Credit card limits around the world
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
Nishant S wrote: you can't buy a car on credit for instance. I don't know of many countries where a typical credit card would enable you to buy an average car. I've got an AmEx which in theory has no purchase limit but I'm fairly sure should I ever try and buy anothing over 5K with it there'd be problems. Larger credit limits are common for businesses but that's a very different situation financially from a personal account. cheers, Chris Maunder
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Nishant S wrote: you can't buy a car on credit for instance. I don't know of many countries where a typical credit card would enable you to buy an average car. I've got an AmEx which in theory has no purchase limit but I'm fairly sure should I ever try and buy anothing over 5K with it there'd be problems. Larger credit limits are common for businesses but that's a very different situation financially from a personal account. cheers, Chris Maunder
Chris Maunder wrote: I've got an AmEx which in theory has no purchase limit :confused: An unlimited credit card? Wow!
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
Nishant S wrote: Here in Trivandrum, the average credit card limit is only around USD 1000 Nish here in Bangalore its 3000 min. Wanna shift to here.;P.
suhredayan
There is no spoon. -
Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
It depends on the relationship with you have with your bank initially, then the credit card company will adjust it in accordance with their policies and your will. (Visa & mastercard) Lets say you earn 180k pa after tax then they workout what maximum payments you can afford and lets say they take it at 20% of your income. So you can pay 36k repayments per year. If they want you to repay over 18 months then it would be 54k. This isn't taking into account interest. -But the general premise here is your ability to repay not your net worth. Regardz Colin J Davies The most LinkedIn CPian (that I know of anyhow) :-)
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Nishant S wrote: Here in Trivandrum, the average credit card limit is only around USD 1000 Nish here in Bangalore its 3000 min. Wanna shift to here.;P.
suhredayan
There is no spoon.suhredayan® wrote: Nish here in Bangalore its 3000 min. Wanna shift to here.. 3000 minimum sounds okay. Nope, don't wanna shift just for a credit card, but maybe for the pubs though ;-)
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It depends on the relationship with you have with your bank initially, then the credit card company will adjust it in accordance with their policies and your will. (Visa & mastercard) Lets say you earn 180k pa after tax then they workout what maximum payments you can afford and lets say they take it at 20% of your income. So you can pay 36k repayments per year. If they want you to repay over 18 months then it would be 54k. This isn't taking into account interest. -But the general premise here is your ability to repay not your net worth. Regardz Colin J Davies The most LinkedIn CPian (that I know of anyhow) :-)
ColinDavies wrote: But the general premise here is your ability to repay not your net worth. That sounds logical, but then if your credit limit is not higher than your average bank balance, it renders the credit card pretty purposeless. I thought the basic purpose of Credit cards was to allow you to buy stuff even when you don't have the money at the moment of purchase. So if your debit card account has around 5K balance on an average, why use a credit card with a similar credit limit?
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suhredayan® wrote: Nish here in Bangalore its 3000 min. Wanna shift to here.. 3000 minimum sounds okay. Nope, don't wanna shift just for a credit card, but maybe for the pubs though ;-)
Nishant S wrote: 3000 minimum sounds okay A correction , I meant 3000 is quite normal over here.
suhredayan
There is no spoon. -
Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
Nishant S wrote: This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. Most of us wouldn't make any "serious purchases" on a credit card anyway -- the interest is simply too high. The interest rate on a car loan in the US is less than half the interest rate you'd pay on many credit cards. I don't think I need more than a couple-thousand dollars on my credit card, but my credit card company has raised it past $10K. ----------------------------------------------------- Empires Of Steel[^]
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ColinDavies wrote: But the general premise here is your ability to repay not your net worth. That sounds logical, but then if your credit limit is not higher than your average bank balance, it renders the credit card pretty purposeless. I thought the basic purpose of Credit cards was to allow you to buy stuff even when you don't have the money at the moment of purchase. So if your debit card account has around 5K balance on an average, why use a credit card with a similar credit limit?
Nishant S wrote: I thought the basic purpose of Credit cards was to allow you to buy stuff even when you don't have the money at the moment of purchase. Nah, the purpose of credit cards is to allow the banks to make a big profit through there exorbitant fees and interest rates. :-) I don't even have one as I think they are such rip-offs :-) Regardz Colin J Davies The most LinkedIn CPian (that I know of anyhow) :-)
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
Here in the US, it's pretty easy to get a very large limit by paying off significant purchases that were near the credit limit. This is true even when you use balance transfers to other credit cards, as long as you don't let the total balances get too high. I've got one card I've had for about 11 years with a 31,000 limit, and several over 15,000. I probably should be anonymous, to avoid the sights of scammers...
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
Nishant S wrote: you can't buy a car on credit for instance I bought a new car recently in the UK and there was a limit to how much you could pay on credit card for it. I think it was about 1.5% of the value of the car, the retailer said this is because of the 2.5% that the credit card people will charge them and therefore hit their profits.
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
In the UK credit limits are in general far too high to be practical. Brendan and I both have cards with £4000 limits, and have to keep phoning the bank to stop them putting them up further (I owe nothing, Brend currently owes about £90 which we used to make purchases in South Africa over December when cash machines weren't handy - I guess HSBC hate us :laugh: ). Brendan also has another credit card account with approximately the same credit limit, which we also rarely use. With these UK credit cards combined we could actually buy a small, but nice, flat in our home town in South Africa, and have often considered doing so. With such large credit limits given so easily it's hardly surprising that so many people over here have debt problems. It's actually very sad.
