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Unlock your spending power with a high limit credit card. These cards come with above-average spending limits that are the gateway to making large purchases. If you have excellent credit with enough income, you may qualify for credit limits as high as $25,000 - $100,000, or even unlock no-limit credit card offers!
Here's our shortened list of standout high limit credit cards.
Capital One Venture X Rewards Credit Card
Great for: Premium travel
On Capital One's Secure Website.
On Capital One's Secure Website.
Excellent (740-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
19.99% - 29.99% (Variable)
Rewards Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel. Earn unlimited 2X miles on all other purchases.
2X-10X miles
Annual Fee
$395
Welcome Offer 75,000 Miles when you spend $4,000 on purchases in the first 3 months from account opening
75,000 Miles
Our favorite premium travel card. Yes, there’s a premium annual fee here, but you get what you might expect from a luxury card, like up to 10X miles on spending through Capital One Travel, a $300 travel credit, experience credits, and a huge welcome bonus. Read Full Review
Great for: No annual fee
On Chase's Secure Website.
On Chase's Secure Website.
Credit limit
$500 minimum with user reports of $24,000. This card's versatility makes it a leading cash-back credit card that includes robust rewards and no annual fee.
Good/Excellent (670-850)
Intro APR 0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 15 months
Balance Transfers: 0% Intro APR on Balance Transfers, 15 months
Regular APR
20.49%-29.24% Variable
Rewards 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
5% cash back offer
Annual Fee N/A
$0
Welcome Offer Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening!
$200 bonus
This Chase card is one of our favorites, and with good reason. You earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, alongside other standout perks (and at least 1% on all purchases). Plus, this one comes without an annual fee and with a generous welcome bonus. Read Full Review
Chase Sapphire Preferred® Card
Great for: Travel rewards
On Chase's Secure Website.
On Chase's Secure Website.
Credit limit
$5,000 minimum with user reports of $50,000. This card is considered by many travelers as a must have, due to its sign-up bonus, versatility, and premium travel rewards.
Good/Excellent (670-850)
Intro APR N/A
Purchases: N/A
Balance Transfers: N/A
Regular APR
21.49%-28.49% Variable
Rewards Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases
Annual Fee N/A
$95
Welcome Offer Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
60,000 bonus points
The enormous welcome bonus (worth up to $750), bonus points for travel and dining, and $50 annual hotel credit alone make this card well worth the $95 annual fee. What really stands out are the rare travel protections such as trip delay reimbursement, lost luggage reimbursement, and trip cancellation/interruption insurance. It’s the only low annual fee card we’ve seen offer those protections. Read Full Review
Great for: Unlimited cash back program
On Chase's Secure Website.
On Chase's Secure Website.
Good/Excellent (670-850)
Intro APR 0% Intro APR on Purchases and Balance Transfers for 15 months
Purchases: 0% Intro APR on Purchases, 15 months
Balance Transfers: 0% Intro APR on Balance Transfers, 15 months
Regular APR
20.49% - 29.24% Variable
Rewards Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
1.5% - 5% cash back
Annual Fee N/A
$0
Welcome Offer Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.
Up to $300 cash back
This card would be highly-rated based on its unlimited 1.5% - 5% cash back rates & 0% Intro APR offer alone. But the innovative sign-up bonus (worth up to $300 cash back) makes it particularly good if this would be your primary credit card. With the bonus, you’ll earn 4.5% cash back on dining and drugstores, 6.5% on travel booked through Chase Ultimate Rewards®, and 3% on all other purchases (on up to $20,000 spent in the first year). After the bonus, you’ll still earn the regular cash back rates on every purchase. Read Full Review
Great for: Luxury benefits
On Chase's Secure Website.
On Chase's Secure Website.
Credit limit
$10,000 minimum with user reports of $80,000. A top travel card issued as a Visa Infinite card, which includes the best Visa perks.
Good/Excellent (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
22.49%-29.49% Variable
Rewards Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.
5x points on flights and 10x points on hotels and car rentals through Chase Travel℠.
