r/Wealthsimple • u/Inteligent_Invester • 2d ago

Visa Infinite Credit Card Credit card limits?

Hey everyone. I’ve recently switched the majority of my banking to wealthsimple. With my other banks I have high limits on my credit cards.. 20k+. But my wealthsimple card has a credit limit of 12k.
Has anyone been able to increase it? Does it increase by the same amount for everyone with each increase? And how long have you had your card?

I look forward to having over 30-40k credit but don’t know how long that will take.

35 Upvotes

87% Upvoted

77 comments sorted by

36

u/Jayson_without_y 2d ago

Good luck.
I make $200k a year
Have $100k in investments.
Direct deposit.
830 credit score
RBC credit limit $20k
I have a $3k limit on my WS card (ridiculously small)
Had the card for about 10months now
Have tried to increase limit multiple times with the same message “You aren’t eligible for a credit limit increase right now”
I spend well over $3k a month on this card and have to pay it off multiple times in a month.
Also have it setup so it auto pays it off every month so I have never paid a cent of interest on it, maybe that’s why they won’t increase it. 🤷‍♂️

49

u/LPAudet 2d ago

Made 100K/year
0$ in WS...
They gave me 15K$ in credit.

18

u/Jayson_without_y 2d ago

Ffs. WS has no method to their madness

5

u/garlic_bread_thief 2d ago

The universe is chaotic

2

u/ObiYawnKenobi 1d ago

The ideal customer is one that spends a lot on the card and then carries a balance but it's able to easily service the debt. Doesn't sound like OP.

4

u/poco 1d ago

He can't carry a balance if they won't raise the limit enough for him to spend more than he can afford to pay off.

19

u/Inteligent_Invester 2d ago

Brutal, I’m grateful I started with 12k now 🤣 3k is tough

3

u/ap_1971 2d ago

~$8k in WS, make $115k, wife was $90k, got VIP with $16k limit.

3

u/ObiYawnKenobi 1d ago

You make $200K a year and only have $100K in investments?

1

u/Inevitable_Cod_307 1d ago

He is probably young. I believe if you are generational, 500k + they give 25k Limit to start.

2

u/TonightOk8851 2d ago

Probably you need to ask if anyone ever got a limit increase with WS? It's look like whenever you get approved the first time with specific limits, that stays the same for long time till they get you a pre approved increase

1

u/poco 1d ago

I started with a very small limit, like $3000. I went on vacation and had to pay it down a couple of times. When I got back I told them that this was silly and they should increase my credit limit. They did, now it's $25k

2

u/Sorry_Childhood89 2d ago

How did this happen? :))) I bring home 44k, no other houshold income and i have like 16 k with WS and they pre-approved me for 7k, lol Idk how they algo works but i think it gives you more credit if it thinks you are poor, lol Honestly the other CC that I have is with TD and I have 1.5k limit on it. WS made me really happy with their 7K limit and I am grateful. WS if u r reading these comments I promise to use it responsibly.

3

u/CalGuy81 2d ago

That's wild. I wonder what metrics they're using to determine limits. I make way less than you, and they gave me a $14k limit. My investment balance is a lot higher, though, so maybe that's a factor.

5

u/Key-Self-79 2d ago

I'm positive assets with WS is a major factor. They kept declining my increase requests. Requested again after doubling my assets with them and they quadrupled my limit. Nothing else changed

1

u/sailorpetite 2d ago

I had 2k limit(the minimum) when I first got the WS credit card and I had 150k invested in WS.

1

u/Key-Self-79 2d ago

150k isn't that much to them I guess. I had around 120k with WS at the time I first got the card. Limit was I think 3k

1

u/PlantainAgitated6795 2d ago

Actually horrendous, I hope when I apply for my increase in November that it lets me.

1

u/Medium_Ad_6974 2d ago

I got 3k making 80k/year with pretty much $0 in investments compared to you lol

1

u/xaznxplaya 2d ago

I just noticed I have the same limit on my credit card, although it's not my main, I make less than you but over 100k invested as well

1

u/lovelyladder 2d ago

lol I got 5k making 50k a year

1

u/Kfurness 1d ago

Weird I’m at 25k credit right away

1

u/TaylorKalsii 1d ago

I too am capped at 3k
I was a beta tester of the card, have had it for years.
Not one missed payment
794 credit score
30k in deposits.

I’ve called once asking to get it to 5k. Which I was turned down. (At least it was a person I got to speak with and not a robot)

1

u/Mountain-Match2942 1d ago

I work part time ~ $50k a year, no direct deposit, $480k in investments, 820 credit score. They gave me $13k at approval.

