What Happens When You Raise Your Credit Limit On Your Credit Card?

Information verified correct on October 1st, 2016

Having Your Credit Card Limit Raised Can Be Both A Good and a Bad Thing

Having your credit card limit raised comes with both pros and cons. So when you are thinking about accepting that offer to raise your credit card limit you must first evaluate both the pros and the cons. Some of the pros and cons that you can expect are listed below:

  • Your credit score will improve
  • You will be able to make more purchases
  • You will feel good and be able to have more money for a rainy day
  • Your monthly bill budget will go up
  • You will be offered new credit

How To Increase Your Credit Limit

Citi Qantas Signature Credit Card

Citi Credit Card Offer

Earn bonus Qantas Points with the Citi Qantas Signature Credit Card. Enjoy an introductory balance transfer offer and benefit with complimentary travel insurance and a discounted annual fee.

  • $199 p.a. annual fee for the first year ($395 p.a. thereafter) annual fee
  • 20.99% p.a. on purchases
  • 0% p.a. for 6 months on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $75,000 p.a.

Cards with High Credit Limit

Rates last updated October 1st, 2016.

Bank of Melbourne Vertigo Platinum

Balance transfer offer changed from 20 to 18 months, extended until 4 January 2017.

September 30th, 2016

Citi Qantas Signature Credit Card

Bonus points offer has been changed from 70,000 to 50,000 points. Offer ends 30 April 2017.

September 30th, 2016

BankSA Vertigo Platinum

1% p.a. for 12 mos. on purchases + 0% p.a. for 18 mos. BT offer extended until 4 January 2016.

September 30th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Citi Qantas Signature Credit Card
Earn up to 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy introductory interest rates on balance transfers and purchases with a discounted annual fee of $199 in the first year.
20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
Citi Simplicity Card
Enjoy up to 55 interest-free days and a low interest rate on purchases plus enjoy free bottles of wine from Citibank Dining Program. Offer ends on 31 March 2017.
11.99% p.a. for 24 months (reverts to 19.99% p.a.) $0 p.a. Go to site More info
American Express Qantas Discovery Card
Enjoy up to 7,500 bonus Qantas Frequent Flyer Points and 1 point per $1 spent, plus 0% p.a. on balance transfers for 12 months, all for a $0 annual fee.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
American Express Qantas Ultimate Card
Enjoy 50,000 bonus Qantas Points when you meet the minimum spend requirement and earn up to 3 Qantas Points for every $1 spent. Also enjoy a complimentary return flight every year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and an exclusive $129 Virgin Australia Gift Voucher every year.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Enjoy a reduced annual fee on the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance.
20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
BankSA Vertigo Platinum
Enjoy 0% balance transfer rate for 18 months and 1% purchase rate for 12 months if you apply and are approved by 4 January 2017.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
Emirates Citi World MasterCard
Enjoy up to 10% off Emirates flights on your first spend when you book before 31 December 2016. Also pay a reduced annual fee for the first year.
20.99% p.a. 0% p.a. for 9 months $149 p.a. annual fee for the first year ($299 p.a. thereafter) Go to site More info
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $349 p.a. Go to site More info
Citi Rewards Credit Card - Signature
Receive 75,000 bonus Reward Points on eligible spend. A range of complimentary insurances.
20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Citi Clear Platinum Card
A low rate platinum credit card with a low interest rate on purchases and balance transfers.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
American Express Qantas Premium Card
Earn as much as 30,000 bonus Qantas Points when you meet the minimum spend requirement. Enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $249 p.a. Go to site More info
Citi Rewards Credit Card - Classic Card
Earn points for every dollar spent in the first three months and enjoy 0% p.a. on balance transfers for 12 months.
20.99% p.a. 0% p.a. for 12 months $99 p.a. Go to site More info

Higher Credit Score

One of the pros that people commonly overlook when it comes to be able to have their credit card limit raised is the fact that they will have a higher credit score. This is because the credit companies are able to see that you have been paying your payments on time and also that you have gotten an increase on your credit limit as a reward for being a good customer. Think about it the better your credit score is the more opportunities you will have available for you. However, it should be noted that the credit card will increase your score but it will not increase it as much as you may think it has increased it.

More Shopping

Another positive thing about having your credit card limited raised is the fact that you are able to do more shopping and also make larger purchases. This means that you can buy that new appliance that you have been trying to save up for without having to open up a new line of credit with the store or having to wait for a few extra weeks until you have all of your money together.

Also, if a big event comes up and you have nothing to wear you will no longer have to fret about the situation because you will have the money on your credit card to help you out. Basically, whatever you may need to buy whether it is household products, hygiene, baby products or food at the last minute you will be able to afford it with ease. However, when you are shopping you should still be conservative because you will have to pay this money back.

Cards with Low Credit Limit

Rates last updated October 1st, 2016.

ANZ First Visa Credit Card

A new offer of 0% p.a. for 18 months on balance transfers.

