The credit limit of a Discover card will be defined by the Discover company, recognized in the United States as a card issuer and payment network. The decision will be known when this financial benefit is approved, for which it will consider a series of elements: Income, credit scores, and credit history.
This means that there are no fixed credit limits for Discover. However, cardholders can request an increase in their ceiling after the first six months of use. Discover will grant the request, provided the user has demonstrated financial and fiscal responsibility.
But what is a credit limit?
A credit limit can be defined as the largest amount of money a user can borrow from a creditor. But it is also the maximum amount of money the creditor allows the user to spend from their credit card. Generally, it is established taking into account some elements:
- Payment history of the different statements of the respective credit cards.
- The amount of money that is generally used by the card owner and that is available.
A high limit will give you more money to spend. This situation is positive because it significantly helps your credit score. But if there is no prudent use, the credit card will be overspent and get you into debt.
How to apply for a Discover credit limit increase?
So far, there are two ways to make a formal request for a credit limit increase for a Discovery Card. You can do it over the phone or online. Either is a fast and secure method. Here’s what to do.
1. Through a phone call
The available numbers are 0-800 DISCOVER or 0-800-347-2683. Only the cardholder can call to make the request quickly and easily. But before making the respective phone call, you must have at hand:
- Housing expenses.
- Current income.
- Types of financial accounts.
The first thing you need to do is log in to Discover’s official website. The next step is to enter the page where you will make the credit limit application.
It is important to have the information described above at hand before formalizing the application. This way, it will be much easier to access the benefits offered by the increase in credit limit.
What to do (and what not to do) if you get a Discover card credit limit?
Optimize the use of your Discover card and avoid inconveniences with the newly granted credit. To achieve this goal, you need to consider the following recommendations:
- Avoid making disproportionate purchases because you have a certain amount of money available. Discover suggests its users avoid the temptation of acquiring products and services with the help of their card just for the pleasure of doing it.
- Having some cash on hand is important to enhance your savings plan. That money can be used for emergencies or to purchase products you need. Discover says it’s much better to make certain purchases with your own money than with the credit offered by this company.
- Housing costs have a major impact on personal finances. For the same reason, experts in the financial area recommend setting limits on the expenses for your home’s equipment. In this sense, they suggest using only 30% of the income; in this way, you will avoid runaway costs and debt acquisition.
The best Discover cards
Now that you know what the average credit limit for a Discover card is, we want you to know which are the best cards of this entity. With any of them, you can request an increase in your ceiling without major complications.
1. Discover It Secured
This is a great alternative for many, especially those who want to start with a credit history. Activating a secured card requires the payment of an initial deposit, which will become the Discover card limit.
This product guarantees a good reward, which will be reflected in 2 % cash back at restaurants and gas stations. But it can also be $1,000 when there are combined purchases every quarter.
2. Discover it Cash Back
The Discover it Cash Back credit card has become a great must-have for customers who spend a lot of money. But also for those who expect good rewards for the usability of this benefit.
It allows up to 5% cash back on everyday purchases a daily. The reward is valid as long as a quarterly maximum of $1,500 is reached.
3. Discover it Student Cash Back
This is a financial product with similar benefits to the traditional Discover it cards. The main difference is that this one has been designed for students to start a credit history.
It only allows Cashback of up to 5% when quarterly purchases are made in virtual stores such as Amazon. But the benefit is also valid when used in restaurants and gas stations. If you pay with Paypal for any product or service purchased, you will have your reward.
4. Discover it Miles
The difference between Discover it Miles and the other cards is that instead of cash, it will let you earn travel miles. More specifically, people with a credit card of this type will earn 1.5 miles per dollar used for purchases.
5. Discover it Chrome
This card is useful for people who are recurring road-trippers but can’t get other types of products to pay for gas. Discover it Chrome rewards 2% at restaurants and gas stations.
New users will get unlimited Cashback as a welcome. Another benefit is that it will match the Cashback at the end of the year.
Discover offers great benefits to each user, regardless of the credit card they access. One is the lack of annual, penalty, and foreign expense fees. Choose the best product that suits your needs and requirements and get all the benefits available now.