Question:

What would be a typical limit for a platinum Master Card?

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I know there's no way for you to determine the exact credit limit, but i'm just looking for an estimated range.

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  1. Well depending on your credit 300-10,000. My friend's is 4,000 she has good credit and income.


  2. Like $10,000 if I'm not mistaken.


  3. If you are applying for a credit card, there are a number of factors that go into determining how much credit a company will extend to you.

    The first factor is your ability to repay.

    This is determined by taking your monthly income and subtracting from it your monthly bills such as car payment, rent/mortgage, other debts, etc.

    The second factor is your debt to income ratio.

    This is calculated by taking your total debt and dividing it by your annual income.  Anything over 50% is bad.

    The third factor is your credit score.

    If your credit score is low, you can expect to be rejected or given a very low limit with a very high APR.

    All 3 of these items are factored in when you apply for credit.

  4. When I got my first credit cards, they had $500 and $1000 limits.  I didn't have a large credit history back then.  One thing I learned quickly is that credit card companies will up your limit if you don't pay the bill.  Sounds counterintuitive, but as long as they can suck some more life out of you and you pay your minimum, they will keep beefing your total limit up.  Eventually, they will own you--or so they think.

    I think platinum might have meant something at one time, but it is really just a marketing gimmick.  My first cards were platinums and I thought I was the $hit, but they haven't become jewel-crusted platinums or anything now that the limit has gone up.  So, I think they could give you any limit they felt comfortable with and slap a platinum name on the card just because they know you think it means something.

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