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 for the best high limit credit cards below to get started.
Best high limit credit cards
- Bonus cash back and no annual fee: Chase Freedom Flex℠
- Travel: Capital One Venture Rewards Credit Card
- Unlimited cash back program: Chase Freedom Unlimited®
- Travel rewards: Chase Sapphire Preferred® Card
- Small business card with a 0% intro APR: Ink Business Unlimited® Credit Card
- Building credit: U.S. Bank Secured Visa® Card
- Premium travel rewards: Chase Sapphire Reserve®
- Small businesses: Ink Business Preferred® Credit Card
- Limited credit history: Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Great for: Bonus cash back and no annual fee
Apply Now for Chase Freedom Flex℠
On Chase's Secure Website.
Rating image, 5.00 out of 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. 5.00/5
Apply Now for Chase Freedom Flex℠
On Chase's Secure Website.
Credit limit
$500 minimum with user reports of up to $24,000. This card's versatility makes it a leading cash-back credit card that includes robust rewards, a 0% intro APR offer, and no annual fee.
Intro APR
Purchases: 0%, 15 months
Balance Transfers: 0%, 15 months
Regular APR
15.74% - 24.49% Variable
Annual Fee
$0
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Deserves to be top of wallet for many cardholders due to some of the highest cash back rates for essentials, a big sign-up bonus, and no annual fee. Read Full Review
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- Competitive cash back bonus
- Lucrative cash back program
- Travel rewards
- Great intro APR
- No annual fee
- Foreign transaction fee
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- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
- 5% cash back on travel purchased through Chase Ultimate Rewards®, 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 unlimited 1% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.74% - 24.49%.
- No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
- Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
Capital One Venture Rewards Credit Card
Great for: Travel
Apply Now for Capital One Venture Rewards Credit Card
On Capital One's Secure Website.
Rating image, 4.50 out of 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. 4.50/5
Apply Now for Capital One Venture Rewards Credit Card
On Capital One's Secure Website.
Credit limit
$5,000 minimum with user reports of up to $58,000. Unlimited miles, easy miles redemptions, and a nice sign-up bonus make this a top travel card to consider.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
17.49% - 25.49% Variable
Rewards
2x miles
Annual Fee
$95
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Unlimited 2X miles, TSA Pre✓® credits, and a big sign-up bonus make this credit card one of the best travel companions. Read Full Review
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- Excellent sign-up bonus
- Unlimited miles on every purchase
- Travel credit
- Multiple ways to use miles
- No foreign transaction fee
- Annual fee
- No 0% intro APR offer
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- Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Earn unlimited 2X miles on every purchase, every day
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $100 credit for Global Entry or TSA PreCheck®
- Enjoy two complimentary visits per year to Capital One Lounges or to 100+ Plaza Premium Lounges through our Partner Lounge Network
- Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Transfer your miles to your choice of 15+ travel loyalty programs
Great for: Unlimited cash back program
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website.
Rating image, 5.00 out of 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. 5.00/5
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website.
Credit limit
$500 minimum with user reports of up to $24,000. Few offers can match the well-rounded feature set of this cards rewards program, sign-up bonus, and 0% intro APR offer.
Intro APR
Purchases: 0%, 15 months
Balance Transfers: 0%, 15 months
Regular APR
15.74% - 24.49% Variable
Annual Fee
$0
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This card includes a lineup of features that makes it a great option for one-card-wallet simplicity. The unlimited cash back makes it easy to earn rewards. The sign-up bonus and long 0% intro APR offer are the cherries on top. Read Full Review
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- Innovative sign-up bonus
- Travel rewards
- Robust rewards program
- Great intro APR
- No annual fee
- Foreign transaction fee
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- INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.74% - 24.49%.
- No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
Chase Sapphire Preferred® Card
Great for: Travel rewards
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website.
Rating image, 4.50 out of 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. 4.50/5
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website.
Credit limit
$5,000 minimum with user reports of up to $50,000. This card is considered by many travelers as a must have, due to its sign-up bonus, versatility, and premium travel rewards.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
16.74% - 23.74% Variable
Annual Fee
$95
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With a big sign-up bonus, the sky’s the limit for this top-rated travel rewards card. Plus, the premium points program for travel and dining make it a no brainer for travel enthusiasts everywhere. Read Full Review
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- Big sign-up bonus
- Travel rewards
- Dining rewards
- Flexible travel points
- Consumer and travel protections
- Has an annual fee
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- 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 Ultimate Rewards®.
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
Ink Business Unlimited® Credit Card
Great for: Small business card with a 0% intro APR
Apply Now for Ink Business Unlimited® Credit Card
On Chase's Secure Website.
