If you have a steady income and good or excellent credit, it’s fairly likely you’ll qualify for a high limit credit card. However, an array of factors will dictate the credit limit for your new card. If you have a lot of existing credit card debt and your credit utilization is high, for example, card issuers may not want to give you too much room to rack up another high balance.
Your income and credit score will also determine how much credit you can qualify for, although card issuers are tight-lipped about specific requirements for credit card approval and the highest limits they offer. Generally speaking, however, high limit credit cards come with limits of $10,000 or more, and sometimes a lot more.
Unfortunately, you won’t know the credit card limit you’ll receive until you take steps to apply. If you wind up disappointed in your initial credit limit, just remember you can always call your card issuer and ask them to increase your credit limit after the fact.
The best high limit credit cards are typically cards geared to consumers with excellent credit. Here are some of the top credit cards with the potential for a high limit in 2020.
Best for travel
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card is one of the top travel credit cards available today, and it’s easy to see why. You’ll start off by earning 80,000 points worth $1,000 in travel when you spend $4,000 on your card within three months of account opening. You’ll also earn 2x points on travel and dining and 1x points on all other purchases.
A $95 annual fee applies, but the rewards you earn are truly versatile. Not only can you cash in points for gift cards, statement credits and merchandise, but you can use them to book travel through the Chase Ultimate Rewards portal and get 25 percent more travel in the process. You can also transfer points on a 1:1 basis to popular airline and hotel partners like Southwest Rapid Rewards, United MileagePlus, Marriott Bonvoy and World of Hyatt.
Best for cash rewards
Discover it® Cash Back
The Discover it® Cash Back is another rewards credit card that has the potential for a high limit since it’s geared to consumers with excellent credit. Once you sign up and activate, you’ll earn 5 percent back on up to $1,500 spent in quarterly rotating bonus categories (then 1 percent), plus 1 percent back on everything else you buy. Discover will also match all the rewards you earn the first year, and this card doesn’t even have an annual fee.
If your goal is saving money on interest, you should also know that this card extends a zero percent introductory APR to purchases and balance transfers for 14 months, followed by a variable APR of 11.99 to 22.99 percent. You’ll also get a free FICO credit score on your monthly statement, which can help you track your credit health over time.
Best for dining and entertainment
Capital One® Savor® Cash Rewards Credit Card
The Capital One® Savor® Rewards Credit Card is another credit card that could potentially offer up a sky high limit. Once you sign up, you can earn a $300 cash bonus when you spend $3,000 on your card within three months of account opening. You’ll also earn 4 percent back on dining and entertainment, 2 percent back at grocery stores and 1 percent back on all other purchases.
This card charges a $95 annual fee, but it’s waived for the first 12 months. Other important cardholder benefits you can look forward to include travel accident insurance, 24-hour travel assistance and extended warranties on eligible purchases. When it comes to cashing in your rewards, you can redeem for cash back in any amount.
Best cash rewards for business
Capital One® Spark® Cash for Business
If your business spends a lot and you want a dedicated business credit card that offers a high limit and commensurate rewards, you should take a close look at the Capital One Spark Cash. Once you sign up, this card lets you earn $500 when you spend $4,500 on your card in the first three months of account opening.
You’ll also earn 2 percent back on all purchases made with your card, and you’ll get free cards for any employees you have. You can cash in your rewards for statement credits in any amount as well, which is extremely convenient. The $95 annual fee on this card is waived the first year.
How to get the most out of a high limit credit card
High limit credit cards can be more dangerous than your average credit card since they make it easy to rack up a higher level of credit card debt. Since the current average credit card APR is over 17 percent, however, you should be careful of using your high limit credit card as a short-term loan. As an alternative, you can consider credit cards that offer a zero percent introductory APR on purchases for a limited time, with the caveat that these intro APR offers usually only last for 12 to 18 months.
In addition to avoiding debt, you should really use your high limit credit card to continue building credit and maintaining a good or excellent score. This typically involves paying your bill early or on time each month and avoiding debt completely or at least keeping your credit utilization below 30 percent. Other ways to boost your credit score include refraining from opening or closing too many new cards as well as continuing to use credit so you can extend the length of your credit history.
How to choose the best high limit credit card
Decide if you want to earn rewards, as well as the type of rewards you crave the most
If your goal is earning rewards with a credit card, you should decide ahead of time which type of rewards you want to earn. Maybe you want to earn flexible rewards you can redeem in more than one way, or perhaps you prefer airline miles, hotel points or plain cash back. Compare cards in the niche you’re considering, including ones for excellent credit that might be more likely to offer a high limit.
Check for cardholder perks you’ll actually use
Also, check whether credit cards you’re considering offer the perks you want, whether that means access to airport lounge access, no foreign transaction fees or a credit for Global Entry or TSA Precheck credit — all popular credit card perks.
Compare annual fees
Keep in mind that the cards with the most perks and rewards tend to charge higher annual fees overall. If you plan to pick a credit card with a high annual fee, just make sure that the benefits you receive will be worth it in the end.
Consider interest rates, including introductory zero percent APR offers
Finally, remember that a high limit on your credit card shouldn’t be used as an excuse to rack up debt. Make sure you understand your credit card’s interest rate, and that you consider zero percent APR credit cards if you know you need to carry a balance right off the bat. High limit credit cards can be useful if you spend a lot on plastic each month, but long-term debt can hurt your credit score and curtail your lifestyle for years to come.