Look at the world about you and trust to your own convictions. - Ansel Adams
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
Nishant S wrote: This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. Most forms of credit are tailored to what you're likely to buy with them - credit cards are designed for general day to day purchases If you're buying a car, you can often get a far better deal getting a loan from a bank, or even getting credit from the car dealer (I bought my car on 3 year's interest free credit, even though I had the money ready to buy it there and then - so I could keep the money in a high interest account and get an extra £50/month ($90ish)) If you were buying a house you'd go to a bank and get a mortgage, you wouldn't think "Hmm, I'll just slap this on my credit card" -- Help me! I'm turning into a grapefruit! Phoenix Paint - back from DPaint's ashes!
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Here in the US, it's pretty easy to get a very large limit by paying off significant purchases that were near the credit limit. This is true even when you use balance transfers to other credit cards, as long as you don't let the total balances get too high. I've got one card I've had for about 11 years with a 31,000 limit, and several over 15,000. I probably should be anonymous, to avoid the sights of scammers...
Same in the UK When I went to university, I got a student bank deal, that gave me a £1200 ($2200US) overdraft, and a credit card with a £700 ($1300) limit The overdraft came in very handy (and still does), but the card sat in the bottom of a drawer unused (I knew it'd be too much temptation to have it in my wallet) Once I graduated and got a job I started using it more (mostly for internet purchases, as you get far better protection if something goes wrong if you buy with a credit card) Then I became unemployed - but I'd got into the habit of using my credit card, so stupidly I kept on using it, getting more and more in debt, until the card was maxxed out. Only to find the bank instantly upped my limit to £1000 (without asking me if I wanted it, I just noticed on a statement that the limit had gone up) But by that point I'd come to my senses, and stopped using the card again. Eventually I got a temp job, so had cash coming in, which let me gradually pay the card off Only for the bank to raise my limit again (to about £1500) - remember I wasn't earning much more than minimum wage at this point, but my bank was happy to keep offering me more credit! Pretty much every time I max the card, they'll put the limit up a little bit, and every time I pay it off again they put the limit up again too. The last time I looked, the limit was something scary like £3000 ($5600) - I might be able to buy a small car with it fairly soon! -- Help me! I'm turning into a grapefruit! Phoenix Paint - back from DPaint's ashes!
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
And it's a good thing too. If you want to buy something that expensive you should have the money first and not be relying on credit... especially credit on a credit card as the interest is way higher than a standard loan. I have a €700 limit on my card (the usual is around €2000 but I asked for €700). If I need to buy anything over €700 I put the money onto the card so that I have a debit balance on my CC card. I'm not sure if you can do this everywhere, for example, the bank that Ulla uses in Germany does not allow her to do this. When I was buying my laptop (€2000) I put €1500 onto my credit card so I had ineffect €2200 to spend on my CC. After I bought it I had a credit balance of €500 on my CC so I still have €200 left to buy those little extras. If I was going to buy a car with my credit card (I have no idea why I would wnat to do that) I would just put the money onto the credit card first. It doesn't cost anything and I can do it through internet banking, so it's not effort. Regards, Brian Dela :-) Now Bloging![^]
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And it's a good thing too. If you want to buy something that expensive you should have the money first and not be relying on credit... especially credit on a credit card as the interest is way higher than a standard loan. I have a €700 limit on my card (the usual is around €2000 but I asked for €700). If I need to buy anything over €700 I put the money onto the card so that I have a debit balance on my CC card. I'm not sure if you can do this everywhere, for example, the bank that Ulla uses in Germany does not allow her to do this. When I was buying my laptop (€2000) I put €1500 onto my credit card so I had ineffect €2200 to spend on my CC. After I bought it I had a credit balance of €500 on my CC so I still have €200 left to buy those little extras. If I was going to buy a car with my credit card (I have no idea why I would wnat to do that) I would just put the money onto the credit card first. It doesn't cost anything and I can do it through internet banking, so it's not effort. Regards, Brian Dela :-) Now Bloging![^]
Hmmm, Then why have a credit card at all, Brian? Why don't you just use your debit card? Nish
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Here in Trivandrum, the average credit card limit is only around USD 1000 and the most they go up to is usually around USD 3000. This pretty much renders them useless to make any serious purchases - you can't buy a car on credit for instance. What are typical limits in other countries? I vaguely remember my boss in the US having a card with about USD 25K limit. What about Canada? Nish
I'm not sure what the max limit is. I know that the bank keep increasing mine. I'm at £7500 now. Its all a trick to try and make me spend more than I can afford to pay off in the month. I only use my credit-card for convenience and always pay off the whole amount at the end of the month. Michael CP Blog [^]
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I'm not sure what the max limit is. I know that the bank keep increasing mine. I'm at £7500 now. Its all a trick to try and make me spend more than I can afford to pay off in the month. I only use my credit-card for convenience and always pay off the whole amount at the end of the month. Michael CP Blog [^]
Michael P Butler wrote: I only use my credit-card for convenience and always pay off the whole amount at the end of the month. Why not use a debit card then? What convenience does a credit card have over a debit card in your case?