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 27.74% (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 best credit card that offers a credit limit of at least $5,000 is the Chase Sapphire Preferred® Card. The Chase Sapphire Preferred® Card requires good credit for approval, has great rewards, and gives cardholders a spending limit of $5,000 or more, depending on their creditworthiness. A starting credit limit of $5,000 or more is common for credit cards like Chase Sapphire Preferred that are branded Visa Signature or Visa Infinite.… read full answer
Best Credit Cards that Offer a Credit Limit of at Least $5,000
A minimum credit limit of $5,000 or more is guaranteed with these cards, but the exact credit limit you ultimately get will depend on your creditworthiness, with an emphasis on your credit score and income. In general, the better your credit and the higher your income, the higher your credit limit will be.
Yes, a secured credit card will increase your limit under certain conditions. For instance, you can add additional funds to your security deposit to raise your credit limit. Plus, if you make several consecutive timely payments, the issuer may increase your limit without an additional deposit.
With a secured credit card, you add 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. The amount of your deposit determines your credit limit. 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.… read full answer
How to increase your secured credit card limit:
Increase the amount of security deposit: You can add additional funds through your online account or by contacting the issuer’s customer service line. When you call, you will need to provide your personal information to verify the account. Please note that some credit card issuers require that you make additional deposits (up to the maximum amount allowed) before the account opens.
Automatic credit limit increases: Some issuers will consider you for a credit limit increase without an additional deposit after you make your first several payments on time. The Capital One Platinum Secured Credit Card is a good example. However, you have no control over how much and when you credit limit will be increased, if at all.
When evaluating your account for automatic credit limit increases, the issuer will perform a soft inquiry on your credit report. This inquiry does not affect your credit score, nor does the issuer need your permission to generate it. Not all secured credit cards offer automatic credit limit increases, though.
Alternative ways to increase your credit limit on a secured credit card:
Note that your card may be eligible for graduation to an unsecured credit card. If your account has been in good standing 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. You may also 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 card that best fits your credit profile. Keep in mind that a credit card application results in a hard inquiry on your credit report, which may cause your score to drop a bit in the short term.
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