what is the difference between available credit and credit limit?

Question

can anyone help me understand what this is please.

ok when i first got my card i had a limit of $70 now it says my limit is $100 but available credit is $35???

Answer 1

Available Credit is the difference remaining,
between Credit Limit & Current Balance owed.

Answer 2

Available Credit

Answer 3

Credit limit is what is on the card when it is issued to you.
Ex.. When you get a credit card the letter with it will say the credit limit on the card is $500.
Available credit is how much of that $500 you have left.
Ex.. You went shopping & bought $200 worth of stuff, so your available credit would be $300.

Answer 4

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Credit limit is how much money your account holds. Available credit is your Credit limit MINUS amount of credit used. Just to give an example to clarify. You have a 300 dollar limit card. So your Credit limit is 300. You make two purchases during the month using your card totaling 100 dollars. Then your Available credit would be 200 dollars. 300 (limit) - 100 (purchases) = 200 (available credit) keep in mind a lot of these credit card companies have monthly and/or annual fees that will be charged to your account. This will of course lower your available credit just like any other purchase you make using your card. You need to look at your monthly statement. It will show your list of charges, if there are any fees associated with your card. So to continue from my earlier example if you have annual or monthly fees. It could go something like this: 300 Limit Minus 100 (purchases) Minus 10 (monthly fee) = 190 (available credit) You should also be aware that carrying balances on your credit account is a BAD IDEA. Always pay your full account balance every time you get your statement. Just paying the amount you used in purchasing something is not going to pay your entire balance. Especially if you are paying fees and you also have to consider that you are being charged Interest for making purchases with your card. you have to look at the statement and pay the "balance amount"

Answer 5

Available credit is the amount of money you can spend right now. It's the amount of money that is on your card. Credit limit is the amount of money/credit that you were allowed when you received the card.
For example, your credit limit is $1,000. You have made a few purchases(cell phone $200, sofa $300), and now the amount you spent on the purchases(total $500) has been deducted from the $1,000, resulting in an avaiable credit of $500.

Answer 6

Credit Limit = Maximum amount of credit the credit card company will give you per card. Ex.) $5000
Available credit = The amount remaining out of the $5000 that you haven't spent.

JP

Answer 7

Example:
If you have a credit limit of $1000, you have made no charges so your available credit is $1000.

You make a charge on the card for $200

Your credit limit is still $1000, your available credit will be $800

You pay them $200
Your credit limit is still $1,000 and your available credit is $1,000

Answer 8

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RE What is the difference between available credit and credit limit?

can anyone help me understand what this is please.

Answer 9

credit limit is the maxium you can borrow.

available credit is how much you're limit is, less what you owe.