Best High Limit Credit Cards

Some credit cards are great for everyday use. Others might be better suited to large, one-off purchases you want to pay off over an extended period of time.

Say you want to put down the deposit on a new car or install a new kitchen. If you want to put this on your credit card, you’re going to need a high spending limit. These are chunky purchases.

But that’s not the only reason for getting a card with a high credit limit. A low credit utilization ratio can actually increase your credit rating.

What does this mean?

Say you have a $10,000 credit limit and a balance of $2,500. Your credit utilization is 25%. This is a factor in your credit score. A higher credit limit can be a way to lower your ratio without reducing your debt.

Or, maybe just want a card that gives you a buffer for a rainy day. We’re not all credit schemesters.

Remember, there isn’t a fixed credit limit for each card. It’s different for each individual. Your provider will decide your credit limit when you apply based on a number of factors. These cards tend to have higher than average credit limit. That doesn’t mean you will automatically be granted a high credit limit if accepted.

Whatever the reason for getting your high limit card, we’ve taken a look at some of the best cards available. Here are some of our favorites.

Barclays Arrival Premier World Elite Mastercard

Why It’s Good

The clue’s in the name.

Barclays are telling you exactly who this card is for with the name ‘Arrival Premier World Elite Mastercard.’

The elite.

This card is aimed at those looking to put a heavy load on this card. The big spenders.But, that doesn’t mean you should use the card to rack up debt. The Arrival Premier World Elite card doesn’t come with any introductory APR or balance transfer offers. This suggests the card isn’t great for paying down debts.The need for an excellent credit rating, and the thresholds for rewards suggest this card is best for travellers. To earn 15,000 bonus miles, you have to spend $15,000 in the space of a year. To earn an additional 10,000 miles, you have to spend a further $10,000 in that year. The benefits and rewards don’t just stop at miles. The entire card is geared around travel. For example, you get a $100 statement credit to apply for the Global Entry Program to cut the line at immigration. There are no foreign transaction fees on purchases. It has International chip and pin, so your card’s accepted in as many locations as possible. There’s also Mastercard Airport Experiences provided by Lounge Key which grants you access to over 800 airport lounges around the world. On top of that there’s the added bonus of not being locked into Barclaycard to redeem your miles. You can transfer your miles to schemes such as Etihad Guest or Air France / KLM Flying Blue and more.All in all, the Barclays Arrival Premier World Elite could be an interesting option for people who travel a lot, and in style.

Chase Sapphire Reserve

Why It’s Good

The Chase Sapphire Reserve is designed for those that live the champagne lifestyle. The card comes with rewards for extravagance. Get 3x rewards points on travel and dining.Unfortunately, you have to have the credit score to back it up — don’t expect to be accepted with anything less than an excellent credit score. Along the same lines, the card doesn’t offer any kind of introductory APR. So, it’s important to pay off any purchases if you don’t want to incur the wrath of the 17.49% – 24.49% APR.There’s also an introductory offer to take advantage of. If you spend $4,000 within the first three months, you’ll receive 50,000 rewards points (worth $750 when spent on travel through Chase Ultimate Rewards.)However, the main draw of this card is the $10,000 minimum credit limit. This leaves plenty of wiggle room regardless of your intentions. Whether it’s a card rainy day, or to splash out on that vacation you’ve always dreamt of.The $450 annual fee combined with the rewards program reinforces that this card is best for big spenders who love to travel regularly, and in style.

Citi Prestige

Why It’s Good

As you’ll see over and over again with high spending limit cards, the Citi Prestige card is more of a rewards card. The reason seems to be that the banks have a stereotypical customer in mind that needs/ wants a big credit limit. That is, big spenders who like travel and fine dining. Maybe even the opera now and again.With this card, you’ll get 3x points on air travel and hotels, 2x points on dining and entertainment and 1x points on all other purchases. You’ll also receive a $250 air travel credit each year. Plus, Citi will cover the $100 application fee every five years to the US Global Entry Program which allows you to cut the line at immigration.Another common trait in high spending limit cards is the need for an excellent credit rating. Again, the Citi Prestige is no different. This card may not be the best for someone looking to make a single large purchase, but if you’re a frequent traveler it is certainly worth examining further.

Discover It for Students

Why It’s Good

The Discover it for Students card is the only card you’ll find on this list that doesn’t require an excellent credit rating. Despite that, it offers quite a lot. In fact, it acts like a all-rounder.In terms of rewards, the card offers 1% on all purchases. However, each quarter one category gives 5% cashback. For example, in Q2 2018, the category was grocery stores. Q1 was at gas stations.The card can also offer some debt relief with an 0% APR for 6 months. This allows you to make a large purchase on day 1 (up to your credit limit) and have 6 months to pay off the total. There’s also an introductory APR for balance transfers, but this is higher at 10.99% for 6 months. Add into the mix an annual fee of $0, no fee for going over your credit limit and no late fee for your first offense. This starts to like like a great option for those looking to pay down their debts.Or, it could simply be a great options for students looking to give themselves a safety net in case any unexpected costs crop up. One obvious drawback — it’s  just for students. However, the Discover it card offers a lot of similar benefits, but not exactly the same.

Citi Thankyou Premier Card

Why It’s Good

The two Citi cards on this list are designed to do the same job except this one just doesn’t have quite the same Prestige.

Great jokes aside, this card also acts as a rewards card. You get a 3x rewards points on travel, 2x points on dining and 1x points on all other purchases.

You also have the opportunity to earn 50,000 points (worth $625 in airfares) if you spend $4,000 on purchases within three months of opening your account. Obviously, spending $4,000 on a credit card in 3 months isn’t nothing. So, this card is best for people who have enough money to spend to claim the rewards. This is backed up by the lack of introductory APR offer. It suggests the card isn’t designed for racking-up debt.

To redeem your reward points, they can be transferred to popular airline loyalty programs (such as TrueBlue, Virgin Atlantic Flying Club and Singapore Airlines.)

To sum up, you can get a high credit limit with this card. However, it’s only worth having this limit if you are not going to use it (i.e. to improve your credit utilization ratio), or if you’re going to spend and pay off your debt to claim travel rewards.