Rating image, 4.50 out of 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. 4.50/5
Apply Now for Ink Business Unlimited® Credit Card
On Chase's Secure Website.
Credit limit
$3,000 minimum. While its rewards program and sign-up bonus shouldn't be overlooked, the real standout perk for this card is its 0% intro APR offer.
Intro APR
Purchases: 0%, 12 months
Balance Transfers: N/A
Regular APR
13.99% - 19.99% Variable
Rewards
1.5% cash back
Annual Fee
$0
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This business card offers a great one-two punch with a lucrative sign-up bonus plus cash back. Read Full Review
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- Big cash back sign-up bonus
- Competitive cash back rate
- Great intro APR
- No annual fee
- Free employee cards
- No bonus categories
- Foreign transaction fee
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- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
U.S. Bank Secured Visa® Card
Great for: Building credit
Rating image, 4.00 out of 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. 4.00/5
Credit limit
$300 minimum ($5,000 maximum). This cards high secured credit limit is the standout feature that could justify the small annual fee for the right cardholder.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
23.99%, variable
Rewards
N/A
Annual Fee
$0
Welcome Offer
N/A
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With a large credit line range for a secured card, this is a great choice. It also comes with rental car insurance and free access to your credit score.
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- Big potential credit limit
- No annual fee
- Free credit score
- High APR
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- 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: Premium travel rewards
Apply Now for Chase Sapphire Reserve®
On Chase's Secure Website.
Rating image, 4.50 out of 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. 4.50/5
Apply Now for Chase Sapphire Reserve®
On Chase's Secure Website.
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The sign-up bonus, premium rewards for travel & dining, and wide array of valuable travel credits make this a compelling offer that will offset the cost of the annual fee for many. The array of limited time offers make it even more compelling. Read Full Review
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- Sign-up bonus
- Travel credits
- Airport lounge access
- Travel and dining rewards
- Flexible travel point
- Annual fee
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- New 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 Ultimate Rewards®
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on air travel and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® 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
- Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $900 toward travel
- With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
Ink Business Preferred® Credit Card
Great for: Small businesses
Apply Now for Ink Business Preferred® Credit Card
On Chase's Secure Website.
Rating image, 4.50 out of 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. 4.50/5
Apply Now for Ink Business Preferred® Credit Card
On Chase's Secure Website.
Credit limit
$5,000 minimum with user reports of up to $34,000. 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.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
16.74% - 21.74% Variable
Annual Fee
$95
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With a huge sign up bonus and massive on going rewards rate of 3x points per $1 on business essentials this card is a home run for businesses that spend a lot and want to maximize their rewards. Read Full Review
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- Huge sign-up bonus
- Advertising rewards
- Shipping rewards
- Cell phone protection
- Flexible travel points
- Annual fee
- No intro APR offer
- Spending minimum for sign-up bonus
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- Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed 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 Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Great for: Limited credit history
Apply Now for Petal® 2 "Cash Back, No Fees" Visa® Credit Card
On Petal's Secure Website.
Rating image, 4.00 out of 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. 4.00/5
Apply Now for Petal® 2 "Cash Back, No Fees" Visa® Credit Card
On Petal's Secure Website.
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.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
13.74%-27.74% Variable
Annual Fee
USD
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People with no or limited credit histories will be hard pressed to beat it. The rewards program and lack of fees are clear standouts in the category. Read Full Review
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- No credit history required
- Competitive cash back rewards
- No fees
- Fixed payment due date
- No 0% intro APR offer
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- No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
- Variable APRs range from 13.74%-27.74%
- 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
- $300 - $10,000 credit limits
- No credit score? No problem. If eligible, we'll create your Cash Score instead.
- See if you're pre-approved within minutes without impacting your credit score.
- Build credit alongside hundreds of thousands of Petal card members.
- Petal reports to all 3 major credit bureaus.
- No deposits required
- Card issued by WebBank, Member FDIC
Comparing credit limits for the best high limit cards
| Card | Credit Limit Details |
|---|---|
| Chase Freedom Flex℠ | $500 minimum with user reports of up to $24,000 |
| Chase Freedom Unlimited® | $500 minimum with user reports of up to $24,000 |
| Capital One Venture Rewards Credit Card | $5,000 minimum with user reports of up to $58,000 |
| Chase Sapphire Preferred® Card | $5,000 minimum with user reports of up to $50,000 |
| Chase Sapphire Reserve® | $10,000 minimum |
| Ink Business Preferred® Credit Card | $5,000 minimum with user reports of up to $34,000 |
| Ink Business Unlimited® Credit Card | $3,000 minimum |
| U.S. Bank Secured Visa® Card | $300 minimum ($5,000 maximum) |
| Petal® 2 "Cash Back, No Fees" Visa® Credit Card | $300 minimum ($10,000 maximum) |
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.
