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Best High Limit Credit Cards of October 2020
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High limit credit cards are the sirens of the credit card world. You can charge big expenses and often earn big rewards, but it's a two-way street: you can also get lured into big credit card debt. If you play your cards right (pun intended), credit cards with higher limits can help build your credit score by keeping your overall balances low in relation to your credit limit. Take a look at our picks of the best credit cards for high limits below to get started.
The Ascent's picks for the best high limit credit cards:
- Travel rewards: Chase Sapphire Preferred® Card
- Cash rewards: Discover it® Cash Back
- Unlimited 1.5% cash back and no annual fee: Chase Freedom Unlimited®
- Travel rewards: Chase Sapphire Reserve®
- Students and diverse cash back program: Discover it® Student Cash Back
- Building credit: U.S. Bank Secured Visa® Card
- Bonus category cash back: Chase Freedom® credit card
- Small businesses: Chase Ink Business Preferredâ„ Credit Card
- VIP travel: Citi Prestige® Card
Big bonus
Great for: Travel rewards Chase Sapphire Preferred® Card
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
Rewards
2x points on travel and dining, 1x points on all other purchases. 25% more points for travel booked through Chase's portal.
Annual Fee
$95
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
15.99% - 22.99% Variable
Bonus
80,000 points after spending $4,000 within 3 months
Highlights
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
- 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
No annual fee
Great for: Cash rewards Discover it® Cash Back
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
Rewards
Earn 5% cash back in rotating quarterly categories you activate ($1,500 quarterly spending cap), 1% back on all else
Annual Fee
$0
Intro APR
Purchases: 0%, 14 months
Balance Transfers: 0%, 14 months
Ongoing APR
11.99% - 22.99% Variable
Bonus
Double cash back within 1 year
Highlights
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back in any amount, any time. Rewards never expire.
- Use your rewards at Amazon.com checkout.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- No annual fee.
- Discover is accepted nationwide by 99% of the places that take credit cards.
Cash Back
Great for: Unlimited 1.5% cash back and no annual fee Chase Freedom Unlimited®
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
Rewards
Unlimited 1.5% cash back, 5% cash back at grocery stores in the first year ($12,000 spending cap), no minimum redemption
Annual Fee
$0
Intro APR
Purchases: 0%, 15 months
Balance Transfers: N/A, N/A
Ongoing APR
14.99% - 23.74% Variable
Bonus
$200 after spending $500 within 3 months
Highlights
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
- Earn unlimited 1.5% cash back on all other purchases.
- Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
- No annual fee.
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
- No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.
Great for: Travel rewards Chase Sapphire Reserve®
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
Rewards
3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point on all other purchases.
Annual Fee
$550
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
16.99%-23.99% Variable
Bonus
50,000 points after spending $4,000 within 3 months
Highlights
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year
- 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.
- Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Passâ„¢ Select
- Up to $100 application fee credit for Global Entry or TSA Pre✓®
- One Year Complimentary Lyft Pink ($199 minimum value). Complimentary DashPass subscription from DoorDash after activating by 12/31/21.
Great for: Students and diverse cash back program Discover it® Student Cash Back
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
Rewards
Earn 5% cash back in rotating quarterly categories you activate ($1,500 quarterly spending cap), 1% back on all else
Annual Fee
$0
Intro APR
Purchases: 0%, 6 months
Balance Transfers: 10.99%, 6 months
Ongoing APR
12.99% - 21.99% Variable
Bonus
Double cash back within 1 year
Highlights
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Good Grades Rewards: $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Freeze It® on/off switch for your account that prevents new purchases, cash advances & balance transfers in seconds.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- No annual fee. No late fee on first late payment. No APR change for paying late.
- Discover is accepted nationwide by 99% of the places that take credit cards.
- 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 12.99% - 21.99% applies.
Great for: Building credit U.S. Bank Secured Visa® Card
Rating image, 3.5 out of 5 stars.
3.5 stars
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.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.
Rewards
N/A
Annual Fee
$29
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
18.99%
Bonus
N/A
Highlights
- Credit limit ranges from $300-$5,000 based on deposit.
- The deposit is put in an FDIC-insured savings account that earns interest and won't be touched as long as your account remains open and in good standing.
- Car rental insurance available at no additional cost if you charge the car rental on your card and decline rental company's collision damage waiver option.
- Free TransUnion® Credit Score.
- You are not responsible for unauthorized transactions if your U.S. Bank Secured Visa Card is ever lost or stolen.
Great for: Bonus category cash back Chase Freedom® credit card
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, 1% on all else
Annual Fee
$0
Intro APR
Purchases: 0%, 15 months
Balance Transfers: 0%, 15 months
Ongoing APR
16.49% - 25.24%, variable
Bonus
$200 after spending $500 within 3 months
Highlights
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
- Unlimited 1% cash back on all other purchases - it's automatic
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
- 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5.
- No annual fee
- Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
- Free credit score, updated weekly with Credit Journeyâ„
The information related to Chase Freedom® credit card has been collected by The Ascent and has not been reviewed or provided by the issuer.
Great for: Small businesses Chase Ink Business Preferredâ„ Credit Card
Rating image, 4.0 out of 5 stars.
4.0 stars
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.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.
Rewards
3 points per $1 on the first $150,000 spent on travel and select business categories, 1 point per $1 on all else. Points are worth 25% more when you redeem for travel through Chase.
