Best High-Limit Credit Cards | Bankrate

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What’s considered a “high” credit limit varies depending on a person’s credit history and income, but in general, high-limit credit cards come with credit limits of $10,000 or more. You won’t typically know your actual credit limit until you apply for your new card, however, regardless of how high a credit card’s limit can potentially get. That’s because card issuers don’t share their specific requirements for credit card approvals, nor do they readily share the highest limits they’ll offer. 

So, if you want to apply for a card with a high credit limit, your best bet will usually be to apply for premium rewards cards and business credit cards. Issuers of these cards in particular may be able to offer larger credit lines based on your or your company’s spending needs.

Top cards for high credit limits

Comparing the best high-limit credit cards

*Based on cardholder reports

How to choose a high-limit credit card

Before you apply for a high-limit credit card, make sure it’s the right card for you. Following these steps can help you choose one that suits your financial goals and habits:

• Decide if you want to earn rewards, as well as what type of rewards. If your goal is to earn rewards with a credit card, you should decide ahead of time which type of rewards you want to earn. Compare cards based on the type of rewards they offer to find the one that matches your spending and redeeming strategies.
• Check for cardholder perks you’ll actually use. Make sure the cards you’re considering offer the perks you want. That might mean airport lounge access, travel or dining credits, no foreign transaction fees or a credit for Global Entry or TSA PreCheck — all popular credit card perks.
• Compare annual fees. Cards with the most perks and rewards tend to charge higher annual fees. If you want a card but it has a high annual fee, make sure the benefits you receive will be worth it. You don’t want to get stuck with a costly membership you can’t justify.
• Consider interest rates and 0 percent intro APR offers. You shouldn’t use a high credit limit to rack up debt. Make sure you understand your credit card’s interest rate and how it compares to the current national average, as well as how it compares to the interest rates of personal loans. High-limit credit cards can be useful if you spend a lot each month, but long-term debt can hurt your credit score and curtail your lifestyle for years to come.

Staff experience: Why our team uses high-limit cards

High-limit credit cards come with a lot of inherent risk — but they also have their perks, many of which Bankrate writer and credit cards expert Ryan Flanigan has taken advantage of. He shares the following experience when it comes to having high-limit cards:

Having cards with high credit limits gives me the flexibility to handle any expense, whether planned or unplanned, while earning solid rewards in the process. All the cards I have with high limits also give me great perks that I put to use frequently, giving me proper ongoing value. Even if I charge a lot on these cards, my credit score doesn’t ever take a big hit since my credit utilization ratio is low.

A word of caution, though — make sure you pay your bill, because the potential to get wiped out with interest is significantly higher when you have higher limits. You have to remain disciplined.

Ryan Flanigan, Bankrate credit cards writer

What’s next?

The bottom line

High-limit credit cards offer the potential for significant purchasing power, but it’s important to consider your credit history, income and spending habits before applying. It’s crucial to be mindful of your credit utilization and avoid accruing a mountain of debt simply because you have purchasing power.

Choose the best credit card that aligns with your needs, and research each card that interests you and how it compares with its closest alternatives. Remember, while the initial credit limit may not always be what you hoped for, you can always request an increase from your card issuer down the road.

Frequently asked questions about high-limit credit cards

• What is a normal credit limit for a credit card?
  

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  Your income and credit score will help determine how much credit you qualify for, so a “normal” credit limit will be different for people in different economic brackets. For example, if you’re a student interested in your first credit card, a normal credit limit range might be $200 to $1,000.

  If you have bad to fair credit, that range might be $100 to $500. For good to very good credit, you might receive a credit limit of $2,500 to $10,000. And if you have excellent credit — and a high income — you could receive a credit limit that’s much higher than $10,000.

• What is the highest credit limit offered?
  

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  If you have excellent credit, high income and low credit utilization among other variables, issuers may offer you a credit line of $30,000 to $50,000. However, it’s possible credit issuers offer a credit limit even higher than that.

• How high should your credit card limit be?
  

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  To determine how high of a credit limit you’ll need — or would ideally like to have — you’ll need to pay attention to how much you spend each month. You’ll want a credit limit that’s at least three to four times your monthly spending, since you should always keep your credit utilization below 30 percent.

  For example, if you have a credit limit of $10,000, you should keep your bill under $3,000 each month. If you need to charge more than $3,000 to your card, you can always pay part of your bill (or the entire bill) immediately to keep your credit utilization low. If you use a significant amount of the credit available to you, or max out your credit limit, you will likely experience a drop in your credit score.

*Information about the Petal® 2 “Cash Back, No Fees” Visa® Credit Card and the Capital on Tap Business Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.