Wells Fargo Active Cash Credit Card Limit
The Wells Fargo Active Cash® Card is a popular choice for those seeking a simple and rewarding cashback credit card. While it offers unlimited 2% cash rewards on purchases, many potential cardholders are curious about the credit limit they can expect. Here’s a detailed look at what determines your credit limit for this card and what you can do to maximize it.
What Is the Wells Fargo Active Cash® Card?
The Wells Fargo Active Cash® Card is designed for users who want straightforward rewards without complex categories. Key benefits include:
- 2% Unlimited Cashback: Earn 2% cash rewards on all purchases.
- No Annual Fee: Keep more of your rewards without an annual fee.
- 0% Introductory APR: Enjoy 0% APR for 15 months on purchases and qualifying balance transfers.
- Sign-Up Bonus: Earn $200 in cash rewards after spending $500 in the first 3 months.
What Is the Credit Limit for the Wells Fargo Active Cash® Card?
The credit limit for the Wells Fargo Active Cash® Card varies depending on your individual financial profile. While Wells Fargo does not publicly disclose specific ranges, here are some general factors that influence the credit limit:
- Credit Score:
- Good to Excellent Credit (670+ FICO): Higher limits are generally approved for applicants with strong credit.
- If your credit score is in the fair range, you might receive a lower limit.
- Income:
- A higher annual income can lead to a higher credit limit since it indicates the ability to repay.
- Debt-to-Income Ratio (DTI):
- A lower DTI ratio improves your chances of getting a higher credit limit.
- Existing Wells Fargo Relationship:
- Current Wells Fargo customers may benefit from a higher limit, especially if they have a good account history.
- Overall Credit Utilization:
- If your credit utilization is low across other accounts, it may positively influence your approved limit.
How to Increase Your Credit Limit with Wells Fargo Active Cash®
If you’re looking to increase your credit limit after approval, here’s how you can achieve that:
- Request a Credit Limit Increase:
- You can request an increase directly through Wells Fargo’s online platform or by calling customer service.
- Be prepared to provide updated income and financial details.
- Maintain a Strong Payment History:
- On-time payments improve your creditworthiness and may lead to automatic limit increases.
- Use the Card Regularly and Responsibly:
- High usage combined with full payments can indicate to Wells Fargo that you can handle a higher limit.
- Improve Your Credit Score:
- Consistently improving your credit score can boost your chances of a higher limit.
FAQs
1. What is the minimum credit limit for this card?
The minimum credit limit is typically around $1,000, though it can vary depending on the applicant’s profile.
2. Can I prequalify to see my credit limit?
Wells Fargo doesn’t offer prequalification for credit limits, but you can check your likelihood of approval through their prequalification tool.
3. How often does Wells Fargo review credit limits?
Wells Fargo periodically reviews accounts and may increase credit limits for eligible cardholders.
4. Is there a way to guarantee a higher limit?
There’s no guarantee, but a strong credit score, high income, and low debt are key factors.
Is the Wells Fargo Active Cash® Card Right for You?
The Wells Fargo Active Cash® Card is an excellent choice if you’re looking for:
- High Rewards Rate: Unlimited 2% cash rewards without complicated categories.
- Flexibility: Use rewards for statement credits, travel, or other expenses.
- Introductory APR Savings: A great option for those planning large purchases or balance transfers.
Conclusion
The Wells Fargo Active Cash® Card offers generous rewards and benefits, with credit limits tailored to your financial profile. By maintaining strong credit habits and understanding the factors that influence your credit limit, you can make the most of this card and enjoy its perks.