Annual Fee N/A
$550
Welcome Offer Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
60,000 bonus points
This Chase card is your ticket to big rewards on travel spending and dining out, like up to 10x points on spending through Chase Travel, where your points are worth 50% more if you book through Chase Ultimate Rewards. You'll also score excellent perks, like a $300 travel credit, airport lounge access, and a Global Entry/TSA Precheck credit. The annual fee is hefty, but if you can use all its features, this card could be well worth the cost. Read Full Review
Ink Business Preferred® Credit Card
Great for: Business travel rewards
On Chase's Secure Website.
On Chase's Secure Website.
Credit limit
$5,000 minimum with user reports of $100,000. The big sign-up bonus is the clear draw. Not to be overshadowed, the card has one of the leading reward programs in the business card category.
Good/Excellent (670-850)
Intro APR N/A
Purchases: N/A
Balance Transfers: N/A
Regular APR
21.24%-26.24% Variable
Rewards Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases-with no limit to the amount you can earn.
Earn 3 points per $1 in select business categories
Annual Fee N/A
$95
Welcome Offer Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening.
Earn 100,000 bonus points
This business card gets you access to the Chase Ultimate Rewards ecosystem, and you'll start with 100,000 Ultimate Rewards points by qualifying for its eye-popping welcome bonus. Earning 3x points per $1 on popular business expenses means you can cover your bills and be generously rewarded in the process. Read Full Review
Ink Business Unlimited® Credit Card
Great for: Small business card
On Chase's Secure Website.
On Chase's Secure Website.
Credit limit
$3,000 minimum with user reports of $75,000. While its rewards program and sign-up bonus shouldn't be overlooked, the real standout for this card is its intro APR offer.
Good/Excellent (670-850)
Intro APR 0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
Regular APR
18.49% - 24.49% Variable
Rewards Earn unlimited 1.5% cash back on every purchase made for your business
Earn unlimited 1.5% cash back on every purchase
Annual Fee N/A
$0
Welcome Offer Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
Earn $750 bonus cash back
Want to simplify your business credit card rewards? Take a closer look at this Chase card, which lets you earn a flat-rate 1.5% cash back across the board. The $750 cash back welcome bonus only sweetens the deal, and you won't pay an annual fee -- or any extra money for cards for your employees. Read Full Review
U.S. Bank Secured Visa® Card
Great for: Building credit
Credit limit
$300 minimum ($5,000 maximum). This card's high secured credit limit is the standout feature that could justify the small annual fee for the right cardholder.
Fair/New to Credit Under(669)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
29.24% (Variable)
Rewards
N/A
Annual Fee
$0
Welcome Offer
N/A
This U.S. Bank secured card can help you build or rebuild credit with perks like no annual fee, free credit score monitoring, and the option to choose your own credit limit (from $300 to $5,000). Best of all, U.S. Bank keeps track of your progress and you'll be reviewed for the chance to upgrade to an unsecured card -- and get your security deposit back.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Great for: Limited credit history
Credit limit
$300 minimum ($10,000 maximum). This card includes a nice rewards program, and has no annual fee, but its standout feature is that potential approval isn't entirely determined by your credit score.
Fair/New to Credit Under(669)
Regular APR
18.24 - 32.24% Variable
Rewards
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away. 2% - 10% cash back at select merchants.
If you need to build or rebuild credit, pay attention to this card. You qualify based on bank information, rather than credit, and there are no fees of any kind. Best of all, if you pay your monthly bill on time every time, your cash back rate will grow from 1% to 1.5% on purchases over your first year.
Best High Limit Credit Card | Minimum & Maximum Credit Limits |
---|---|
Chase Sapphire Reserve® | $10,000 minimum with user reports of $80,000 |
Capital One Venture X Rewards Credit Card | Credit limits determined on a per person basis |
Chase Sapphire Preferred® Card | $5,000 minimum with user reports of $50,000 |
Chase Freedom Unlimited® | $500 minimum with user reports of $24,000 |
Chase Freedom Flex℠ | $500 minimum with user reports of $24,000 |
Petal® 2 "Cash Back, No Fees" Visa® Credit Card | $300 minimum ($10,000 maximum) |
U.S. Bank Secured Visa® Card | $300 minimum ($5,000 maximum) |
Best High Limit Credit Card | Minimum & Maximum Credit Limits |
---|---|
Ink Business Preferred® Credit Card | $5,000 minimum with user reports of $100,000 |
Ink Business Unlimited® Credit Card | $3,000 minimum with user reports of $75,000 |
Our expert picks for the best high limit credit cards for both consumers and business owners.
