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Having a high credit limit can be beneficial in many ways. It allows you to make large purchases more easily, helps improve your credit utilization ratio, and gives you access to premium rewards and benefits. But what exactly constitutes a high limit and how can you get approved for the highest limits possible? Let’s take a closer look.
What is Considered a High Credit Limit?
There is no universal definition for a “high” credit limit as it depends on your financial situation and credit profile. However most experts agree that anything over $10,000 can be considered a high limit, especially for credit cards not tied to a specific business.
Here are some benchmarks for credit limits
- Average limit: $3,000 to $5,000
- Above average: $5,000 to $10,000
- High limit: $10,000+
- Exceptionally high: $25,000+
Of course, if you are just starting out building credit, even a few hundred dollars may seem like a high limit. For big spenders and businesses, limits approaching six figures could be desired.
What is the Highest Credit Limit You Can Get?
The most that most personal credit cards will let you borrow is about $100,000. While it is possible to get that much money right away, it doesn’t happen very often.
Some of the highest limits reported include:
- Chase Sapphire Preferred: Up to $100,000
- Citi Prestige: Up to $92,000
- Capital One Venture: Up to $58,000
To be honest, most applicants would think that a credit line of $20,000 to $50,000 is way too high. For amounts over $10,000, you need to have good credit and meet the issuer’s requirements.
The limits on business credit cards can be much higher, well into the six figures if you have a well-established business with a good credit score and a lot of money coming in.
How Credit Card Issuers Determine Your Limit
Credit card companies use proprietary formulas to determine your credit limit upon approval. While the exact calculations are secret, these are some of the main factors considered:
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Credit scores: The better your scores, the more reliable you seem. FICO scores of 720+ are ideal.
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Income – Your income demonstrates ability to pay back debt. High limits require provable high income.
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Existing debt – Large amounts of debt from other cards and loans can lower limits.
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Credit history – A longer history with responsible usage helps.
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Card type – Premium travel cards tend to offer higher limits.
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Business revenue – Business cards base limits on company revenue.
Basically, the issuer wants to see you can handle a large line of credit responsibly. High income, great credit scores, and low utilization are key qualifying factors.
How to Get the Highest Possible Credit Limit
If your goal is to get approved for the highest limit, here are some tips:
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Have excellent credit – Work on improving your credit history and bumping up your credit scores. The higher your scores, the better.
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Lower credit utilization – Keep balances low compared to limits on existing cards. Below 30% utilization is good.
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Increase income – Apply after a raise at your job or when taking on new clients in your business.
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Apply for premium cards – Cards like the Chase Sapphire Reserve tend to offer higher limits than basic no-fee cards.
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Put business revenue on application – Applying with your company’s income allows higher limits.
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Ask for a limit increase – After being a cardholder for 6+ months, you can request a higher limit from the issuer.
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Be an authorized user – Being added as an authorized user on someone else’s card can build your credit profile.
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Provide collateral – With secured cards, your credit line equals the security deposit you provide.
Benefits of a High Credit Limit
Higher credit limits offer several advantages:
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Make large purchases – With a high limit, you can use your card for a major purchase instead of financing options.
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Improve credit utilization – A higher limit lets you keep utilization low as you spend more monthly.
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Access premium rewards – Cards with lucrative rewards and benefits tend to have higher limits.
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Peace of mind – You have flexibility in emergency situations without maxing out your card.
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Easier to manage balances – With a large gap between your limit and monthly spending, managing multiple card balances is easier.
Risks of High Credit Limits
There are also potential downsides to be aware of with very high limits:
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Overspending – It becomes easier to overspend beyond your means, leading to large balances owed.
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Difficult to manage – More available credit makes responsibly tracking spending and balances more vital.
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Hit credit limit faster – Your utilization ratio can spike with one or two big purchases.
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Attracts scammers – High limits make you a potential target for fraudsters.
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Trigger cash advance fees – These cards often have high cash advance limits that you could unknowingly tap into.
Summing Up: $10,000+ is a High Limit
While credit limits are tailored to each applicant, a good rule of thumb is that anything over $10,000 can be considered a high credit line. The very highest limits may reach up to $100,000 for premium cards if you have a top-tier credit profile and income. Improving your credit score, keeping balances low, applying for premium cards, and boosting your reported income are key to qualifying for the highest credit card limits.
Just remember, a higher limit also gives you more potential debt available, so be sure to only charge what you can afford to pay off monthly. Manage your spending responsibly and reap the advantages of higher limits without the risks of overspending. Check your specific credit situation and financial goals to decide if pursuing a high-limit card aligns with your needs.
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.
5 Steps to get MASSIVE CREDIT Limit Increases (FAST)
FAQ
Which credit cards have the highest credit limits?
But if you’re eligible, these cards are known for offering some of the highest credit limits available—and luxury perks to go with them, too. There is a $395 annual fee for the Capital One Venture X Rewards Credit Card.
What is a good credit limit for a credit card?
If you have good or excellent credit, many cards you qualify for will likely have a minimum credit limit of $10,000. The better your credit, the more your credit limit may be able to surpass that. If you have bad credit and you’re looking for a secured credit card, a $3,000 to $5,000 credit limit is considered good.
Do credit cards have high limits?
Some credit cards not only offer high limits, but also premium perks. For example, Visa Infinite is the package of benefits that comes with top-tier Visa cards. You almost have an embarrassment of riches when it comes to choosing a credit card.
Which Capital One credit card has the highest credit limit?
The Capital One Venture Rewards Credit Card has the highest credit limit of all the cards that give you air miles. The card is available to consumers with fair or better credit scores, with the average credit bureau score hovering around 725 and the average credit line approximately $10,000. 5. Capital One Venture Rewards Credit Card.
Is 25,000 a high credit card limit?
Yes, $25,000 is a high credit card limit. Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $25,000 or higher. You can learn more about the best high-limit credit cards on WalletHub.
What is the best credit union credit card for a high credit limit?
This credit union card has a high credit limit: the Alliant Cashback Visa® Signature Credit Card. You can borrow up to $10,000 with this card. Your individual credit limit could be even higher, depending on your credit history, income, and outstanding debts, and you may be able to raise your limit over time.
How to get $50,000 credit card limit?
What is the highest credit card limit?
Can I get a $10,000 credit limit?
A single credit card can have a credit limit of anywhere from $500 to $10,000, depending on various factors like the type of card, your credit score and more. According to Experian™, one of the three main credit bureaus, the average total credit limit across multiple cards was about $30,000 in 2021.
Is $20,000 a high credit limit?
Yes, $20,000 is a high credit card limit. Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $20,000 or higher.