36 months. Plus, a $0 first year annual fee and Amplify or Qantas Points per $1 spent.
NAB Qantas Rewards Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$95 p.a.
$500
A Visa card that offers 0.5 Qantas points per $1 spent, complimentary purchase protection insurance and up to 44 interest-free days on purchases.
Bank of Melbourne Amplify Card
19.49% p.a.
3% p.a. for 36 months
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
$500
$80,000
Take advantage of a 3% p.a. for 36 months balance transfer offer, Amplify or Qantas points per $1 spent and enjoy a $0 annual fee for the first year.
BankSA Vertigo Visa
13.74% p.a.
0% p.a. for 16 months
$55 p.a.
$500
$80,000
Enjoy a 0% p.a. interest rate for up to 16 months on balance transfers with no balance transfer fee. Plus, a low ongoing purchase rate.
BankSA Amplify Card
19.49% p.a.
3% p.a. for 36 months
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
$500
$80,000
Receive a 3% p.a. for 36 months balance transfer and earn Qantas or Amplify Points per $1 spent. Plus, enjoy a $0 annual fee for the first year.
Bankwest Zero Mastercard
17.99% p.a.
2.99% p.a. for 9 months
$0 p.a.
$1,000
Features an ongoing $0 annual fee. Plus, receive up to 55 days interest-free on purchases and a 2.99% p.a. for 9 months on balance transfers.
Bankwest Qantas Mastercard
20.49% p.a.
2.99% p.a. for 9 months
$100 p.a.
$1,000
Receive a complimentary Qantas Frequent Flyer membership and earn 0.5 Qantas Points per $1 spent on eligible purchases.
Bankwest More Mastercard
19.99% p.a.
0% p.a. for 6 months with 1% balance transfer fee
$100 p.a.
$1,000
Earn 1.5 More Rewards Points per $1 spent, 19,500 bonus points when you meet the spend criteria and receive a 0% p.a. balance transfer offer.
Bankwest Breeze Classic Mastercard
0% p.a. for 13 months (reverts to 12.99% p.a.)
0% p.a. for 13 months with 2% balance transfer fee
$79 p.a.
$1,000
Receive purchase and balance transfer offers of 0% p.a. for 13 months, a low ongoing rate and up to 55 interest-free days on purchases.
Bankwest Breeze Platinum Mastercard
0% p.a. for 13 months (reverts to 12.99% p.a.)
0% p.a. for 13 months with 2% balance transfer fee
$99 p.a.
$6,000
Receive a 0% p.a. interest rate on purchases and balance transfers for 13 months, complimentary travel insurance and 0% foreign transaction fees.

Compare up to 4 providers

Rates last updated September 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Min credit limit Max credit limit Minimum Income Product Description
Citi Clear Platinum - Exclusive Offer
14.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
$6,000
$100,000
$35,000
finder Exclusive: Ends 30 September 2018 Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 25 months
$99 p.a.
$6,000
$80,000
Save with 0% p.a. interest for up to 25 months on balance transfers with no BT fee. Plus, platinum perks, including overseas travel insurance.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
$6,000
$100,000
$35,000
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
Virgin Money Low Rate Credit Card
11.99% p.a.
0% p.a. for 14 months
$49 p.a.
$6,000
$100,000
$35,000
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
$6,000
$100,000
$35,000
Enjoy 0% p.a. interest on purchases for 14 months. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
Citi Rewards Platinum Credit Card
20.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
$6,000
$100,000
$35,000
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
$6,000
$100,000
$35,000
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
Citi Platinum Credit Card
20.99% p.a.
0% p.a. for 12 months
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
$6,000
$100,000
$35,000
Earn 10,000 monthly bonus reward Points for 20 months (200,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $49 first year annual fee.
Bank of Melbourne Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$99 p.a.
$6,000
$80,000
Offers a long-term balance transfer, low standard variable purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
$6,000
$100,000
$35,000
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Citi Signature Credit Card
20.99% p.a.
0% p.a. for 12 months
$195 p.a. annual fee for the first year ($395 p.a. thereafter)
$15,000
$100,000
$75,000
Earn 15,000 monthly bonus reward Points for 20 months (300,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $195 first year annual fee.

Compare up to 4 providers

What factors can affect my credit limit?

Whether you’re applying for a new credit card or want to increase in your existing card’s credit limit, the bank or provider will look at a range of factors to assess your application. This usually includes:

  • Your income. Your salary and any other forms of income you receive help credit card issuers decide on the amount of credit that's affordable for you.
  • Your employment status. If you're full-time, part-time, self-employed or a student, this could affect the size of the credit limit you're offered.
  • Your creditworthiness. This factor is based on your credit history and credit score, which helps issuers see how responsible you are with money.
  • The individual card. Many credit cards list minimum and maximum credit limits, which can give you some idea of the limit you may be offered. For example, if you're approved for a credit card with a minimum limit of $1,000 and a maximum limit of $10,000, the specific limit offered to you will be within this range.
  • Your credit limit request. If you have a credit card already you can request a credit limit increase or decrease at any time.You can also request a specific credit limit when you apply for a new card. As long as it fits within the minimum and maximum range for that card, the issuer will consider this when looking at your application. But whether it's an existing card or a new card, the request will still need to meet the issuer's credit lending requirements to be approved.