August 31st, 2016

ME Bank frank Credit Card

Interest rate changed from 9.99% p.a. to 11.99% p.a. on purchases, balance transfers and cash advanc

September 19th, 2016

St.George Vertigo Visa

Balance transfer and purchase offer have been extended until 4 January 2017.

September 30th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Min credit limit Max credit limit Minimum Income
St.George Vertigo Visa
St.George Vertigo Visa
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. $500 $40,000 Go to site More info
BankSA Vertigo Visa
BankSA Vertigo Visa
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. $500 Go to site More info
ANZ First Student Card
ANZ First Student Card
19.74% p.a. $0 p.a. annual fee for the first year ($30 p.a. thereafter) $500 $15,000 $15,000 Go to site More info
NAB Low Rate Credit Card
NAB Low Rate Credit Card
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $59 p.a. $500 Go to site More info
NAB Velocity Rewards Card
NAB Velocity Rewards Card
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $95 p.a. $500 Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Bank of Melbourne Vertigo Visa Credit Card
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. $500 $40,000 Go to site More info
NAB Qantas Rewards Premium Card
NAB Qantas Rewards Premium Card
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $250 p.a. $6,000 Go to site More info
NAB flybuys Rewards Card
NAB flybuys Rewards Card
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $95 p.a. $6,000 Go to site More info
NAB Low Fee Card
NAB Low Fee Card
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $30 p.a. $500 Go to site More info
NAB Qantas Rewards Card
NAB Qantas Rewards Card
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $95 p.a. $500 Go to site More info
ME Bank frank Credit Card
ME Bank frank Credit Card
11.99% p.a. $0 p.a. $1,000 $15,000 $25,000 Go to site More info
ANZ Low Rate
ANZ Low Rate
13.49% p.a. 0% p.a. for 18 months with 3% balance transfer fee $58 p.a. $1,000 $15,000 $15,000 Go to site More info
ANZ Frequent Flyer
ANZ Frequent Flyer
19.99% p.a. $95 p.a. $1,000 $15,000 $15,000 Go to site More info
ANZ First Visa Credit Card
ANZ First Visa Credit Card
19.74% p.a. 0% p.a. for 18 months with 3% balance transfer fee $30 p.a. $1,000 $15,000 $15,000 Go to site More info
David Jones Storecard
David Jones Storecard
0% p.a. for 48 months (reverts to 24.74% p.a.) $0 p.a. $1,000
ANZ Rewards Credit Card
ANZ Rewards Credit Card
18.79% p.a. $80 p.a. $1,000 $15,000 $15,000 Go to site More info
Westpac Low Rate Card
Westpac Low Rate Card
1% p.a. for 12 months (reverts to 13.49% p.a.) 0% p.a. for 18 months $59 p.a. $1,000 $30,000 $15,000 Go to site More info
NAB Premium Card
NAB Premium Card
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $90 p.a. $6,000 Go to site More info
NAB Velocity Rewards Premium Card
NAB Velocity Rewards Premium Card
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $150 p.a. $6,000 Go to site More info
Newcastle Permanent Value+ Credit Card
Newcastle Permanent Value+ Credit Card
11.49% p.a. $49 p.a. $500 $20,000 Go to site More info

Your Confidence Will Be Boosted And You Will Have Money For Unexpected Events

When you make the decision to have your credit limited raised you will feel your self esteem go up because you have accomplished something. Having a raised credit limit also lets you know that you are on track with your bills and that you are doing good budgeting skills. So, it is okay to go out and buy yourself something as a reward. Think about it you will have money ready for you when life’s unexpected events take place as well, such as medical bills, car repairs and things of that nature. Also, you will have money during the times when you may need a few extra bucks to get you over until your next payday.

More Debts To Pay Off

When it comes to having your credit card limit raised many people think about how it will affect their monthly budgets first. This is because when you have more money available to spend, if you are not a good budgeter, then you will run through the money in no time and have even more debts to clear off. It may not be something that you do intentionally be we all know how it can be easier to spend money than it is to make money.

With that being said if you are unable to afford to pay off all of your debts it is going to come down to are you going to go without paying your credit card bill or are you going to go without lights or water for a while?  Also, if you are unable to pay off your entire balance every month, as you may be able to do with a lower balance, you will end up paying more interest on the card which will add up when you really sit back to look at it.

More Credit Card Offers Will Come Your Way

Since once your credit limit is raised you will have better credit you may be tempted to go out and get new lines of credit or more credit cards; most likely you will be eligible for a couple of more things of that nature. Some people think that being able to get more credit cards and things of that nature would be a good idea however they could never be more wrong for two reasons.

The first reason is because when you start a new line of credit it will hinder your credit score for a while until you become established with them like you are with the company that offered you the credit limit increase. Second, it is more likely that you will depend on your credit cards to much which in return will result in you not monitoring your finances correctly leading yourself into more debt; this would negatively affect your credit score. One important thing to remember when you are accepting all of the new credit offers is the fact that you can ruin your credit faster than you will be able to fix it.

How To Increase Your Credit Limit

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Credit Cards Comparison

Rates last updated October 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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