Our rating: 4.50/5.00 stars. Cardholder Review Ratings: 635 reviews give it 4.30/5.00 stars as of 3/12/24.
Leveraging the High Credit Limit:
With premium perks and a reasonable annual fee, this Visa Infinite travel credit card is a favorite of ours. An annual $300 credit for Capital One Travel bookings and 10,000 bonus miles every account anniversary already more than make up for the annual fee (see rates and fees).
Apply for Capital One Venture X Rewards Credit Card
Our rating: 5.00/5.00 stars. Cardholder Review Ratings for Chase Freedom Flex℠ not provided on the Chase site
Leveraging the High Credit Limit:
Our award winner for no annual fee Credit Card: Boasting a 0% intro APR for 15 months on purchases and balance transfers, this cash back card is a wonderful benefit for high limit spending, without having to pay back your balance immediately.
The terms and conditions hint at a potential credit line range, starting at $500, and based on the balance transfer section, the total balance transfer request cannot exceed available credit or $15,000, whichever is lower, but we've gotten reports of a credit limit up to $24,000. This is a much lower entry credit limit vs the Chase Sapphire Preferred® Card, while still estimating the same maximum credit limit of $15,000.
Our rating: 4.50/5.00 stars. Cardholder Review Ratings: 7,829 give it 4.50/5.00 stars as of 3/12/2024
Leveraging the High Credit Limit:
The terms and conditions for this card do not specifically state what the minimum and maximum credit line is for this card, but they do hint at it in a couple areas. For instance, it is mentioned that the credit access line, if approved, will be at least $5,000. And in the section regarding balance transfer requests, it states that the dollar amount you request to transfer over to the Chase Sapphire Preferred® Card cannot exceed the available credit or $15,000 (including fees and interest charges), whichever is lower.
Apply for Chase Sapphire Preferred® Card
Our rating: 5.00/5.00 stars. Cardholder Review Ratings: 10,034 reviews give it 4.80/5.00 stars as of 3/12/24
Leveraging the High Credit Limit:
The pricing and terms for this card state that the minimum credit limit is $500 if approved for a Visa Platinum account and $5,000 if approved for a Visa Signature account. In addition, balance transfer requests can't total more than $15,000 or your available credit, whichever is lower. Like its sibling, the Chase Freedom Flex℠, this card generally has limits of up to $15,000, although it's possible to get approved for a larger amount.
Apply for Chase Freedom Unlimited®
Our rating: 4.50/5.00 stars. Cardholder Review Ratings: 4,642 reviews give it 4.80/5.00 stars as of 3/12/24.
Leveraging the High Credit Limit:
The pricing and terms of this Chase card lay out a minimum credit line of $10,000. The maximum in balance transfer requests is $15,000 or your available credit, whichever is lower. But this isn't a balance transfer card, it's a travel card, and cardholders have reported much larger credit limits than $15,000. On the high end, there have been reports of limits up to $80,000.
This Chase travel card is loaded with valuable features, including a $300 annual travel credit, perks with Chase partners, and airport lounge access. Not everyone will be able to get the most out of this card and its high spending limit, but if you can, it can help you save big on travel expenses.
Apply for Chase Sapphire Reserve®
Our rating: 4.00/5.00 stars. Cardholder Review Ratings: 392 reviews give it 4.00/5.00 stars as of 3/12/24.
Leveraging the High Credit Limit:
With this U.S. Bank secured credit card, there's no guessing about your credit limit. Your credit limit is equal to your security deposit, according to U.S. Bank's knowledge base. When you apply for this card, you can choose your security deposit amount, with a minimum of $300 and a maximum of $5,000. A large limit will require a large deposit, but you have the option if you want a credit card with plenty of spending power.
Apply for U.S. Bank Secured Visa® Card
Our rating: 4.25/5.00 stars. Cardholder Review Ratings for Petal® 2 "Cash Back, No Fees" Visa® Credit Card not provided on the Petal site
Leveraging the High Credit Limit:
Petal makes it clear what the credit limit range is for this starter credit card. The Petal homepage provides credit limits for each of its credit cards, and this card's range is $300 to $10,000. Petal can also approve you for an application and determine a credit limit based not just on your credit history, but also your banking history. And through its Leap program, you can earn a credit limit increase after six months of qualifying on-time payments. Terms apply.
