Have you ever wondered how much is your first digital mastercard credit limit? Well, to answer that question you need to know what your first limit is. Usually when you are first getting started on your business venture the card will be around $100 or less. So just how much does that card cost? This is something that you may be interested in knowing and if you are then here are some things to help you out.
The first thing you need to understand about your first card is it has an expiry date stamped right on the card. When this date comes you are required to either load more money onto the card or withdraw cash from a particular bank to make it active. If you do not have this cash readily available then your card will expire and you will lose all your current points and the privilege of having this card. So if you are looking to get started with your business make sure to keep that card handy. Otherwise, all those lovely offers you got in your mail could be sitting in your mailbox for a long time.
As you see, your first credit limit is determined by the card that you sign up for. You can switch cards as many times as you like. However, when you apply for the first one you cannot switch. This is also true if you are applying for additional ones.
What kind of activity will give you the highest point limit? Well, it would be making purchases and payments with your card at the same time. So try to stick to this one if you want to be able to charge your expenses and then use the cash you have saved in order to buy something you don't need. Keep in mind though, that even when you get your first credit limit you are going to have a spending limit that is lower than your savings.
After you reach your first credit limit on your card you will see an increase in your available credit which means it is now easier to get credit. As your limit increases you are going to earn more rewards. Some rewards include gasoline, roadside assistance, car rental assistance, airline tickets, department store gift cards and much more.
The only problem you may run into is that you are now charged interest on your new purchases. In order to prevent this from happening to you there are a few things you can do. Always check out the terms and conditions before signing up for a card. Find out how much interest you are already paying, compare it to the interest rate of the card and then decide whether or not it is worth switching to a better deal.
Another way to increase your credit limit is to have an existing checking account. You can increase your limit by getting your old card transferred over to the new one. If you do not have a checking account you should consider opening one as soon as possible. This will save you the trouble of having to go through the process of transferring your funds to a bank. It also gives you extra time to build your score. Your scores will begin to rise once your balances decrease because of your using your new card to pay off your debts.
You should also consider asking your existing creditors to lower your limit. They may be able to offer you a better deal if they know you can use at least one credit card with them. This way you will be able to pay off your debts in full and you will keep the limit the same. Make sure you read all the fine print of any agreements before entering into anything and always ask about the details of any offers.