The minimum initial credit limit can be divided into three levels:
• Visa Infinity: The minimum amount is above $8,000-$10,000, such as Chase Sapphire Reserve, US Bank Altitude, etc. It is more common in high-end credit cards (annual fee $400+).
• Visa Signature / Master World Elite: Minimum limit is $5,000. It is generally common in mid-end credit cards (annual fee $100 or less) and some airline-hotel co-branded credit cards, such as Chase Sapphire Preferred, Marriott, Hyatt, and Citi Premier.
• Visa Platinum: The minimum amount is $1,000-$2,000, which is common in credit cards with no annual fee and some airline-hotel co-branded credit cards, such as Chase Freedom, BOA Cash Rewards, and so on.
It should be noted that all the numbers above refer to the minimum amount. Chase Freedom may also reach the amount of $10,000.
How to increase credit limit?
Credit limit is not static. It will vary with your credit status and usage. Generally speaking, the limit increases with the number of years of holding the card and the number of normal uses. The increase in the quota shows that the bank trusts you more and is willing to give you more quotas.
In addition to passive increases, the credit limit can also be actively increased. There are two types of active increase, one is soft pull, that is, the bank will actively check the usage of your credit card according to your request, and then directly increase the limit for you; the other is hard pull: usually the bank directly check your personal credit report from the credit bureau, and then increase your credit limit as appropriate. Personally, I don’t think it’s worth using a hard pull to raise your credit limit unless you have a special need.
Now more and more banks are providing soft pull as ways to increase the quota, which can be done through online banking. This option usually appears after your using a credit card for a period of time. For example, after using AMEX for three months, you can request to increase the limit to three times of the original amount; Discover and Citi also have such options. It is important to note that if you see that you need to upload your credit report during the process of raising the limit, don’t agree, because this is a sign of hard pull. Soft pull does not need your credit report.