Annual Fee
$95
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
15.99% - 20.99%, variable
Bonus
100,000 points after spending $5,000 within 3 months
Highlights
- Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when you redeem through Chase Ultimate Rewards®
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
- Earn 1 point per $1 on all other purchases with no limit to the amount you can earn
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
- Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
- No foreign transaction fees
- Employee cards at no additional cost
- $95 Annual Fee
The information related to Chase Ink Business Preferredâ„ Credit Card has been collected by The Ascent and has not been reviewed or provided by the issuer.
Great for: VIP travel Citi Prestige® Card
Rating image, 4.0 out of 5 stars.
4.0 stars
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.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.
Rewards
5x points for air travel and restaurants, 3x points for hotels and cruises, 1x point on all else
Annual Fee
$495, $75 for each authorized user.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
16.99% - 23.99%, variable
Bonus
50,000 points after spending $4,000 within 3 months
Highlights
- 5X ThankYou Points on air travel and restaurants
- 3X ThankYou Points on hotels and cruise lines
- 1X ThankYou points on all other purchases
- No foreign transaction fee
- Complimentary 4th night on hotel stays booked through ThankYou.com., up to twice per year
- Unlimited access to 400+ airport lounges
- $100 global entry fee credit
- Chip technology
- 24/7 concierge
- Lost baggage coverage
Citi Prestige® Card is unavailable on The Ascent. All information was collected independently from the issuer. Some items may be out of date.
What is a high limit credit card?
High limit credit cards are credit cards with above-average spending limits. For example, a card with a limit of $10,000 or above could generally be included on a list of high limit credit cards. Credit cards with high limits can allow you to make large purchases, such as furniture, without running out of room on your card. Also, if you have high limit credit cards that you rarely use, these can boost your credit score by improving your credit utilization ratio.
Note that there's no single definition for high limit credit cards. "High" is a relative term. Credit cards aren't broken down into official categories based on which come with high limits. In the second quarter of 2019, the average credit card limit was $7,754 per card -- which is why we suggest $10,000 or above as a possible benchmark for high credit limit credit cards. But one person's idea of high limit credit cards might seem average to someone else.
What is the highest credit card limit?
It's not uncommon to hear of people getting credit cards with higher limits, such as $20,000 or more, on a single card. Some high limit credit cards may offer as much as $50,000. High limit credit cards tend to be those geared toward people with excellent credit and high incomes.
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.
There isn't any one card that's known as the highest credit limit credit card. But if you're wondering whether a card will meet your needs, check the documentation with the application. Some high limit credit cards publish the minimum credit line you may be approved for in the fine print.
Which credit cards offer the highest credit limit?
Here are some of the best high limit credit cards:
- Chase Sapphire Reserve®: We've heard unofficial reports of people getting credit cards with large limits for this card -- as high as $50,000. Along with a slew of other perks common to premium high limit cards, you can earn rewards to redeem for travel, cash, gifts, and more.Â
- Discover it® Student Cash Back: Student credit cards aren't generally high limit credit cards. But if you're approved for this card, it comes with a minimum credit line of at least $500.Â
- U.S. Bank Secured Visa® Card: Secured credit cards also aren't usually cards with high limits. However, this high limit credit card comes with a credit limit of $300 up to $5,000. The only catch is you'll need to put down a matching deposit to get access to that credit line.
How high should my credit limit be?
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.
Your credit utilization -- i.e., what percent of your total credit line you're using -- is the single biggest factor in your credit score. If you use too much of your credit line, your credit score can drop. 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.
TIP
Want a higher credit limit?
Most credit card issuers are happy to increase your credit limit if you've had your card open for several months or years. This is especially true if your income or your credit score has risen, and if you've been making on-time payments. Simply call your credit card issuer or log into your online account to request a credit limit increase.
How to pick the best high limit credit card
Here are some tips for deciding between the best high limit credit cards:
- Is the annual fee worth it? The highest limit credit cards often come with steep annual fees. It could be worth it, especially if you earn enough rewards to offset the fee.Â
- Is my credit score high enough? Credit cards with large limits often require excellent credit.Â
- Are the rewards worth it? You'll want to make sure you can put any rewards you earn to use. Find out exactly how the rewards program works for each of the high limit credit cards you're considering.
- What's the minimum credit line? Sometimes, high limit credit cards will have a line in the fine print about a "minimum credit line" you may qualify for. If your income or credit score isn't very high, you may fall closer to this credit limit if you are approved for the card.Â
You can increase your credit line even further by applying for multiple high limit credit cards. But be careful: Applying for too many high limit credit cards at one time can be a big 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.
Is a high limit credit card right for you?
High limit credit cards are best for people who aren't tempted to overspend, and who can commit to paying off their card each month. Similarly, if you want to make a large one-time purchase with a high limit 0% APR credit card and pay it off before interest is due, that's another wise decision. Don't let the lure of credit cards with large limits tempt you into debt.
The most important thing to consider is why you're looking at high limit credit cards. If you just want to spend a lot of money, chances are it's not a good idea. Cards with high credit limits can trap you in more debt than normal credit cards.Â
Best high limit credit cards compared
FAQs
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While there isn't any standard definition about what high-limit credit cards actually are, most people take it to mean a card with a credit limit of $5,000 to $10,000 or more.Â
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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.
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If you've had your credit card open for several months and you've made all your payments on time, most card issuers will approve you for a credit line increase. You can contact your card issuer to request a credit line increase.
About the Author
Lindsay VanSomeren has been working as a personal finance writer and expert since 2015. Her work has appeared on Business Insider, Credit Karma, LendingTree, Northwestern Mutual, and The Balance, among other publications. She is passionate about making personal finance accessible to everyone by delivering straight talk about financial products. She has a bachelor's degree and a master's degree from the University of Alaska Fairbanks.
