@BMW_M-Series wrote:it obviously varies from person to person. its subjective. if you have a 'cheap car', what defines cheap? under 10k? under 50k? its relative to a persons income. some people can afford more expensive 'toys' then other people. if you dont like that then lets not use the phrase 'toy limit'
It's not about cheap or expensive. And I don't agree that the "toy" in toy limit refers to what kinds of toys an adult can afford. It's a reference to children, in that only a child could use this card since children do not have jobs or money of their own. When people complain about toy limits, they're not talking about the inability to buy a new set of golf clubs, they're complaining about the inability to put gas in the car and buy groceries with it--stuff that kids don't need to do because they have no jobs or responsibilities. So to say a 5K card has a toy limit is like saying 5K credit lines are only suitable for children, or in turn, only suitable for adults with no jobs or responsibilities. That's obviously not an accurate or realistic statement for anybody to make with a straight face.
I tend to think of it less from the cardholder's perspective, and more from the lenders. To me, a toy limit is a smallish limit that a lender will use to test the waters with a borrower. It's a limit that poses a trivial risk exposure for the lender. We tend to see these kind of limits in rebuilder cards -- $250, $500, $750. The lender lets the cardholder "play" with it, sees how s/he does with it, and perhaps eventually raises it (or not, as is the policy with some rebuilder cards). But it allows the cardholder to establish a history with the account before moving on to bigger and better limits. This, to me, is what I think of as a toy limit.
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BMW_M-Series wrote:
so basically it all depends on how u want to define 'toy limit'
I think that was the whole point of OP asking. 
@watch44 wrote:@BMW_M-Series wrote:
so basically it all depends on how u want to define 'toy limit'
I think that was the whole point of OP asking.
And I think the answer is "A limit you are not satisfied with", so the question really becomes "Are you satisified with a $5K limit?"
@longtimelurker wrote:
@watch44 wrote:@BMW_M-Series wrote:
so basically it all depends on how u want to define 'toy limit'
I think that was the whole point of OP asking.
And I think the answer is "A limit you are not satisfied with", so the question really becomes "Are you satisified with a $5K limit?"
And I'd agree that the answer to the real question is very much relative to one's income.
I'm sorry, but what a stupid idea that 5k is a toy limit. That's like saying 60k is a toy salary.
Seriously, this whole toy limit thing is such a stupid, idiotic concept.
Seriously, this whole toy limit thing is such a stupid, idiotic concept.
@longtimelurker wrote:
@KennyS2006 wrote:
I'm sorry, but what a stupid idea that 5k is a toy limit. That's like saying 60k is a toy salary.
Seriously, this whole toy limit thing is such a stupid, idiotic concept.I agree that it is very like that. And for the same reasons, for some people, $60K IS a toy salary, they wouldn't consider taking a job that paid that because their life style/needs/ego needs a lot more.
Of course, but if you have a HNW individual you don't even really NEED credit so who cares about a toy limit? I just think most people that say that what they have is a toy limit really mean they aren't happy with it and just want the pride of having a large TL, as if it matters, in the end really.
We only need a functional limit.. and most companies adjust that based on your actual spending/paying habits. So I just think the whole idea of a toy limit is just comical.