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What is a credit limit?
How borrowing is limited and what that means for you.
A quick summary
Your credit limit is the maximum amount of money, in total, you can borrow on your credit card at any one time.
- An initial amount is set by your provider when you apply for your card, but this can change over time.
- It’s usually based on your individual circumstances and credit score.
- Remember, it’s still up to you to only borrow what you can afford.
How much can I borrow on a credit card?
Your credit limit tells you exactly how much you’re allowed to borrow. To show you how a credit limit works, we’ve simplified the example below. For more detail, visit our page on how a credit card works.
What happens if you go over your credit limit?
- Any transaction that might take you over your credit limit may be declined.
- Your credit score could be affected.
- It might also change how we view your ability to repay borrowing.
- So, it’s important to always stay within your credit limit.
How can I increase my credit limit?
Every credit card provider has a different process. There are two ways that you can request credit limit increases from us. Although, we’ll only offer you an increase if we think you can afford it.
Key points on credit limits
- Your credit limit is the maximum, in total, you can borrow on your credit card at any one time.
- Your credit limit is usually based on your credit score and individual circumstances.
- Just like your credit score, it can go up or down over time.
- Try not to go over it, or you might end up losing any introductory/promotional interest rates and offers you have.
- Remember, it’s still up to you to only borrow what you can afford.
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