What is an online credit card limit calculator?

Online credit card limit calculators can give you some idea of what your credit limit might look like. Unfortunately, it’s difficult to determine exactly what your credit limit is and you can’t be entirely sure of how your credit card provider will calculate your limit.

If you do end up using an online credit card limit calculator, bear in mind that the result should only work as an indication of what you can look forward to, and don’t expect your card provider to rely on similar parameters. At the end of the day, it’s your card provider who establishes exactly what your credit limit should be.

How can I calculate my own credit limit?

While there is no way to work out the exact credit limit you'll be offered, to estimate a credit limit that's affordable for you is to consider the following:

  1. How much do you earn? This is a key factor in deciding what credit limit will be affordable for you.
  2. What are your current, regular expenses? This includes payments such as rent, supermarket shopping, electricity bills, phone bills and fuel or transport costs.
  3. How much money is left over from your income after you've paid your essential bills? For example, if you earn $4,000 per month and spend $2,000 on bills, that leaves you with $2,000 for other spending. This gives you an idea of the amount of money you can afford to spend on non-essentials.
  4. How much money do you want to spend on your credit card? To answer this question, you could consider how much you currently spend on credit and decide if that's working for you. Or, if you want to avoid credit card debt, you could look at the amount of money you have after paying all your essentials and request a credit limit up to that amount.

Considering these factors based on your own financial circumstances will help you figure out the type of credit limit that fits your needs. Alternatively, you could request a credit limit based on your budget or use an online credit card limit calculator.

How can I increase my credit limit?

If your credit card is not at its maximum allowed credit limit, you can consider applying for an increase in its limit, and what you have to do in order to move forward depends on your card’s provider. You might, in all likelihood, have to submit an application for increase in credit limit, which many providers accept online. As part of this application you would have to provide identification details and income details, along with information about your existing assets and liabilities.

Before you submit an application for an increase of your credit card’s credit limit, there are several things you can do to increase chances of approval, and here’s what can help:

  • Establish creditworthiness. If you can prove that you’re a reliable borrower, there’s a good chance that the lender in question would approve your application for increase in credit limit. In order to establish creditworthiness make sure you don’t make late payments, and try paying off as much as possible each month.
  • Don’t exceed your credit limit. If you’ve exceeded your card’s limit once or more in the past, the provider would not look upon the same with favour, so it’s ideal that you keep your expenses in check and stay well within the card’s available limit.
  • Regular use. Using your credit card regularly demonstrates that you’re well aware of the spending and repayments cycle that a credit card entails. Making large value purchases and repaying them in a timely manner can work well in this regards.
  • Talk to the lender. In some instances, discussing your need for an increased credit limit directly with the card provider might help. If nothing else, you should at least get a good indication of what your provider expects.
  • Patience is key. You can’t get a credit card today and hope to get an increase in its credit limit the next day or the next week. To qualify, you have to build a relationship with the provider, and you should give yourself at least six months before you consider applying for an increase.

What should I be wary of when changing my credit limit?

Increasing your card’s credit limit gives you access to more money when you need it, and decreasing it can help you keep your expenses in check. In either case, it is important that you account for the following.

  • Overspending. An increased credit limit translates into you getting more money to spend, and this could lead to a build up of debt that you may have issues repaying. The higher the credit limit, the higher the chances of overspending.
  • More interest. The outstanding balance in your account that rolls over from one month to the next attracts interest, and an increased credit limit can increase the outstanding balance, resulting in you paying more in the form of interest. If you don’t pay your account’s balance in full every month, a credit limit increase might not be a good option.
  • Defaulting. An increased credit limit gives you more spending power, and, again, the more you spend, the more you have to repay. Apart from repaying the principal, you also have to pay interest, which, over time, can add up to a sizeable sum. If, at any point, your outgoings exceed your income, you stand the risk of defaulting.

The credit limit your card comes with defines how much you can spend using your card, and while changing a card’s existing limit is possible, it requires several considerations. Some of the factors that can affect your application for increase in credit limit include your income, your creditworthiness, and the card provider in question. While increasing your credit limit may seem like the resolution to your financial problems, there are a number of considerations you should also be wary of before applying for an increase.

Frequently asked questions

Pictures: Shutterstock

Back to top
Was this content helpful to you? No  Yes

Related Posts

Credit Card Offers

Important Information*
Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

Westpac Altitude Platinum Card - Qantas

Interest rate

20.24

Annual fee

50*

*$200 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site