Not in my experience. I don't need any extra credit so usually apply for $2k credit limit on new applications then transfer limit to new card to ensure I have certainty over credit limit.
Another who has done this over the phone without issue, moving between Discovery and Explorer. Change was effective immediately: but as I was moving credit over to my Explorer card, they phone rep just advised that I wouldn't be able to apply for a formal credit limit increase on Explorer for 6 months. Had only just opened the card so wasn't a problem.
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