The best credit card with a $20,000 limit is the Chase Sapphire Reserve®, which has a $10,000 minimum credit limit. If Chase thinks you can handle twice that much spending power, you could be approved for $20k. There are several other good candidates, too.
You could get approved for a credit card with a $20,000 limit if you have excellent credit, a lot of income, and very little debt. But there are no credit cards with $20,000 limits guaranteed as a minimum.
Chase Sapphire Reserve®: $10,000 minimum limit. 60,000 points bonus when you spend $4,000 in the first 3 months. 3 points per $1 on travel and dining and 1 on everything else. Points worth 50% more when redeemed for travel through Chase Ultimate Rewards. $300 annual travel credit. $550 annual fee. Requires excellent credit.
Chase Sapphire Preferred® Card: $5,000 minimum limit. 100,000 points bonus when you spend $4,000 in the first 3 months. 2 points per $1 on travel and dining and 1 on everything else. Points worth 25% more when redeemed for travel through Chase Ultimate Rewards. $95 annual fee. Requires good credit.
Capital One Venture Rewards Credit Card: $5,000 minimum limit. 100,000 miles when you spend $20,000 within the first 12 months or 50,000 miles for spending $3,000 in the first 3 months. 2 miles per $1 on all purchases. $95 annual fee. Requires good credit.
Ink Business Preferred® Credit Card: $5,000 minimum limit. 100,000 points bonus when you spend $15,000 in the first 3 months. 3 points per $1 on the first $150,000 spent annually on travel and select business categories. 1 per $1 on all other purchases. $95 annual fee. Requires good credit.
If you’re not able to get a credit card with a $20,000 limit right away, you can always call your issuer to request a credit limit increase after 6 months. And you can always get more total credit by applying for another credit card, though you should probably wait a year in between.
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.
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.
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.
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