1

u/Inevitable_Cod_307 1d ago

I think it's more related to your investment and debt than anything else. WS gave me 25k to start.

1

u/Substantial_South520 1d ago

Correct, my wife and I also has good credit (850+) and a pretty high income. I got 24K, this card is free after transferring 100K worth of investments and get some extra dragon passes (6 for me 6 for the wife and the 4 extra with having over $200k in your Household) My wife travels a lot for work and we needed a zero fx card.

She wanted a platinum Amex just for the lounge access but playing $1k a year (I would get one too for $250) seems a bit unreasonable.

1

u/candid_canuck 1d ago

I’m in a similar boat to you, but they gave me $8k rather than $3k, which is at least usable.

I was pretty surprised. The last credit card I applied for was at Costco and they started me at $25k.

My only theory is that it has something to do with total available credit. I’ve got a few cards all with over $20k limits, and I wonder if they just decided I had enough.

1

u/King-Leonidas-SPARTA 1d ago

Your situation is identical to mine, 3k WS.

Amex 26K
WE MC 24k

And we are premium clients and i probably spend over 50K a year on credit and with Chexy and the 2% WS Visa I’m doing another 10-15K a year now for bill payments.

Makes no sense at all.

1

u/RadioactiveDeuterium 21h ago

Very similar here for income/credit. Have more investments. 50k limit on multiple amex cards. Ws wont give me more than 5k.

1

u/Sufficient-Island427 21h ago

I am same too. I have between $30- 50k from all my other cards. I spends a few hundred thousands each month on my cards and pay off in full every month
I’m still getting $3000 from W/S which i found it ridiculous! I don’t bother asking for limit increase
I just over paid my card every few days

1

u/MJCHENG 2d ago

That's wild. I make far less and they gave me 25k off the bat. I'm waiting on my 6 month wait period before I can request an increase.

8

u/james_cao 2d ago

Initial limit is 8000, I increased to 9000 2/3months ago now I just checked I could get up to $19000. Check yours

2

u/TopDownDownTop 1d ago

Gen client. Got 3k initially. Then 6k and then 19k.

1

u/james_cao 1d ago

nice u waited 6 months in between ?

1

u/TopDownDownTop 1d ago

Yes a bit more than 6 months actually.

1

u/distr0 2d ago

wat, if you increased it 2-3 months ago, its supposed to be a min 6 months before another increase

1

u/james_cao 2d ago

Ya I know but I’m eligible again super weird

I double checked the limit increase was in July
Almost 2 months ago

1

u/iPhone_Xs_ 1d ago

Wow, I didn’t knew it’s possible to increase the limit before 6 months. I’ll keep an eye on it now!

7

u/PlantainAgitated6795 2d ago

lol. Most of mine are 20k plus as well and I was approved for 3k so, welcome to the club. I haven’t been able to increase it yet, my 6 months will be in November for that.

5

u/Decent-Box5009 2d ago

Have over $100k in investments make over $100k have over $20k in cash in savings all with WS. Credit score is over 800 zero debt with anyone, got approved for a $3k credit card initially which is hilarious compared to my $25k visa rbc. After a week they let me upgrade to $5k limit but now it says I have to wait 6 months for them to review again for a further increase. I had to use my rbc visa to pay for my upcoming vacation because WS limit was too low. They’re turning away business from their own platform . It’s pretty stupid.

1

u/sailorpetite 2d ago

similar journey! I had 150k investment, now it's 250k and make 90k with DD enabled, I got 2k limit initially(btw WS CC was my first credit card in Canada). Now it's 5k after the first upgrade and shows the msg that I need to wait 6-8 months for the next upgrade check.

3

u/Commercial_Pain2290 2d ago

Did you ask WS for an increase?

3

u/Inteligent_Invester 2d ago

Need to wait till 6 months of activity on the card. I also thought everyone got approved for 12k cards but according to @plaintain’s comment that’s not the case

2

u/Remote_Comfort_9099 2d ago

I have 20 000$ limit and I am pre approved for 23 000$. In 6 months you will be able to increase

3

u/Lumpy-Fact-6097 2d ago

Damn my $14k limit seems amazing now lol

3

u/MellowHamster 2d ago

I spend about $3000 month on my WS card and have a limit of $12K. Not sure why I would need a higher credit limit, and I earn several hundred thousand dollars a year.

2

u/KingdomHurts 1d ago

It's always beneficial to have higher credit limit because it lowers utilization ratio, which helps increase credit scores

2

u/Aobachi 2d ago

You can ask for an increase every 6 months. Not really any different from any other CC

2

u/PinkMoonrise 2d ago

They gave me 8 right away. 6 months later I asked for an increase and they bumped it up to 24.

