[jonny]

Hi All

To the people in advance, thanks for the informative information you all provide. I have a little situation and am curious as to how it will proceed.

I am applying for a credit card to make bill payments easier for the family. I bank with HSBC

I currently have a $800,000 primary residence, owe $140,000 on it
My investment property is worth 400,000~, and owe $90,000 on it.

No current credit cards, my income is roughly $40k PA with an additional 25k from the investment, so 65k income roughly.

I jumped the gun and applied online for a CBA Visa card (the low interest option) as my wife has a HSBC credit card and they do not seem to be big on points. I forgot to mention, I am 46 years old.

What sort of a limit will they be providing me with? I am sponsoring a family member's trip overseas and have nominated them for an additional card, and would like to advise them the type of money I will be providing so they have peace of mind.

I was aiming for a $20k limit, I did enquire about the gold card however, my son advised me the income threshold was $50k, as I am semi-retired I am no longer at that level if income anymore.

So my questions are;
Can anyone guesstimate how much of a limit I will get?
Is there a max limit to standard visa cards from CBA?
Can i migrate this to a GOLD card in a few months time?

Thanks in advance for your answers I look forward to them.

[JohnK]

Originally Posted by jonny

I was aiming for a $20k limit, I did enquire about the gold card however, my son advised me the income threshold was $50k, as I am semi-retired I am no longer at that level if income anymore.

So my questions are;
Can anyone guesstimate how much of a limit I will get?
Is there a max limit to standard visa cards from CBA?
Can i migrate this to a GOLD card in a few months time?

My situation is similar to yours possibly a little better. Just as a guess I would say that you could/should get an initial credit limit of around $12,000. I got $12,000 from Citibank and also $17,000 with the earth cards from Westpac. This does not mean that you cannot increase the credit limit after 6 months of continued use.

I have very plain Mastercard and Visa credit cards from CBA and have $23,000 credit limit on both of these. I have recently been offered, without asking, an increase to credit limit on both of these credit cards to $28,000 each. I have ignored both of these offers as I am trying to get new credit cards with low % balance transfers so that I can pay off some of the accumulated debt. With my excellent relationship with CBA I could not accurately predict what ceiling the credit limit on each of these credit cards would reach. Right now I would not even want to try.

As for migration to GOLD, or even Platinum, I get it offered to me regularly but I am not interested. Mainly because of the fees involved. I guess you may have to wait at least 6 months before being able to migrate or offered an upgrade.