No limit credit cards do not exist. All credit cards have some sort of limit at the end of the day. None gives cardholders unlimited purchasing power. The closest thing to no-limit credit cards are no preset spending limit cards, which are essentially cards with no specified spending capacity. With these cards, issuers will determine your purchasing power on a rolling basis, depending on a number of factors, including your balances and payment history.
The most exclusive no preset spending limit cards are rare and difficult to get ahold of, but they offer some of the best and most extravagant rewards for cardholders. From complimentary personal shoppers to private jet rides, these cards are the best of the best, and come with fees to match.
Here are some of the best No Preset Spending Limit cards:
The Platinum Card® from American Express: $695 annual fee. This card gives cardholders and eligible guests access to well over 1,000 airport lounges around the world as part of the American Express Global Lounge Collection.
American Express® Gold Card: $250 annual fee. This is a premium card that gives bonus rewards on travel, groceries and restaurant spending.
If you’re not invited to apply for one of these no preset limit cards, there are still plenty of high-limit cards for you to choose from. And even if you can’t get an unlimited spending limit, you can always request a higher credit limit.
I personally have seen a black card with no limit. It was just listed as “revolving credit", and happened to be completely open with no debt. Infact, the gentleman whom owned that particular line of credit, a very wealthy engineer with his own, very large and thriving company, had 6 lines of credit. One from each major name US bank you could think of: Amex, Chase/JPMorgan, Wells Fargo, BofA, CitiBank, and I believe a Capital One. *NOT A SINGLE CARD THAT HE OWNED HAD A CREDIT LINE LESS THEN 250,000!* On top of numerous other several hundred thousand dollar, all the way to multimillion dollar assets. He only even had a few thousand dollars worth of debt on 2 of his cards, 1 car payment and paying on his (I believe third) multimillion dollar house. ??♀️ But yes, open lines with no limit DO actually exist. I wouldn't believe it my damn self if it hadn't been his credit report that I was looking at.
The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.
Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So, if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.
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