In this brief guide, we are going to discuss what a credit card limit calculator in the UK is and where you can find the credit card limit for your UK credit card.
What is credit card limit calculator?
A credit card limit calculator is a calculator which either lets you know what your current credit card limit is or what your credit card limit may be when you apply for a credit card.
In reality, these credit card limit calculators are very vague calculators which just provide you numbers which may in fact have no factual basis. The credit card limit calculators cannot possibly tell you what a credit card provider may offer you in regards to a credit card limit as they do not hold the affordability and scoring data which the credit card providers use to determine what credit card limit they will offer you.
What is a credit card limit?
A credit card limit is an amount a credit card provider will allow you to spend on a credit card. Some credit card providers will allow you to spend more than the amount you have on your credit card but in this case, they may charge you an over the credit limit fee. This could be a percentage or a fixed fee. Some credit card providers may have a max credit card limit they will offer to all borrowers.
What determines the credit card limit you get?
The credit card limit you get will usually be dependant on the following factors:
Your employment status
Your credit score and credit history
The amount of debts on your credit report
Your residential status
The type of credit card (e.g a gold credit card, a credit builder card, a platinum credit card etc)
How do you find out what your credit card limit is?
If you are considering getting a credit card
If you are considering getting a credit card then there is really no way to find out what your credit card limit is by using a credit card limit calculator in the UK.
Some credit card providers will give you an indication of what your credit card limit may be when you make a credit card eligibility application.
If you already have a credit card
To find out what your credit card limit is you can simply contact your credit card provider and ask them for this information.
Below are some of the most popular credit card providers in the UK and their contact information. When you call them ensure you have your credit card to hand and any telephone or online passwords which you may need.
Virgin money- 0800 011 3210
Capital One- 03444 812 812
Vanquis – 0330 099 3000
Tandem credit card- 0203 370 0970
Alternatively, you can check on the credit card providers app if you are signed up. If you are not signed up you can then register to the credit card providers app and check to see what your credit card limit is.
How to increase your credit card limit?
To increase your credit card limit you will likely need to improve your credit score so the credit card provider views you as being more creditworthy than when you initially took out the credit card.
To improve your credit score you could:
Get a secured credit card
Get a student credit card
Get a credit builder credit card
Get a credit builder loan
Avoid missing credit card repayments
Avoid having way too many credit card applications in a short time
Some credit card providers will automatically increase your credit card limit but only if you have chosen this option when you first took out your credit card or at any time after.
If you haven’t asked your credit card provider to increase your credit card limit then you may need to do so or simply ask the credit card provider for a credit card limit increase. A credit card limit calculator in the UK will not be able to tell you what credit card limit increase you may be due.
In this brief guide, we discussed what a credit card limit calculator in the UK is.
If you have any questions or comments please let us know
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.