The best high limit secured credit card is the U.S. Bank Secured Visa® Card. You can put down a security deposit of up to $5,000 to receive a credit limit of the same amount. The card is available to people with bad credit and it has a $0 annual fee. The regular APR is 23.99% (V).
With almost all secured credit cards, your credit limit is the same amount as the security deposit you put down. There is another high limit secured credit card that lets you deposit as much as $5,000: the Harley-Davidson® Secured Credit Card. But several others allow limits in the thousands. The OpenSky® Secured Visa® Credit Card lets you deposit up to $3,000 and doesn’t even do a credit check when you apply. And there are a few other high limit secured credit cards of note.
$2,500 maximum limit:Discover it® Secured Credit Card. $200 minimum deposit. $0 annual fee. 2% cash back on $1,000 spent per quarter at restaurants and gas stations combined. 1% back on everywhere else. First year’s cash back matched.
So, there are plenty of high limit secured credit cards that will give you a few thousand dollars to work with. Just keep in mind that you’ll have to deposit as much as you want credit limit-wise. But the deposit is fully refundable when you close the card with a zero balance.
A high credit limit is a limit of $5,000 or more. For high credit limits, you’ll need good-to-excellent credit, high income and little existing debt, if any. If you have good credit, you should have high odds of getting approved for a credit limit around $5,000. With excellent credit, you may get a limit of more than $10,000. A high credit limit is good because using up most or all of your credit card’s limit is bad for your credit standing.… read full answer
One of the highest-limit credit cards is the Chase Sapphire Reserve® card. If approved for the card, you’ll receive a credit limit of at least $10,000, and some cardholders with excellent credit and high incomes have reported receiving limits that were several times the minimum. High-limit credit cards also often come with some of the best rewards and bonuses, as is the case with Chase Sapphire Reserve.
The Sapphire Preferred requires good credit (i.e. a credit score of 700+), but the Citi Prestige and the Altitude Reserve only accept applicants with excellent credit (i.e. a credit score of 750+).
The minimum credit limit of $5,000 is guaranteed for these cards, but as with most cards, the credit limit you ultimately get will depend on your creditworthiness, with an emphasis on your credit scores and income. In general, the better your credit and the higher your income, the higher your credit limits will be.
A secured credit card will increase your limit under certain conditions. You can add additional funds, up to $25,000 in some cases, to your security deposit to raise your credit limit. Also, if you make several consecutive timely payments, the issuer may increase your limit without an additional deposit.
When you have a secured credit card, you put up a security deposit to establish your credit limit. As secured cards are designed for people with less than good credit, the deposit also serves as collateral for the issuer should you default on the account. The amount of your deposit determines your credit limit, depending on creditworthiness. Some credit cards are only partly secured, depending on the specifics of an applicant’s credit. … read full answerSecured Mastercard® from Capital One, for instance, offers a minimum credit limit of $200 in exchange for a $49, $99 or $200 minimum security deposit, depending on the specifics of an applicant’s credit.
You’ll be refunded the deposit in full when you close your account in good standing. Any unpaid balance or fees owed will be deducted from your balance when you close the account.
How to increase your secured credit card limit
Increase the amount of security deposit
Contact customer service or log on to your secured card’s website to start the process. Provide your name, address, account number, date of birth, Social Security Number and any other information need to verify your account. Please note that some credit card issuers require that you make additional deposits, up to the maximum amount allowed, before the account opens.
Some issuers will evaluate your account and credit history after you make your first several payments on time and consider an increase in your credit limit without an additional deposit. Capital One Secured is one such example. The drawback is you have no control over how much you credit limit will be increased, if at all.
Also, you won’t know when the issuer will evaluate your account. The issuer will perform a soft inquiry on your credit report to determine if you’re eligible for a credit limit increase. A soft inquiry does not affect your credit score, nor does the issuer need your permission to generate the inquiry. Not all secured credit cards offer automatic credit limit increases, though. But your card may be eligible for graduation to an unsecured credit card. If you’ve kept up timely payments, and have had your secured card for more than 12 months, contact your issuer and see if you are eligible for graduation. If approved, you will receive a refund on your security card. And you may be eligible for automatic credit limit increases or request them yourself if you’ve used your card responsibly. If you are not eligible or graduation, you can always search elsewhere and apply for an unsecured that best fits your credit profile.
Keep in mind that a credit card application generally, results in a hard inquiry on your credit report. Hard inquiries can have a slight negative impact on your credit score, so if you’re teetering on the border of good credit, it might be best to wait a few months and apply after you’ve raised your credit score a few more points. Secured credit cards are a great way to build credit as long as you make payments on time and preferably in full. Also, try to keep you credit utilization below 30%.
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