What is the best credit card with a $20,000 limit?

You can get a high limit credit card by having either good or excellent credit and demonstrating your ability to afford a high spending limit; your income, assets and existing debt obligations will be taken in consideration. Picking the right credit card goes a long way, too.

If you’re applying for a new credit card with a high limit, your best bet is to target cards known for high minimum initial credit limits. Cards’ terms and conditions usually show the minimum limit, and there are … read full answerplenty of cards that start at $5,000 to $10,000. But you should make sure you know the ins and outs of high limit credit cards before you apply.

In general, your credit limit is determined by the credit card issuer, based primarily on your income and credit history. So, the higher your income and the better your credit history, the more likely you will receive a new card with a high initial credit limit. But issuers take other things into account too, like the number of other accounts you have and the length of your history.

Here is how you can get a high credit limit on your credit card:

• Apply for a credit card with a high starting limit. There are several credit cards with minimum credit limits of $5,000 and some that come with a $10,000 starting credit limit.

  High limit cards usually come with annual fees, so you’ll have to decide if high spending power is worth it. They also often have good travel rewards.

• Improve your credit score. High limit credit cards typically require good or excellent credit. If you check your latest credit score and discover that you don’t qualify, that means you have some work to do.

  You need to add positive information to your credit report, which you can do by using a credit card responsibly and catching up on any past-due bills, among other things. You can check our editors’ latest picks for the best credit cards to build credit.

• Earn a higher credit limit with good behavior. Once you have paid on time for several months, you will be eligible for credit limit increases. The issuer may automatically raise your credit limit after reviewing your account, usually in 6 to 12 month intervals. How much depends on how responsibly you are using the card. Not all issuers will give automatic increases.

  An automatic increase is typically a soft inquiry which will not show up on your credit report. An issuer must get your permission to generate a hard inquiry for a credit limit increase.

• Request a credit limit increase. You can also request a credit limit increase, either online or by calling the issuer’s customer service department. You will either get the requested increase, receive a lower counteroffer from the issuer or be denied the increase.

  Requesting a credit limit increase usually results in a hard inquiry, which could hurt your credit score. However, some issuers – including Wells Fargo – now use soft inquiries in most cases.

A high limit credit card will help raise the total available credit listed on your credit report, which can help to lower your overall credit utilization ratio. You should aim for credit utilization below 30%. If you’re unable to get a high limit card, you can pay off purchases right away to free up spending power.

One of the easiest high limit credit card to get is the Chase Sapphire Preferred® Card because its starting credit limit is $5,000 and you need at least good credit for approval. Chase Sapphire Preferred does have an annual fee of $95. A credit card’s accessibility will vary based on applicants’ creditworthiness, so if you’re looking for a card with lower costs and a lower entry bar, secured credit cards such as the … read full answerDiscover it® Secured Credit Card and U.S. Bank Secured Visa® Card offer credit limits starting from $200 and $300, respectively.

Here are the easiest high limit credit cards you can get:

• For good credit and better – Chase Sapphire Preferred: $5,000 minimum credit limit. $95 annual fee.
• For fair credit and limited – Petal® 2 Visa® Credit Card: $500 - $10,000 credit limits, depending on creditworthiness. $0 annual fee.
• For bad credit – Credit One Bank® Visa® Credit Card: $300 minimum credit limit. $0 - $99 annual fee.
• High limit secured – U.S. Bank Secured Visa® Card: Your refundable security deposit will set your credit limit between $300 and $5,000. Available to applicants with bad credit or better.

Your credit limit will be primarily set by your creditworthiness. So if you think your options are limited by your credit history, best to aim for a secured credit card as the deposit you put down will generally act as your credit limit. The highest unsecured credit limit you’ll get with bad credit is likely to be around $300. It’s just a question of how much will get used up by initial fees. The U.S. Bank Secured Visa® Card features a $0 for instance.

That said, only some credit cards list their minimum credit limits in the terms and conditions. And your actual credit limit could be higher than what’s listed, depending on your personal creditworthiness. But no matter what your credit standing is, getting a high limit credit card will get easier as your credit score improves.