- 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.
Related: Check out The Ascent's guide to the best metal credit cards.
The best credit cards for high net worth
Some consumers with a high net worth need much more spending power than average. While high limit credit cards can work, there are also more exclusive credit cards designed specifically for those who spend large amounts of money.
Credit cards for high net worth individuals typically don't have a public application. They're likely to be invite-only, and you need to meet certain criteria to get an invite. Here are a few examples of this type of card.
American Express Centurion Card
The American Express Centurion Card is likely the most well-known exclusive card. Often called simply the "Black Card," it has been mentioned in TV shows, books, and rap songs.
Here's what we know about the American Express Centurion Card:
- It's invite-only, but you can request an invitation. While the requirements to get the card aren't public knowledge, it's rumored that you need to spend at least $250,000 annually with your American Express cards.
- It has a $10,000 initiation fee and a $5,000 annual fee. Each authorized user costs $5,000 per year.
- There's no preset spending limit. This is a charge card, and the balance must be paid in full each month.
- It offers similar benefits to The Platinum Card® from American Express. Features include airport lounge access, elite status with airlines and hotels, and concierge service (select enrollment required, terms apply).
J.P. Morgan Reserve Card
The J.P. Morgan Reserve Card is a Chase credit card for select clients. It's made from palladium and brass, and it was originally called the J.P. Morgan Palladium Card.
Here are the key details on this credit card:
- It's available to clients with at least $10 million in assets with J.P. Morgan Private Bank. Most cardholders have considerably more.
- The annual fee is $595. That's not much more than the Chase Sapphire Reserve®.
- It has a credit limit. Like most credit cards, the credit limit depends on the creditworthiness of the cardholder.
- Features are very similar to the Chase Sapphire Reserve®. However, cardholders also get a dedicated customer service team and access to more types of airport lounges.
Citi Chairman American Express Card
The Citi Chairman American Express Card was designed for high net worth clients of Citi Private Bank.
Details are scarce on this card, but here's what we've found about it:
- It's available by invitation only to Citi's private banking clients. Getting an invite is rumored to require a net worth of at least $10 million.
- Several sources report that the annual fee is $500. This would put it in line with one of the top cards Citi used to offer, the Citi Prestige® Card.
- It has a credit limit. There are rumors that the credit limit is $300,000, although this likely depends on the cardholder.
Dubai First Royale Card
The Dubai First Royale Card is the ultimate in opulence. The card has a white diamond in the center, and its edges are coated with gold.
This is what we know about the Dubai First Royale Card:
- Dubai First scouts potential clients. Most cardholders come from royal families or have an extremely high net worth.
- The annual fee is unknown. It's rumored to be $2,000.
- There's absolutely no credit limit. Dubai First has said that all transactions on this card must be approved.
Coutts Silk Card
The Coutts Silk Card is known as the most exclusive card in England. It's also said to be the card of choice for the British royal family.
Here's more information on the Coutts Silk Card:
- It requires a minimum of 1 million pounds. The card is only available to Coutts clients, and this bank requires new clients to bring over at least that much.
- There's no annual fee. The Coutts Silk Card is a rarity in this regard.
- It's a charge card with a credit limit. Cardholders must pay off the full balance every month. Coutts bases the credit limit on its credit assessment of the cardholder.
- The top perks include travel and lifestyle benefits. This card offers airport lounge access and a dedicated Coutts Concierge.
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.
RELATED: Check out The Ascent's guide to the Visa concierge service. You'll love the perks they offer.
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.
- Is my credit score high enough? Credit cards with large limits often require excellent credit.
- 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.
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.
Check out the video below to learn more on how to choose the best high limit card.
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% intro 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.
| Card | Rating | Great For |
|---|---|---|
|
Rating image, 5.00 out of 5 stars.
|
Great For: Bonus cash back and no annual fee |
|
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Rating image, 4.50 out of 5 stars.
|
Great For: Travel |
|
|
Rating image, 5.00 out of 5 stars.
|
Great For: Unlimited cash back program |
|
|
Rating image, 4.50 out of 5 stars.
|
Great For: Travel rewards |
|
|
Rating image, 4.50 out of 5 stars.
|
Great For: Small business card with a 0% intro APR |
|
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U.S. Bank Secured Visa® Card
|
Rating image, 4.00 out of 5 stars.
|
Great For: Building credit |
|
Rating image, 4.50 out of 5 stars.
|
Great For: Premium travel rewards |
|
|
Rating image, 4.50 out of 5 stars.
|
Great For: Small businesses |
|
|
Rating image, 4.00 out of 5 stars.
|
Great For: Limited credit history |
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.
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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
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
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