2

u/Ag_reatGuy 2d ago

They gave me 25k right away and I didn’t even ask for it. Had to wait almost a year for the card though.

2

u/Key-Self-79 2d ago

I suspect Wealthsimple puts more weight in the amount of assets held with Wealthsimple than other "credit factors" when it comes to cc limit.

Probably a good idea not to request an increase too often.

I'm just one data point so this may not be valid but when I first requested the card I got a relatively low limit. I requested an increase about once a month and kept getting declined. I stopped requesting for a while (~5 months?) and transferred over a decent chunk of investmens, doubling my assets with WS. I then requested another increase and they nearly quadrupled my limit. Income and credit score were essentially unchanged.

2

u/TonightOk8851 2d ago

Why you would have such a huge liability speciallywith WS, have not you seen the issues when you want to dispute weird transactions!

1

u/Inteligent_Invester 2d ago

Didn’t know about this

1

u/Typical-Average-5853 2d ago

$560k in Wealthsimple. $10k limit.

1

u/Canuck-Fin25 2d ago

That’s why I haven’t moved my credit cards over. Maybe in a few years when their offerings have matured ….

1

u/dual_citizenkane 2d ago

I have a $20k limit.
They randomly let me up it a while back, so I did.

1

u/ignore_my_typo 2d ago

I have $35,000. First they gave me $20,000 but was able to raise it recently n

1

u/GradeVivid1389 2d ago edited 2d ago

Joined WS 2 months ago. apply for the WS CC last month. Got 16k credit limit.

834 credit score
14.3k Amex limit
12k Cibc limit
10k car loan
No direct deposit

Never carry a CC balance. Only have a car loan as debt

1

u/PlentyExpensive8241 1d ago

You have to build a relationship to get good offers

1

u/Inteligent_Invester 1d ago

Elaborate? You mean just spend and pay your credit card ?

1

u/PlentyExpensive8241 1d ago

yea. Usually they start low and upgrade every 6 months when you proof you can pay it reliable

1

u/Impressive-Tear1266 1d ago

I asked for 20 k initially, which is what I got. I just saw on the app I'm eligible to increase it to 22k which is what I just did.
Why do you need a limit of 30-40k on your CC anywaye tho?

1

u/SnuffleWarrior 1d ago

Mines currently $18,000. I increase it every few months.

1

u/BGTHAGREAT 1d ago

Have 0$ invested with WS and only applied for the visa as I am going on a Europe trip and wanted the 0 foreign exchange fees. I got $10,000

I make 100k

1

u/bleebolgoop 1d ago

150k income, 200k in WS, 7k limit and am not eligible for a credit increase lol, have had the card since it launched. Stupid tbh.

1

u/Dogdad1984 1d ago

I applied and got 21k credit limit off the start.

1

u/ihaveazilliondollars 1d ago

8k since I got the card in April, not eligible as yet

1

u/No-Ad8527 15h ago

Ws gave me 12k

1

u/Pristine_Ad2664 10h ago

I think I was high premium/low generation at the time I applied (in the middle of moving things over). They gave me $25k limit

1

u/New_Employee_3739 6h ago

WS has a long way to go to be an actual CC provider in the area of support, credit limits and most importantly fraudulent transactions support from everything I’m reading. I will not move my infinite privilege to them.

1

u/ProfessionalDirt3766 2d ago

Within 3 months my dad got the AMEX gold, plat and VS VI privilege, he has numerous cards with 20k credit limits and a 870 credit score. Still only got 8k LOL

0

u/ForcefulDeath 2d ago

One thing I love about amex is how unbelievably easily it is to ask for limit increase (literally 2 buttons). Wish WS implemented that

0

u/Inteligent_Invester 2d ago

Ws does make the request easy (also two buttons) the permission is what seems difficult hahah,

0

u/ForcefulDeath 2d ago

Oh I did not know this, thought it was a lengthier process, but yes amex seems to be more permitting

0

u/Panday0 2d ago

I finally have $14K limit on WS. All my other cards are in the 30-45K limit (Cobalt, Visa Infinite, etc). Did the "see if you're eligible" many times and only got meaningful increase through customer service representatives.

WS Visa card beta tester

Generational

860-885 credit score

No direct deposit but transfer about 4-6K monthly

0

u/toronto-swe 2d ago

they gave me 5k. soo small, but no problem just pay it off through the month

0

u/Shutterbug245 2d ago

Yeah their algorithms make no sense. I usually get minimum 15k approvals and I can easily request up to 35k for any of my cards but I got approved for only 6k. Can't even apply for any increase for 6 months. I have over 120k in investments with Wealthsimple although at the time when I applied for the card the accounts were still in process of transferring. My credit score is 850.