High Limit Credit Cards for Fair Credit
High limit credit cards might be considered a burden at times, yet the credit card issuer and the consumer are protected from any kind of danger by the card’s upper limit.
In case you make regular large purchases or if you are planning for something high-value such as home renovation, high credit limits can be useful.
If you think about a credit line increase in the card you have or a high-limit credit card, here are some of our suggestions and advice on how to use these cards.
What are the High Limit Credit Cards?
High-limit credit cards give the borrowers a credit line of $5,000 to $10,000, even more sometimes. This type of card is usually given to people who are considered to have good or excellent credit scores.
A high-limit credit card is not only a convenience but it can also benefit you in several ways.
It gives you more credit that you can use, which in turn may decrease your credit utilization ratio on your credit report and improve your credit score.
These cards are particularly handy for people who have high monthly bills or intend to purchase something expensive.
However, be careful not to be too reliant on a high credit limit. Ensure that you spend enough time to enjoy the full experience.
How Do I Apply for a High Limit Credit Card?
To apply for a high-limit credit card, here’s what you need to do:
1. Pick the right card: Think over what is the most important for you, it may be the points, 0% APR, or a credit building. Take into account reviews and recommendations to find the best one for your case.
2. Click to apply: After you select your card, click the application link that is availed. It will redirect you to the official app page.
3. Fill in your details: Fill out the application by putting in your personal information which includes your name, date of birth, Social Security number, salary, and address. Get ready for a hard credit check which may cause further reduction of your credit score.
4. Wait for a decision: The issuer will look into your application, and you’ll almost always receive an immediate notification on whether you’ll be approved or not.
5. Use your new card wisely: If you are approved, then you can start using your card responsibly. Get autopay activated so you don’t miss payments, and pay off only what you can afford to pay each month.
How Much Credit Can I Get?
When you submit your application for a credit card, the issuer will inform you of your credit limit.
They determine what percentage to offer based on your application form, as well as any data they get from your credit report and their information (e.g. you are already a customer).
The information they consider includes:
- Credit history: If you’ve been a reliable borrower previously, have a record of missed or late payments, or if you’ve never borrowed before
- Your available income: How much money you have left after paying living costs (e.g. bills, rent, groceries)
- Their own lending policy: Credit limits can vary between card providers and different deals
- Existing credit commitments: Debt on other credit cards, loans, mortgages, or overdrafts
- Your credit limits elsewhere: How much you can borrow on your other cards if you have any.
How Can Credit Limits Affect My Credit Score?
You don’t have one, universal score and each lender may use a different method to calculate it.
So, how credit limits affect your score depends on the lender’s preference.
For example, a large amount of available credit may make lenders think you’re too reliant on borrowing; they may even see it as potential debt.
On the other hand, some lenders may view high limits in a positive light, as it shows that another lender trusts you to repay a large amount.
Lenders may also take into account what proportion of your ‘revolving’ credit (usually credit and store cards) you’re regularly using.
For example, if you’re maxing out your credit card limit each month, this may count against you.
Credit Cards with the High Credit Limits
Credit cards with high credit limits provide financial flexibility to cardholders. Here are some of the cards:
1. Chase Sapphire Preferred Card
The Chase Sapphire Preferred Card offers a welcome bonus of 60,000 points when you spend $4,000 in the first 3 months, worth $750 for travel.
You earn 2X points on travel and dining, 1 point per dollar on other purchases, and get 25% more value when redeeming for travel through Chase Ultimate Rewards.
| Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
| N/A | N/A | 15.99% – 22.99% Variable | $95 | Good/Excellent |
2. Capital One Venture Rewards Credit Card
While your credit limit will depend on your individual creditworthiness, most reviewers indicate receiving lower limits than the highest reported of $50,000.
Several reviewers report limits around $30,000, while the average limit seems to be between $5,000 and $10,000.
| Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
| – | – | – | – | – |
3. Discover it Balance Transfer
As with any credit product, the highest limits won’t be available to every applicant.
Reviews indicate the average new Discover it applicant is significantly more likely to see a credit limit of $3,000 to $10,000 than one over $20,000.
| Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
| – | – | – | – | – |
4. Chase Freedom Unlimited
The card provides a $150 bonus after spending $500 in the first 3 months and unlimited 5% cashback on all purchases.
It features a 0% intro APR for 15 months on purchases and balance transfers, with a variable APR after.
After this period, a variable APR ranging from 14.99% to 23.74% applies, offering some flexibility in managing finances.
Also, there’s no annual fee and no minimum to redeem cashback. Overall, it’s a simple and rewarding card option.
| Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
| 0% Intro APR on Purchases 15 months | 0% Intro APR on Balance Transfers 15 months | 14.99% – 23.74% Variable | $0 | Good/Excellent |
5. Chase Freedom
The card offers a $150 bonus after spending $500 in the first 3 months and 5% cashback on up to $1,500 in bonus categories each quarter.
For other purchases, you get unlimited 1% cashback automatically. It also features a 0% intro APR for 15 months on purchases and balance transfers, followed by a variable APR.
There’s a 3% intro balance transfer fee within the first 60 days, with a minimum of $5. Plus, there’s no annual fee. Overall, it’s a simple and rewarding card option.
| Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
| 0% Intro APR on Purchases 15 months | 0% Intro APR on Balance Transfers 15 months | 14.99% – 23.74% Variable | $0 | Good/Excellent |
When considering a high-limit credit card, you have many choices available.
If you’re content with your current card but want a higher limit, reaching out to your current card issuer could be an option worth considering.