Apply for Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Our rating: 4.50/5.00 stars. Cardholder Review Ratings for Ink Business Unlimited® Credit Card not provided on the Chase site
Leveraging the High Credit Limit:
In the pricing and terms for this business credit card, Chase specifies that your credit line will be at least $3,000 if approved. While there's no official maximum, the terms also state that Chase may request additional information for credit lines over $25,000. Anecdotally, there have been reports of cardholders with $75,000 limits, but most approved applicants likely end up in the $3,000 to $25,000 range.
The welcome offer for this Chase business card requires substantial spending, and a high credit limit makes it easier to reach that target. If you do, you'll be rewarded with an equally substantial welcome bonus. Making it even better is this card's 0% intro APR on purchases for the first 12 months, giving you time to pay off any large business expenses.
Apply for Ink Business Unlimited® Credit Card
Our rating: 4.50/5.00 stars. Cardholder Review Ratings not provided on the Chase site.
Leveraging the High Credit Limit:
For business owners in need of a big credit limit, this Chase card is tough to beat. It has a $5,000 minimum credit limit, according to the pricing and terms. The typical limit range likely goes up to $25,000, as the terms also state that anything higher could require additional information. And some cardholders have reported significantly higher limits -- as high as $100,000.
With most credit cards, a generous credit limit is a nice extra. With this Chase business card, it makes the card significantly more valuable. A high credit limit allows you to more easily spend enough to earn the huge welcome bonus, and you'll also be able to maximize all those useful bonus categories.
Apply for Ink Business Preferred® Credit Card
The best high limit credit cards allow you to make large purchases, such as furniture, without running out of room on your card. The highest credit card limits are best for people who aren't tempted to overspend and who can commit to paying off their card each month.
Get credit industry expert tips on the most common questions on upgrading your lifestyle, including:
When deciding between the best high limit credit cards, these questions are critical to answer first, based on your personal financial situation and your lifestyle needs, and then investigate if the high limit card you are interested in can serve your needs:
High Limit Credit Card Eligibility: Top high limit credit cards, with large credit limits, often require a high credit score with sizable income. While there's no credit score that guarantees a high limit, very good to exceptional credit (740 to 850 under the FICO® Score system) is helpful. Under the VantageScore system, excellent credit ranges from 781 to 850.
High limit credit cards can help build your credit score by keeping your overall balances low in relation to your credit limit. If you have high limit credit cards that you rarely use, these can boost your credit score by improving your credit utilization ratio. Your credit utilization -- i.e., the percentage of your total credit line you're using -- is an important factor in your credit score. If you use too much of your credit line, your credit score can drop.
A good rule of thumb is to have a credit limit of at least five times your normal monthly expenses across all of your cards. For example, if you spend $1,000 per month, aim for a total credit line of $5,000, either on a single card or multiple cards.
Jump back to high limit credit card list »
Paying off your full balance, including the principal and any credit card interest charges, from your high limit card is essential to staying out of debt.
Considerations based on your high limit spending needs:
Select a high limit credit card that is best for you to apply directly with the issuer.
Card | Rating | Great For |
---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Premium travel |
|
2024 Award Winner
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: No annual fee |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Travel rewards |
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Unlimited cash back program |
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Luxury benefits |
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Business travel rewards |
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Small business card |
|
U.S. Bank Secured Visa® Card
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Building credit |
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Limited credit history |
At The Motley Fool Ascent, we rate high limit credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria Includes credit limits, welcome offers, and annual fees.
Our highest-rated high limit credit cards have:
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best high limit card recommendations. Our aim is to maintain a balanced best-of list featuring top-scoring high limit credit cards from reputable brands.
Ordering within lists is influenced by advertiser compensation, including featured placements at the top of a given list, but our product recommendations are NEVER influenced by advertisers. Learn more about how The Ascent rates credit cards.
