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Original poster

What credit limit do you have on your credit card?

82 replies

Caramel78 · 22/01/2020 10:55

What credit limit do you have on your credit card and do you regularly use your card or just have it as a back up for emergencies?

OP posts:
VirtualHamster · 22/01/2020 21:04

I had to recently find out all the limits on mine for a mortgage application - came to over 90 grand!

The one I use day to day has the lowest limit

Ellapaella · 22/01/2020 21:18

It's interesting that the majority of people who have replied have massive credit limits but all pay them off in full each month. I wonder how many people have this kind of credit on the go who struggle to pay it off?
It must be very easy for people to get into debt with lenders giving out such vast sums of credit - I'm really shocked by some of the answers on this thread. It doesn't seem very responsible lending to me but it seems most people who have answered on this thread are managing to pay it off and not struggling with money, so why the need for that amount of credit? Is it just so you get loyalty points and vouchers?

Ellapaella · 22/01/2020 21:21

I'm not being judgey by the way - I'm genuinely curious as to why you need that amount of credit if you have enough money anyway to pay it off in full every month.

Elbeagle · 22/01/2020 21:23

I actually agree Ellapaella, it is irresponsible lending.
We have extremely high limits which we have no need of (pay in full each month). The only reason for our high limits is that the CC companies constantly raise the limits, and we have just never thought to reduce them. Not an issue for us really. We have three credit cards as one is used for day to day expenses (the reward points mean that it makes more sense than using our debit card), one for DH’s work expenses and one that we put large purchases on for the payment protection that a CC offers (then repay with money from our savings).
However if we were to use all the available credit I imagine the monthly repayments would be astronomical!

Elbeagle · 22/01/2020 21:24

We don’t need that amount of credit... the credit card companies automatically raise our limit and we haven’t reduced it.

Fainne · 22/01/2020 21:29

I am very proud to say that I have two credit cards - one with 2k limit, one with 2.5k limit.
5 years ago I couldn't even get a phone deal due to horrendous credit rating.

So I started with an overdraft.
Then applied for a SIM only phone deal.
Then a credit card.
Then a second credit card.

I only use them to build up my credit rating. I could just as easily use the money from my current account, but I put stuff on the card, so that I can build up my credit rating. I know I'm sad

BellatrixLestat · 22/01/2020 21:34

I have 3 but I only use one

1 - 5600
2 - 5200
3 - 4600

I keep them all open as it improves your credit rating to have 'available credit' that you are not using, so it shows you don't max out all available credit.

AgeLikeWine · 22/01/2020 21:36

I had no idea, so I checked : £9k.

It’s a John Lewis Mastercard which I use for almost every purchase I make because it earns points for every £ spent. I pay off the balance in full every month. The points are converted into JL / Waitrose vouchers, of which I receive about £100 per year.

YappityYapYap · 22/01/2020 21:38

We only have one card and it has a credit limit of £7,000 on it. Currently has a balance of £1,600 on it which I will clear off over about 6 months. The balance is interest free for the whole time. The only other debt we have is a home improvement loan. We don't use the overdraft or have any other loans

Fainne · 22/01/2020 21:38

Oh and it also helps being on the electoral register wherever you live. Sounds strange, and I'm not exactly sure why, but ye.

ANiceLuxury · 22/01/2020 21:40

I did have two. One was 15k and the other 10k. I closed the 15k one down as i never used it and it had no reward system on it.

The 10k one is a debenhams reward one so i spend 2-3k on that every month and then pay off in full

ANiceLuxury · 22/01/2020 21:42

Forgot to mention i get about £30 a month in Debenhams vouchers for spending on it but i get to spend them every quarterly

chuck7 · 22/01/2020 21:42

7.5k. Hit 80%...
Why do people have more than 2 cards?

Fainne · 22/01/2020 21:44

You'll find that people who get expenses paid from work will always put everything on their credit card. They're assured of paying it off - hotels/flights/meals/mileage etc., but it makes them appear affluent and good at paying off debts to credit agencies. They will often have far higher credit limits than Joe Soap.

Fainne · 22/01/2020 21:48

Why do people have more than 2 cards?

Highbrow reason - it splits the risk
My reason - I actually applied for the second one as it had zero fees on purchases outside of sterling and I was going abroad whereas my original card had fees on purchases made in Euros.
Other reasons - different incentives on different cards.

LaurieFairyCake · 22/01/2020 21:49

£25,000

Back in the early 2000's I had over £125,000 available

chuck7 · 22/01/2020 21:50

@fainne

Thanks. Was genuinely curious Smile

Sexnotgender · 22/01/2020 21:52

I’ve got about 5 open cards with around £25k limits between them. Highest one is £8k.
No balance on most of them, do use one for monthly spending and pay it off in full.

Fainne · 22/01/2020 21:54

I've seen ads recently on TV for credit cards - aimed at people who want to build up a credit rating I suspect (in fact one ad specifically mentions this) - but the interest is 34.9% variable and sometimes higher. So if you got one of those, you'd want to make damn sure that it's the first bill you pay off every month!

Fainne · 22/01/2020 21:58

@LaurieFairyCake Haha you could have bought a house with that! Can you imagine saying to the EA - Do you take Mastercard? Lol.

Dazedandconfused10 · 22/01/2020 22:01

30k across a few cards. I carry a balance of 2k but its interest free so just paying it off, although do have the savings to clear it if I need to, but I might as well take advantage of the offer and earn the pittance I can get in savings.

Dazedandconfused10 · 22/01/2020 22:02

@Fainne back in the day people did used to buy houses on cards! I know a couple who have done just that!

Thestrangestthing · 22/01/2020 22:03

I have one with 7k and one with 2.5. They are both a back up really.

megletthesecond · 22/01/2020 22:05

One card with a limit of £1k.
I use it when I pay for school events on line and pay it off as I go. The only time I really have credit card debt is when I have to pay for summer holiday childcare which is usually £400+.

WatchingFromTheWings · 22/01/2020 22:11

One has a £300 limit that I pretty much max out every month then pay back in full on payday. I use it for petrol (pay at pump), online shopping at the few days before payday when I'm skint!

I have another with a £3k limit that I took out to do an interest free balance transfer on an older card with an amount of £1800. I had 22 months interest free to clear it. Should get it cleared within 12.