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The minimum credit limit is the smallest amount of credit you can get with a particular credit card. In Australia, the minimum credit limit can be as low as $500 or over $10,000 depending on the card.
There's no way to work out the exact credit limit you'll be offered, but you can estimate the credit limit you might be offered by using the following questions:
Alternatively, you could request a specific credit limit based on your budget, or use a credit card repayment calculator to get a sense of what's affordable.
Online credit card limit calculators can give you some idea of what your credit limit might look like. Unfortunately, you can't determine exactly what your credit limit is and you can't be entirely sure of how your credit card provider will calculate your limit.
At the end of the day, it's your card provider who establishes exactly what your credit limit should be when you get a card application approved.
If you already have a credit card and want to increase your credit limit, you can usually submit a request online. Your bank or provider will assess your request based on its lending criteria. To help increase your chances of approval, here are some steps you can take before you request a credit limit increase:
Whether you're applying for a new credit card or want to increase your existing card's credit limit, the bank or provider will look at a range of factors to assess your application. This usually includes:
"If you want a smaller credit card limit, you can request a credit limit decrease online or by calling your credit card company. Just make sure the limit you request is higher than any balance you have on the card. For example, if you owed $5,000 on a card with a $10,000 credit limit, you couldn't request a $2,000 credit limit because it would mean you owe more than the new 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.
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.
If you have an outstanding balance on your card that rolls over from one month to the next, it will attract interest. An increased credit limit has the potential to increase the outstanding balance, which would lead to higher interest charges. So if you don’t pay your account’s balance in full every month, a credit limit increase might not be a good option right now.
An increased credit limit gives you more spending power but also means you could have a bigger balance to repay. If your balance and any interest charges get to a point where you can't repay at least the minimum amount listed by a statement's due date, you risk defaulting on the account. But contacting your credit card provider when you have concerns about repayments can help you work out a solution.
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