Is 5K a toy limit?

[DigitalArk]

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@enharu wrote:
@DigitalArk:
Visa signature, world MasterCard and world elite MasterCard are not good indicators of status in the United States, simply because they are issued like candy by issuers with no income requirement, and barely any CL requirements.

Visa infinite (international version of signature), world and world elite MasterCard (previously known as insignia) are a lot more "prestigious" in other countries. Most issuers in Singapore for instance require an income of >150-250k SGD (exchange rate is 1 USD to 1.27SGD) for visa infinite / world elite MasterCard. The credit limits are usually also around >20k

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Thank you! Its really informative! 

[lg8302ch]

For my income it is a "responsible" limit and this is also  what I would grant myself. But for someone with a 6 digit income this might be a toy limit...so it is all in relation of your  capability to repay

[enharu]

Also to add, another reason behind visa signature being more common is that visa is slated a new higher tier on top of visa signature. Once its released, the tier will remain somewhat exclusive for a period of time and will be pretty hard to get (similar to how visa signature and platinum used to be when they first rolled out), and eventually it will become so common to the extent where visa will introduce a brand new tier all over again.

[SunriseEarth]

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@DigitalArk wrote:

In general speaking. 

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I really hate that term.   At this point in my credit journey, I was pleased to get my cards with $250 limits.  Back before my BK, I had 5 TLs with over $7000 limits and the highest was $11K.  Looking back, AMEX was the only one who didn't indugle my desire for big limits and they were clearly correct.

Yes, there are plenty of people in a financial and credit position where $5K is just a paltry limit.  There are others clawing their way to good credit with a $200 Fingerhut TL.  I think it's more encouraging to simply say a card at a given limit doesn't meet one's current credit needs instead of dismissing it as a "toy limit."  

[navyox]

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@enharu wrote:
Also to add, another reason behind visa signature being more common is that visa is slated a new higher tier on top of visa signature. Once its released, the tier will remain somewhat exclusive for a period of time and will be pretty hard to get (similar to how visa signature and platinum used to be when they first rolled out), and eventually it will become so common to the extent where visa will introduce a brand new tier all over again.

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+1, of course, those Jones have to keep moving so people will want to keep up

[takeshi74]

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@DigitalArk wrote:

In general speaking.

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All depends on who you ask.  It is for some.  It isn't for others.  "In general" really doesn't matter.  In relation to you does matter.

I wouldn't call it a toy limit but it would be a low limit for me.  A Centurion holder, on the other hand, would definitely consider it a toy limit.  One who is starting off or rebuilding wouldn't consider it a toy limit.

[visorboy1974]

3 years ago, a $500 limit was a toy limit for me.  Now that I've come into a few larger limits, I'd say $5K is the cutoff for an acceptable limit for me.  Anything below it would be considered a toy limit.    

[youngandcreditwrthy]

$5k is average imo, but not a toy limit by any sttretch.

[youngandcreditwrthy]

So, enharu:
What is this new higher tier Visa?
You can't just say it and not tell us what it is named?

[phillyguy12]

as others have said really depends on person and situation, for me its a goal limit my break down would be

500 or less an insult

1000 or less toy

1000-1500 ok will get occasional use prob used for an auto pay and limit used to pad ult

1500-2500 good but def room for imporvemnet- would see more use, likely to be used over debit card for random purchases or dining out

2500-3000 decent  gonna get most daily use

3001+ i wanna make babbies with you