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There are numerous factors that are considered when the issuer determines what credit limit to extend and at what interest rate. Of course, your credit score is a major factor, but issuers also consider your monthly income, how much you owe, the way you manage your active credit accounts, when was the last time you opened a new credit card, recent credit card applications, rental payments, and employment status.
When you apply for a new credit card, you cannot know how much of a credit line the issuer will offer. You may know the minimums, but not the maximums. For example, the Discover it® Cash Back card comes with a minimum credit line of $500. However, the issuer may approve you for a much higher credit limit based on a review of the information you provide in your application and your credit report.
Therefore, while you can't predict the exact credit limit, you may expect your credit limit to be within some industry averages. Thus, many creditworthy applicants with stable incomes can expect credit card credit limits between $3,500 and $7,500. High-income applicants with excellent credit might expect a credit limit of up to or more than $10,000. Those new to credit or with poor credit scores should prepare for new credit limits of less than $1,000.
As for the interest rate, the higher your credit score and the better your creditworthiness, the lower your interest will be. Credit cards usually come with a range of interest rates, so with good credit, you may expect your interest to be in the middle of that range or closer to the lower value of the range. The current average credit card interest rate is around 21.92% for new offers.
The same Discover it® Cash Back card comes with 0% Intro APR on purchases for 15 months. When the introductory period is over, your ongoing interest rate will be between 17.24% - 28.24% Variable APR.