It is common for consumers with good credit to look for credit cards that offer a higher limit. There are good credit card options on the market that offer very high limits and can meet this demand. Looking for these cards is something that can take time, for this reason, we have brought in this article credit cards with high limits that may be ideal for those who do not like low limits.
The best high limit credit cards
We have separated some of the best high limit credit cards so that the reader can know a little more about each one and thus be able to decide which one is best for him.
Santander Everyday Long Term Balance Transfer Credit Card
This card offered by Santander bank, has a minimum limit of £500, but the maximum limit, being high, is not specified and may vary from one customer to another. The APR is 22.9% (variable).
M&S Bank Credit Card Transfer Plus Offer Mastercard
This issuer offers a card with a high limit, but does not specify what the total amount of the credit limit is. The APR practiced is 23.9% (variable).
HSBC Balance Transfer Credit Card
The APR practiced by this credit card is 23.9% (variable). Customers with good credit standing can apply for the card and if approved can have a high credit limit.
American Express credit card
American Express offer a multitude of credit cards. Among them, the Platinum Cashback credit card. In this card the consumer receives a refund of up to 5% for purchases that are up to £ 125. This refund is only granted for the first three months of membership of the card. Another differential is that this card offers protection for purchases and trips.
How to get a high limit
Many consumers want to have a credit card with a high limit. There are several determining factors for a high limit credit card application to be approved. Before an issuer will issue you a high limit credit card, they consider your credit history, existing credit commitments, credit limits elsewhere, as well as checking disposable income.
Among the requirements to be eligible for the high limit credit card is to have an annual income that can be £20,000 or more. In addition to having a high net worth. Another factor is that credit providers require a consumer’s credit history to be solid. The minimum age is 21, as opposed to the default age of 18.
Tips for a better chance of approval when applying for a credit card with a high limit
It is very important to pay attention to the 30% rule regarding the use of the credit limit granted on your current credit card. When the customer remains within this usage range of 30% of the available limit, credit providers understand that this customer is not desperately looking for credit. Therefore, they will look at the history of this client in a more pleasant way.
Be punctual in your payments. Paying on time is one of the things that every credit provider hopes to happen. Therefore, when the customer keeps their payment history up to date, they notice the customer’s commitment to the credit used. Late payments negatively impact the credit analysis and can be a major obstacle for those who want a credit card with a high limit.
Increasing your income is an efficient way to be well regarded. If possible, increase your income. As such, providers will show more interest in trust and may allow higher credit limits.
How to negotiate the annual fees
In this step here, it is necessary to be willing to dialogue. Contacting the card operator and saying that you are dissatisfied with the fees charged and requesting an exemption is always a good idea. There are no guarantees that the provider will grant an exemption. However, it is still possible to get discounts or guarantee other advantages on the credit card.
While some cards charge annual fees, they may in return offer certain benefits such as an airline miles program, access to first-class lounges, event tickets, companion tickets, travel insurance, restaurant reservations and breakdown coverage. These are some of the benefits that can be offered by some credit card administrators.
Tips for increasing the credit limit
It is essential that the customer does not resort to revolving credit, or the installment of the invoice. These options, although offered by credit operators, are not well regarded in their eyes. Therefore, it is necessary to make conscious use of the credit limit received. Only with the conscious use of this credit, with the punctual payment of invoices, will there be a possibility of increasing the credit card limit.
Don’t apply for too many credit cards. Institutions may understand that the customer is desperate for credit and that something is not going well, and therefore will not grant the credit limit increase. Do not use up your entire card limit. Remember the 30% rule we talked about above? So, it also applies to those who want to increase the card’s credit limit.
There are many high limit credit card options on the market. For this reason, do a thorough research, choose the one that has the options that best fit what you want. Compare costs, annual fees and also the benefits of each. This analysis should not be done in any way. Take some time for this research, so that you can choose the best option for your financial reality.