Credit Limit
Essentially this is the amount that you are allowed to spend on the credit card and it is imposed by the card issuer.
For instance a credit limit of £1,000 means that you can spend up to £1,000 on the card, over that then the card is likely to be rejected as the merchant will notify the retailer that the card limit has been reached, in the vernacular this is often referred to being "max'd out"
The credit limit is usually set by some sort of method that takes into account the credit history of the customer, and so credit scoring is applied. Broadly if you have no credit history problems and pay your bills in full then you are more likely to be able to get a higher limit.
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