Whether you’re someone who loves to shop or you are just trying to afford big-ticket necessities that help your family to live a better life, having credit is a must. Without it, you’re not only unable to shop online, but you could potentially face challenges when you want to buy a house, book a hotel, or even buy a vehicle. Although building credit early in life and maintaining it as you age is best, sometimes life events can make that very difficult. If you’ve been wondering how to access and use high-limit credit cards, this guide can help you to understand better the options available and how you can access them from where you are financially right now.
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Contrary to popular belief, the credit and finance industry doesn’t really maintain a credit limit cutoff point. Most major card providers, bank accounts, and loan companies have theoretical cut-off points – often around $100,000 – but will negotiate for high-income clients who have demonstrated reliability in the past.
Generally speaking, lines of credit and loans typically have larger credit limits than credit cards, but this isn’t always the case. Some credit cards, like the Chase Sapphire Preferred Card and J.P. Morgan’s Palladium Card, offer unlimited credit limit ceilings to those with a net worth of $20 million or more.
$95 annual fee, waived for the first year
or no annual fee for basic Sapphire card
2x points on travel and dining
1 point per dollar on all other purchases as usual
card is made of metal
These are, in fact, the exception, not the rule – so the average person likely isn’t going to receive an invitation to apply for them. Celebrities, businessmen, and venture capitalists often carry these cards as a status symbol and to ensure easy access to capital while on the go.
It is far more common to see a card with a high starting limit than a high overall credit limit. These cards are typically reserved for high-income individuals who have previously demonstrated creditworthiness over time. A student, young person with no credit score, or person who has declared bankruptcy isn’t likely to be approved when applying for a card with a high starting limit because they simply pose too much of a risk to the lender.
As for which cards have the highest starting limits, you do have options.
Both the MasterCard® Gold Card™ and the American Express Platinum Card offer fairly high starting limits that may be as high as $5,000, particularly if you have good credit.
Also, credit cards issued by credit unions may also be a bit more generous with starting limits, especially if you’ve already been a member for a long period of time.
The first step in getting approved for a high-limit credit card is to prepare yourself well in advance for application.
If you’re looking for high-limit cards for bad credit, unfortunately, you may be out luck for the most part. Higher credit limits are considered by most lenders to be higher risk in general; add this to a bad credit score and it simply doesn’t make sense for the lender to approve you. Some options, like lines of credit or home mortgage loans through your bank, may be a wiser approach with a lower interest rate if you’re in a bind.
One of the rare cards for bad credit with high limits is Emporium card - technically a store shopping account, it provides up to $5,000 credit line.
If you’re looking for cards for fair credit, you probably won’t get access to the best-of-the-best. However, it is still worth applying for certain cards, like the Capital One® Spark® Classic for Business (if you’re running a business), or the Chase Freedom® card. These are both options especially if you have a FICO score between 650 and 850.
no annual fee
0% intro APR
5% cash back on quarterly categories
$100 intro bonus
Credit cards for small business are in all ways similar to personal credit cards.
However, starting credit limits are much higher on those credit cards and easily start from $10,000.
It makes sense from the bank's perspective since business spending is usually much more than personal.
It is definitely much easier if you already have a small business or a side project that might help you in getting a small business credit card. In today's gig economy many people have one or another way to earn money on the side like driving part time for Uber or selling things on Etsy. However here's a process if you don't have any business formation established.
To get a small business credit card you need the following:
no annual fee
up to 5% cash back
Once you’re approved for a high-limit credit card, it’s important to go into the relationship in a way that allows you to use your credit efficiently. First, never indulge in major purchases until you are absolutely sure you can afford them. Remember that credit isn’t “free money.” It’s effectively your own money that you are spending in advance and then paying back over time. Whenever possible, you should attempt to pay off the balance within 30 to 90 days. This shows not only your willingness to be responsible but your ability to pay off even larger purchases.
Trying to find a specific card among your options isn’t always easy, especially if you want to find the best high-limit options available. The cards mentioned above are indeed high-limit, but may be beyond reach for most individuals. If this applies to you, seek out a credit card with a $5,000 or $10,000 starting limit instead. This opens up your options quite a bit, giving you more to choose from within your creditworthiness and score.
If you already have an agreement with a credit card company, you could qualify for a high credit limit with them, based on the history and relationship you have already established. Your current issuer is far more likely to give you a credit limit increase (CLI) than a brand-new issuer who has little to no experience dealing with you. If they decline, ask for clarification on exactly what you need to do to get from point A to point B.
If you do have excellent credit (FICO score of 800 or higher), the following cards may provide you with a high $5,000 or $10,000 limit after just two to three months of membership:
Beware of picking a card simply because it might offer a high limit. High limits represent increased risk, and often come with a hefty yearly fee, interest rate, or penalty rates and fees if you miss a payment. This means that your card could end up costing you thousands of dollars if mismanaged even a little bit.
The best way to access and use a high-limit credit card is to become credit-worthy in the first place. Keep careful track of your finances and budget and you’ll save money and improve your financial position. When you do get approved for credit, use it judiciously in the same way you would use your very own money – carefully, and only when you are sure that you can afford to do so.