High limit credit cards are credit cards with above-average spending limits. While there isn't any standard definition about what high limit credit cards actually are, a high balance credit card with a limit of $10,000 or above could generally be included on a list of high limit credit cards.
High limit credit cards tend to be geared toward people with excellent credit and high incomes. Some high limit credit cards may offer as much as a $50,000 credit limit, but there are also more exclusive credit cards designed specifically for those who spend large amounts of money.
It's not uncommon to hear of people getting credit cards with higher limits, such as $20,000 or more, on a single card, but also getting significant incremental credit limit increases as their credit relationship with their credit card issuer improves over time.
Most credit card issuers are happy to increase your credit limit if you've had your card open for several months or years. If you've had your credit card open for several months, your income or credit score has risen, and you've made all your payments on time, most card issuers will approve you for a credit line increase.
To get a higher credit limit, log in to your account or call the credit card issuer to request a credit limit increase.
Credit card companies generally decide your credit limit by looking at your credit score and your income more than the type of card you're applying for. For this reason, the biggest factor in getting a high limit on your credit card is you, so make sure to focus on building your credit score.
Once you earn excellent credit, you will start to see your card offer eligibility improve.
But if you're wondering whether a card will meet your needs, check the documentation with the application.
You can increase your credit line even further by applying for multiple high limit credit cards. You could apply for multiple high limit credit cards if you want to have a large amount of credit available to you.
But be careful: Applying for too many high limit credit cards at one time can be a red flag to lenders and can harm your credit score. A better approach is to space your credit card applications out over time. Apply for high limit cards as you actually need them in order to minimize the hit to your credit score.
Check out the video on our increasing credit limit page to learn more on how to choose the best high limit card.
A high balance credit card with a limit of $10,000 or above could generally be included on a list of high limit credit cards. It's not uncommon to hear of people getting credit cards with higher limits, such as $20,000 or more, on a single card.
We suggest $10,000 or above as a possible benchmark for high credit limit credit cards based on user reports of their cards' credit limits.
If you're wondering whether a card will meet your needs, check the documentation with the application.
There isn't any one card that's known as the highest credit limit credit card, and there's no single definition for high limit credit cards. Keep in mind that "high" is a relative term.
Credit cards aren't broken down into official categories based on which come with high limits, so one person's idea of high limit credit cards might seem average to someone else. For example, some invitation-only credit cards may offer a $50,000 credit limit or more and some may have no credit limits. Or, consider these two credit cards, one a high-end card and another designed for building and rebuilding credit:
Cards with high credit limits can trap you in more debt than normal credit cards.
As a rough rule of thumb, aim for having a total credit limit -- across all of your credit cards -- of about five times your normal monthly expenses. Using this number as a starting point will help you minimize negative impacts to your credit score if you use your high limit credit cards responsibly, paying it off each month.
Experts have figured out that keeping your total balances below 20% to 30% of total available credit will help you avoid damaging your credit score. Translated into real-world terms, the formula means that if you were to charge a full month's expenses to high limit credit cards, then pay it off in full at the end of the month, your credit utilization ratio would still remain under the 20% threshold.
John Ulzheimer
Credit card expert with over 30 years of experience within the credit industry, weighs in on high limit credit cards
John Ulzheimer has worked at FICO, Equifax and Credit.com, is the founder of CreditExpertWitness.com and is the acting president of The Ulzheimer Group. He has been quoted, interviewed and published in the financial media, with over 5.000 media appearances and interviews across nearly every major television, print and online news outlet.
Generally speaking, anything above $10,000 would reasonably be considered a high-limit card. Although, it's not uncommon for credit limits to exceed 20 and 30 thousand dollars, depending on the issuer and the income and credit quality of an applicant.
First off, not all card issuers offer high-limit cards. So, you're going to have to apply with an issuer that does offer higher limits. And, as you can imagine, they don't just give those out to everyone. You have to earn them. The way to do that is to have solid credit scores and an income that justifies the higher limit.
Card issuers are required to consider your ability to pay them when you apply (CARD Act of 2009) so it's more than just a solid credit score. You can also earn higher limits on lower limit cards over a period of several years by using the card responsibly and making your payments on time.
Always. If you have the self-control and discipline to not increase your spending simply because you have a higher credit limit, there's really no downside to asking for the higher limit. You'll have more spending power, which may come in handy.
