How much is your highest limit on your credit cards?

0808ZE24N1O2D8W

Hi!

I'm new to London and I don't know much about the British credit cards however I'm curious about how much is your highest limit on any of your credit cards? Please don't forget to name the type of credit card.

How much credit line you could get one a single credit card for a £5k, £10k, £25k, or £50k monthly after-tax income? For instance if you earn £5k per month then I assume the limit shall be around £10k or £15k.

Thanks in advance!

HappyMJ

What do you want to know that for? It's not something that most people would post publicly. You could browse the debt free wannabe boards and look at posted SOA's.

Just seems a strange question to ask from a first time poster.

0808ZE24N1O2D8W

I'm just curious! On the US forums people openly discuss this. I don't see why should you be afraid to discuss this. It's not your bank account balance or your income, just a credit line.

torbrex

There won't be many around here with those monthly incomes for a start :rotfl:

0808ZE24N1O2D8W

Btw, how do they calculate your credit limit? 2 or 3 times your net monthly income or how?

HappyMJ

My partners highest credit limit is £200. Capital One. My highest is £8,000. Capital One. At the time of application I was earning £300 a week. The credit limit has not changed ever since. Not really sure what you'll get out of that.

0808ZE24N1O2D8W

£8k limit on a single card for a roughly £1.3k monthly income is pretty good! Way more than 2-3 times your income.

torbrex

One of my cards has a limit of £3k but I got that a long time ago, I doubt if they would even give me a card now that my income has dropped to £250/month

0808ZE24N1O2D8W

I'm curious if we'll see some 5, 6 or even 7 figure limits. I think there are people with limits over £10,000 on a single card and probably a few with over £100,000 and maybe 1-2 with £1 million or more. In the US there are plenty of guys with $100,000 on a single card and more than a few with $1 million.

What I still don't know is how do they calculate your limit? Because in HappyMJ's case it's a lot more than what they normally offer (as far as I know).

We'll see

torbrex

Limits here are more based on credit scores rather than on income.
If I wanted a higher limit, I would just ask and probably get it with no problem as I have an unblemished credit history.

HappyMJ

0808ZE24N1O2D8W wrote: »

I'm curious if we'll see some 5, 6 or even 7 figure limits. I think there are people with limits over £10,000 on a single card and probably a few with over £100,000 and maybe 1-2 with £1 million or more. In the US there are plenty of guys with $100,000 on a single card and more than a few with $1 million.

What I still don't know is how do they calculate your limit? Because in HappyMJ's case it's a lot more than what they normally offer (as far as I know).

We'll see

I think it depends on the card too. The Capital One card that I have is a life of balance transfer card at 3.9% APR. The repayments started at 1% of balance per month plus interest and charges. Even though the limit is high it's affordable. The first payment was around £105 and it's been dropping ever since. It was also at a time when banks were throwing money at people. I doubt I'd get another one with such a high limit today. My most recent CC limit is £4,500 with Santander with a 0% APR on purchases offer and I earn more today than when I was approved for the Capital One card.