Discover credit card limits will always be at least $500, and there’s no disclosed maximum. How much you get is determined by your creditworthiness. The only exception is if you have Discover it® Secured Credit Card. In that case, your credit limit is the amount of money you put down as a security deposit, at least $200 and up to $2,500. But every other available Discover card has a credit limit of $500+.
Discover is actually really upfront about what goes into their determination of your credit limit. They name a bunch of different factors they consider. And while these might not be the only things they take into account, they’re certainly useful to keep in mind.
Here’s how your Discover credit card limit is determined:
- Payment history. If you haven’t missed bills in the past, it’s likely you’ll pay on time in the future. And Discover will reward people who pay on time with higher credit lines because they’re more trustworthy.
- Utilization. How much of your credit limit do you typically use on any other cards you have? If the answer is more than 30%, you should probably think about cutting back. You’re more likely to get a higher credit line when you have lower utilization rates, because issuers know you won’t use it all up.
- Credit history length. If you’re new to credit, you’re probably not going to get the biggest credit line to start off. But if you have an established history and multiple accounts in good standing, you’re more eligible for high credit lines.
- Expenses vs. income. Every month you both earn and owe money. What Discover wants to see is an applicant who earns a lot more than they owe. That type of person has more to spend on a higher credit line.
- Inquiries. Applying to a lot of places at once will raise red flags on your credit report. To issuers, it looks like you’re desperate for credit. So even if you’re approved you probably won’t get a big credit line.
Keep these areas in mind and you should be able to improve your chances of getting a higher credit line. But you’ll always be guaranteed $500. Plus, don’t forget that you can always ask for a credit limit increase in the future (but wait at least 6 months of paying on time).
Ultimately, $500 is definitely not an unusual minimum limit to have, but it pales in comparison to minimum limits of $5,000 for cards like the Chase Sapphire Preferred® Card. At the same time, there are several cards, offered by other issuers, with minimum limits of $300 or less, like the Capital One Platinum Credit Card and the Credit One Bank® Platinum Visa® for Rebuilding Credit.
This answer was last updated on 01/15/24 and it was first published on 11/19/17. 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
Do Discover credit card limits run high or low? Discover credit card limits will always be at least $500, and there's no disclosed maximum. How much you get is determined by your creditworthiness. The only exception is if you have Discover it® Secured Credit Card.
Why did Discover give me such a low credit limit? ›
Several factors can impact your credit card limit, including your credit score, credit balances, and income. You're likely to get approved for a higher credit limit if you have a higher credit score (the three-digit number that grades your credit report) because lenders may see you as a lower-risk borrower.
How hard is it to get a credit limit increase on Discover Card? ›
Discover may automatically increase your credit limit depending on your account history and creditworthiness. If you consistently make on-time payments on your Discover card account, for example, you might be more likely to receive an automatic credit limit increase than someone who regularly misses payments.
Is Discover hard to get approved for? ›
If you want to get a Discover® credit card, you may be wondering how hard it is to get approved. Your credit score plays an important role here. The best Discover credit cards are aimed at consumers with FICO® Scores of 670 or above. If you have good or excellent credit, that helps quite a bit.
What is a realistic credit limit? ›
Adam McCann, Financial Writer
A good credit limit is around $30,000, as that is the average credit card limit, according to Experian.
What gets you a higher credit limit? ›
You can defend your case with information such as your history of on-time payments, frequent and responsible use of the card, a high credit score, increase of income and more. Request the credit limit increase at a good time. You may want to wait until you get a raise or your annual income increases.
How to increase discovery credit card limit? ›
To apply for a credit limit increase, you must:
- Log in to the banking app.
- Select More at the bottom of the screen.
- Tap on Single credit facility.
- Tap Increase in the tile at the top and follow the steps.
While it's broadly true that higher income enables higher credit limits, there is no formula for determining credit limit based on income alone.
What credit card has a $5000 limit with bad credit? ›
The Bank of America® Travel Rewards Secured Credit Card is the best credit card with a $5,000 limit for bad credit. You can get a $5,000 credit limit with the Bank of America Travel Secured Card by placing a refundable security deposit of $5,000. The card also offers 1.5 point per $1 spent and has a $0 annual fee.
Does asking for a credit increase hurt your credit? ›
If you request a credit limit increase and your credit card issuer uses a hard inquiry to review your credit, it could temporarily lower your credit scores. If an issuer proactively raises a cardholder's credit limit, it may involve a soft inquiry, which doesn't affect credit scores.
Applications are commonly restricted to one every six months; however, the frequency and other parameters will vary by lender. If approved for a credit limit increase, it may take several weeks for the new amount to appear on your credit reports.
Is there a downside to increasing credit limit? ›
The number one downside of increasing your credit card limit is that you could start to spend more – due to the available credit – and therefore your credit card balance could increase. You owe more! That could mean you get into more debt, if you don't manage it, which could have a negative impact on your credit score.
What is the lowest credit score for a Discover card? ›
The minimum credit score needed to get most Discover credit cards is 700 or above. There are a few Discover cards for which there's no minimum credit score requirement, such as the Discover it® Secured Credit Card which you can get with a bad credit score (below 640).
Which Discover card is easier to get? ›
For example, there's no credit score required to apply for a Discover it® Secured Card. Generally, the minimum credit score needed for a secured card is lower than the minimum score you need to qualify for an unsecured credit card, or a credit score may not be required at all.
Does Discover card approve you right away? ›
At this point, there are three possible outcomes: You can be instantly approved for an account, instantly denied, or receive a message that your application needs further review. With an instant approval, the issuer will typically deliver the card in 7-10 business days.
What is the max Discover credit score? ›
Most FICO® Scores fall in the range from 300 to 850. The higher your score, the less of a risk you are to potential lenders.
What is the maximum credit limit for Discover it cash back? ›
Is there a limit to the amount of Cashback Bonus I can earn? No, there is no limit to the overall amount of Cashback Bonus you can earn, and you always earn cash back on every purchase.
Is a $750 credit limit good? ›
So, if you're assigned a credit limit of $750, that's probably a pretty good limit. If you applied for a regular cash back rewards card, however, that same $750 limit could be considered a low credit limit.
Is a 900 credit limit good? ›
Having good credit can start at around 700. In fact, only a few credit score models have a credit score limit of 900. For instance, both the FICO and VantageScore models max out at 850.
