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FAQ: What Is The Limit For Commonwealth Credit Cards?

Last updated

Pauline Hatch      

The Commonwealth Bank offers some of the most popular credit cards in Australia, but credit limits for each can vary by quite a bit. Normally, credit card limits are determined by a combination of factors including credit history and income levels, or you might be able to choose your own.

This kind of request is set to become more common, thanks to the government’s Better Banking reforms which give more control to customers.

But even if you have an idea of what kind of credit limit you’d like, it’s still up to the bank or provider to decide whether they grant that limit or a lower one.

Most credit card providers, including the Commonwealth Bank, also have minimum credit limits to consider and this information is likely to be listed for almost any card. This gives people some basic guidelines for what sort of credit limit they can expect to get when they apply for a particular credit card.

While the maximum amount of credit available is not usually listed, people who want more credit can look at the minimum options to figure out what cards are likely to cater for their credit limit needs.

The Commonwealth Bank’s Low Annual Fee credit card, for example, has a minimum credit limit of $500, while for the Gold version of this card it is $4000. These limits are applied to all Commbank cards in a tiered-system format, with the following card options and minimum limits available:

  • Low Rate cards: $500 minimum
  • Gold cards: $4,000 minimum
  • Platinum cards: $6,000 minimum; and
  • Diamond cards: $15,000 minimum

A good rule of thumb is that more exclusive cards will require higher incomes and, as a result, have higher credit limits for cardholders to work with.

So someone who wants to have at least $6,000 in credit could consider a gold card over a low rate card, while someone who wants more might look at platinum or diamond options.

The important thing to remember about credit limits is that you should only request limits that are manageable. A high limit can lead to greater risks of debt, even with a low interest rate option, as it is harder for people to pay off the balance in full.

While credit limits provider people with some guidelines for using their cards, considering the minimum available and a reasonable limit for your lifestyle will help you find a Commonwealth Bank option that is easy to use and manage all the time.

Pauline

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger.

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12 comments (showing the latest 10 Q&As)

Yosab

Yosab

5 June 2023
I just want to ask that what is the card limit for common welth bank
Miss O

Miss O

29 October 2022
How much does a person need to earn per year to be given access to a $40k credit card limit? Thank you
    Pauline - CreditCard.com.au

    Pauline

    1 November 2022
    Hi Miss O, there are actually several factors that card issuers look into in approving a credit card and setting credit limits. These are kept in proprietary algorithms and decisions behind locked doors at the credit providers. They include things like (but not limited to) your income, any other loans you have, repayment history, your credit file & score, value of any assets and liabilities etc. You won’t know your limit until the provider goes through their internal processes unfortunately.
Fan

Fan

3 September 2022
Can I lower my credit card limit to $1000? Atm i got commbank ultimate with 6000 credit limit.
    Pauline - CreditCard.com.au

    Pauline

    5 September 2022
    Hi Fan, technically you can. I suggest reaching out to CommBank directly at 13 2221 for assistance or open up the Netbank app and ask Cebu.
Jaki

Jaki

9 August 2022
I am intending to use my credit Mastercard to make a purchase of $3,500 which I have more than enough on my card in credit but will I be able to access this amount in one transaction? Thank you
    Pauline - CreditCard.com.au

    Pauline

    10 August 2022
    Hi Jaki, that’s a great question! As long as there’s enough available credit on your card, you can. If you rarely use the card with large amounts, it’s best to contact your card issuer to inform them that you intend to use your card in one transaction with a large amount and the merchant you intend to do it with. Card issuers sometimes deny a transaction if it detects an unusual activity (e.g. a huge amount when you usually use the card for smaller transactions). Also, make sure you check in Netbank what your daily transaction limit is.
Tariq

Tariq

14 March 2022
Hi, Can you please advice what does credit card's "minimum credit limit" means. An example will be great. I am considering to obtain a CBA credit card.
    Pauline - CreditCard.com.au

    Pauline

    14 March 2022
    Hi Tariq, good question! The minimum credit limit actually means the lowest amount the bank may approve you for. With CBA, it’s tiered across Low Rate cards: $500 minimum, Gold cards: $4,000 minimum, Platinum cards: $6,000 minimum; and Diamond cards: $15,000 minimum. Please note that the approval and credit limit set is based on several factors like your yearly income, credit file health, ability to pay, debts to name just a few. I suggest checking you meet the requirements, the card’s terms, conditions and TMD before applying. Hope this has helped!
Jason Hale

Jason Hale

25 February 2021
After I have reduced my credit card limit, how long do I have to wait before I can increase my limit again?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    26 February 2021
    Hi Jason, there is no defined time requirement before you can apply to increase your limit. Please note however, that when you decrease your limit on a CommBank card it is permanent, so increasing it again means you have to reapply and it is subject to approval. You can apply to increase it anytime in Netbank or the CommBank app.

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