Best High Limit Credit Cards of December 2020


How Can You Get a Card With a High Credit Limit?

While there’s no way to know exactly what credit limit you’ll receive before you apply, some cards tend to offer higher limits than others. Visa and Mastercard, for instance, both have three tiers of card offerings.

Visa offers these tiers: Traditional, Visa Signature and Visa Infinite. The top tier, Visa Infinite, targets high-net-worth individuals. Visa Signature credit cards, the middle tier, are easier to get and usually offer excellent benefits and high limits, depending on your creditworthiness.

Here are the three tiers offered by Mastercard: Standard, World and World Elite. The top tier, World Elite, has amazing benefits, but the World tier has enticing benefits, too, and is easier to qualify for.

As you probably guessed, the higher the tier, the higher the FICO score you’ll need to get approved. You’ll likely need a very good to exceptional credit score, which is at least a 740 FICO score, to get approved for a credit card with a high credit limit.

If you are approved, you could receive a variety of benefits, such as extended warranties on purchases, access to exclusive events, and travel-related insurance and protections. Credit cards with the higher level of benefits also tend to have a minimum $5,000 credit limit. With some cards, you’ll receive a Visa Signature card if you’re approved for a credit limit of at least $5,000 and a Visa Platinum Plus (the Traditional tier) if you aren’t.

Here’s an insider tip: If you already have a card, or several cards, with the same credit card issuer, you may be able to move your credit from one card to another. For example, if you have a Chase credit card with a $4,000 limit and you’re approved for a new Chase card with a $10,000 limit, ask if you can move part of the $4,000 limit from your old account to your new one. The answer won’t always be yes, but it doesn’t hurt to ask for it.

You can then use your new card for larger purchases, which could be a good idea if it has a better rewards program or an introductory 0% APR offer. But with all of this maneuvering, keep your utilization ratio in mind. A major benefit of having a credit with a high credit limit is the additional credit score power you can wield with all that available credit.

You should know that credit card issuers have the option of restricting or adding benefits. So, don’t assume that every benefit you see online will be available for every card. Be sure you read the terms and conditions for a credit card carefully and you’ll know exactly what you’re getting.

Can You Use a Charge Card With No Preset Spending Limit?

Another option if you’re looking to make large purchases is a charge card that doesn’t have a preset spending limit. Unlike credit cards, with a charge card, you have to pay your balance in full each month.

These cards also offer an optional feature that allows you to pay down eligible charges over time, like you can with a credit card. But if you carry a balance, you’ll pay interest on your purchases. If you know you’ll carry a balance, then opt for a low interest credit card instead.

Having a charge card with no preset spending limit doesn’t mean you get unlimited purchase power. Instead, your limit depends in part on your payment history, overall creditworthiness, income and use of the card.

If this sounds confusing, don’t worry. American Express has a Check Spending Power tool you can use to see if a purchase will likely go through. All you have to do is log into your account and enter the expected purchase amount. You should be able to find out right away if the amount will be approved.

How Can You Use Your High-Limit Cards Effectively?

A new credit card with a high credit limit can help you track your spending by allowing you to put all your purchases on a single card. However, if you regularly carry a balance, getting a new card with a high limit could lead to taking on more credit card debt.

Make sure you have a budget in place before you use your card. Otherwise, it might be too tempting to overspend simply because you have this huge limit. As long as you can stick to your budget, though, credit cards with high credit limits can be useful money management tools.

But if you’re looking at credit cards with high credit limits because you want to transfer balances from your existing cards, then a more cost effective choice might be a balance transfer card. These cards have 0% APR offers on balance transfers, so you have the chance to pay off your balance without paying interest for a year or more. These cards often have balance transfer fees, but you’ll also see a few balance transfer cards that waive the fee.


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