They can certainly help your credit scores. Credit scoring models, like FICO's scores, reward consumers who maintain low balances on their cards relative to the credit limits. This is informally referred as the credit utilization ratio, or formally referred to as revolving utilization. It's easier to have lower utilization ratios if you have higher credit limits. Of course, you can also harm your scores if your balances are too high relative to your credit limits, regardless of their amount.
Bola Sokunbi
Financial Education Instructor of the Year (FEIY) weighs in on high limit credit cards
Bola Sokunbi is the author/founder & CEO of Clever Girl Finance. Bola is a 4 times best-selling author of the Clever Finance Book Series and Choosing To Prosper, and she is also a recipient of the Financial Education Instructor of the Year (FEIY) Award. Her mission is to help women ditch debt, save money, and build real wealth.
In simple terms, a high limit credit card has higher limits than the average credit card. Your available credit could likely start around $5,000 and could go up to $50,000 or even higher.
You can get a higher credit limit to increase your credit score by using it to lower your overall credit utilization ratio (i.e. You'd have a higher ratio of available credit to debt which in turn increases your credit utilization ratio). Another good reason is if you have a large expense coming up. However, you should also have a plan for debt payoff or choose not to carry a balance at all, or you may see negative effects on your credit instead of positive ones.
As long as you pay off your credit card and don’t carry a balance, the effect over time on your credit should be good. Initially, you may see a hard inquiry to your credit report when you apply, which will temporarily lower your credit score (but not by much). But overall, your credit score will likely improve due to a lower credit card utilization ratio, and you will enjoy the opportunities afforded by a higher credit limit.
You can prepare for a high limit credit card by ensuring your credit is good or excellent. A high income may also be a factor, as well as a low debt-to-income ratio. Each card will have its own requirements you’ll need to follow.
Jenn Uhen
Founder, The Pledgettes Financial Community
Jenn Uhen is the founder of The Pledgettes, a personal finance community for women taking an active role in their personal finances. She creates tailored presentations and activations for audiences at events including the International Franchising Association Conference.
Credit cards with a limit of $5,000 and above are considered high-limit credit cards. There are some to be reported to have limits over $100,000.
Like with any money move, make it intentional. You may want to consider increasing your credit card limit to improve your credit score. An improved credit card score will help you if you plan to: apply for a loan (mortgage, car, or personal loan), need cash to intentional move to a new life chapter, and it may even affect your car insurance premiums. There may also be a reason for using a credit card with 0% interest for a high ticket item if paying in full can get you a discount. I have negotiated medical bills by paying in full early, putting the full amount on a 0% interest card, and paying them off over time but before the 0% interest period is over. Note that this strategy will ding your credit score but I was able to recover those lost point quickly after paying off the total balance and relying on other factors of my credit score.
If you tend to carry a large balance on your credit cards and don’t pay them off in full, having a larger credit limit may tempt you into making some choices that may increase your debt, getting you further away from your Big Financial Goals. You know you best, so set yourself up for success.
A high-limit credit card can improve your credit score when looking at the Amounts Owed number. Amounts owed looks at the amount you have borrowed (balance on your credit card) compared to your available credit.
Your length of credit history, credit mix, and new credit are also factors in your credit score. I recommend seeing if you can increase your credit limit on your current cards (if you’re happy with them) instead of applying for new cards. Because keeping your longest open credit card will improve your credit score as well as not opening too many new credit cards.
If you are looking for a high-limit credit card, I recommend you start where you are.
If you like the perks and fees of your current credit card, call your issuer and ask for an increased limit. They may ask questions or have you complete some paperwork since some things may have changed since your initial application (they certainly would be happy if your income has increased).
If you have a credit card through a bank, walk into your branch (or call) and share that you want to build a relationship with a banker. Share your Big Financial Goals and your financial state. In that conversations they may suggest different products to help you reach your goal, whether it’s a credit card, loan, or HELOC (for homeowners).
Having a conversation is a great opportunity to ask questions and share. You’re also encouraged to get multiple perspectives and ideas as there are seemingly limitless ways to build wealth and hit your Big Financial Goals. Remember your financial journey does not need to be a solo one, so ask questions and normalize money talks.
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