YourBank of America credit cardlimit will be based on your credit standing once your application has been approved. The lowest credit limit Bank of America would approve a card for is $200, which is the minimum deposit requirement for the BankAmericard® Secured Credit Card. Other Bank of America credit limits could start out much higher. The Bank of America® Premium Rewards® credit card, for instance, offers a $1,500 minimum credit limit for approved applicants.
Your actualcredit limit will be determinedbased on your credit standing and income, among other factors. More specifically, the higher yourcredit scoreis, and themore income you have relative to your debt, the higher you can expect your Bank of America credit limit to be.
What to Do if You’re Not Happy with Your Bank of America Credit Limit
- Wait for an automatic credit limit increase.If you're unsatisfied with your initial Bank of America credit card limit, you may get a higher one later on. Bank of America periodically reviews accounts for an automatic credit limit increase.These reviews typically occur after you've had the card for at least six months. Automatic increases are not guaranteed, however. How much of an increase you'd receive depends on your payment history, existing debt, and other factors.
- Request a credit limit increase.You can also request a Bank of America credit limit increase through youronline accountor by calling the number you see on the back of your card. Your chances of getting a credit limit increase will be best if you've paid your credit card bills on time and in full during the last six months.It's also a good idea toupdate your income information, especially if it has increased since you first received your card.
It is worth noting that when you request a credit limit increase, Bank of America may ask to do a hard pull of your credit report. This will cause your score to drop a bit in the short term. By comparison, an automatic credit limit increase will only result in asoft pull, which will have no effect on your credit score.
This answer was first published on 05/14/21 and it was last updated on 01/08/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Theresa Chalfant, Writer. The Bank of America card that gives the highest credit limit is the Bank of America® Customized Cash Rewards credit card, which has a reported maximum limit of $95,000. Your individual limit will be determined based on your credit history, income, outstanding debts, and other factors.
Will Bank of America increase my credit limit? ›
You can get a Bank of America credit line increase by requesting it online or by calling customer service at (800) 732-9194. For the best chances of receiving a Bank of America credit line increase, you should have at least six consecutive months of on-time payments under your belt.
What is the average credit card limit America? ›
The average credit limit on credit cards in the U.S. was $29,855 as of the end of the third quarter (Q3) of 2023. That's a 6.8% increase from Q3 2022, when the average credit limit was $27,955.
Why did Bank of America reduce my credit limit? ›
Christie Matherne, Credit Card Writer
Bank of America will periodically review how you're managing your current limit and may lower it if they don't think you can afford the full thing. You can call Bank of America at 1 (800) 732-9194 to ask about the particular reasons why your credit limit was lowered.
Is $25,000 a high credit card limit? ›
Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $25,000 or higher.
What credit card has a $100000 limit? ›
On our list, the Ramp Corporate Card and the Chase Ink Business Premier Preferred Credit Card offer the best opportunity to access a $100,000 credit limit. Ramp determines your spending limit based on factors like your cash-on-hands and monthly expenses, while Chase uses creditworthiness to calculate your credit limit.
What is considered a high credit limit? ›
If you're just starting out, a good credit limit for your first card might be around $1,000. If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.
What is the credit limit for BankAmericard credit card? ›
The BankAmericard credit card credit limit will vary based on each applicant's credit standing. But many cardholders report initial credit limits ranging from $1,000 to $15,000 in some online forums.
Will my Bank automatically increase my credit limit? ›
Your credit limit won't necessarily stay the same, even if you don't seek an increase. The process isn't automatic, but a credit card issuer may proactively increase your credit limit as things like your credit scores, job or credit use change.
Is $20000 a good credit card limit? ›
Yes, a $20,000 credit limit is good, as it is above the national average. The average credit card limit overall is around $13,000, and people who have higher limits than that typically have good to excellent credit, a high income and little to no existing debt.
A good credit limit is around $30,000, as that is the average credit card limit, according to Experian.
What is the credit card limit for an 800 score? ›
For those with 800-plus scores, their average credit card limits are $69,346. That's up from the $58,514 average we found in May 2021. By generation, Gen X now has the highest average credit limit ($72,255), while Gen Z has the lowest average ($54,003).
How does Bank of America determine credit limit increase? ›
Like most other card issuers, Bank of America conducts periodic reviews of credit card accounts to determine eligibility for an automatic credit increase. A credit limit increase can depend on total annual income, monthly housing payment amounts, existing debt, card payment history and more.
What happens if I go over my credit limit at Bank of America? ›
In general, the higher you go over the limit, the less likely it is that your charge will be accepted. To be positive that your charges go through, you'll need to remain under your credit limit. Anytime a charge exceeds your Bank of America card's credit limit, there's a chance your card will be declined.
Do credit card limits reset every month? ›
Does Your Credit Card Limit Reset Every Month? Every time you make a payment to your credit card account and that payment is credited to your account, it will reset your credit limit. So if you make a payment every month, then it will reset your credit limit monthly.
What is the highest credit card limit you can have? ›
The highest credit card limit you can get is over $100,000 according to reports 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. The best high limit credit cards offer spending limits of $10,000 or more.
Is $3000 credit card limit good? ›
a $3,000 credit limit is good if you have fair, limited or bad credit, as cards in those categories have low minimum limits. The average credit card limit overall is around $13,000, but you typically need above-average credit, a high income and little to no existing debt to get a limit that high.
What credit card has 20000 dollar limit? ›
Your best chance at getting a $20,000 limit is with the Chase Sapphire Reserve® card. It has a $10,000 minimum credit limit, but if Chase thinks you can handle a limit that's twice the minimum amount based on your income and debt, you could be approved for $20k.
