Credit cards with high limits for great credit scores
High limit credit cards are for the wealthiest people with good credit scores and offer a host of elite benefits in addition to high spending limits.
Do i need a high limit credit card?
High limit or premium credit cards have credit limits of several thousand pounds, and sometimes no credit limit at all, thus potentially offering unlimited spending. High limit credit cards are for the wealthiest people with good credit scores and offer a host of elite benefits in addition to high spending limits.
They are used by people who want to buy big items, spend big, or want to have a premium card as a status symbol. However, they usually come with a high annual fee and you need to earn a good salary to be considered.
In order to qualify for a high limit credit card, you will need to meet a minimum income, usually over £ 50,000 at least. Depending on the card, you may need to be a high net worth individual, or even a high net worth individual, in order to be considered for one of these types of premium credit cards.
What is the high credit limit?
In theory, there is no limit to a certain high spending limit or premium credit cards, but the majority of high credit limit credit cards will offer a limit in the tens of thousands.
Purchases will be assessed on a case-by-case basis – if the card provider thinks you can refund a purchase, they’ll approve it. Like all credit cards, the bill must eventually be paid. So if you want to buy a new yacht, the card issuer will want to know that you can refund the money.
Why are my credit rating and credit limit important?
When you apply for a credit card, the lender assesses your financial strength and whether you are likely to repay the money you borrowed on your credit card.
Your credit limit will be set by your credit score. Premium high limit credit cards tend to be available only to those with the best credit scores.
The average credit card limit in the UK is between £ 3,000 and £ 4,000. If you want or need to get a premium credit card for a higher limit, you should check your credit score before applying and make sure it is very good.
Is there a minimum income requirement for a high limit card?
You will also need to meet a minimum income requirement for premium cards, especially cards with no credit limit. It can range from £ 20,000 to £ 50,000 a year at the lower end of the spectrum, all the way to being a ‘wealthy’ individual (i.e. being a millionaire).
For Elite premium cards, you may also need to spend a minimum amount with the card each month to be eligible.
What rewards can you get with high limit credit cards?
Often times, premium cards include a range of exclusive rewards as a perk. These may include:
Frequent Flyer Miles
Elite membership status in select hotel and airline loyalty programs
Access to airport lounges
Tickets for music, theater and other events
Are high limit cards worth the cost?
Before Covid-19, when people traveled and worked overseas much more frequently, travel benefits, concierge service, and insurance were all valuable benefits.
Now that most countries have travel restrictions, these premium rewards and benefits may seem less valuable or less attractive. So if you are planning to apply for a high or premium credit card, consider whether you will actually be using the exclusive rewards and if the annual cost of the card is really worth it.
How much does a high limit credit card cost?
Expect to pay a hefty annual fee to gain access to a premium card. The fees can range from £ 100 per year to several thousand pounds.
You will basically pay for the benefits of a premium credit card through an annual fee. If you think you can get more value from these perks than the cost of the annual fee, it might be worth paying the fees, even if they are high. Since many are related to travel benefits, you may need to check to see if the costs currently outweigh the benefits. All of that could change when international travel reopens.
Also, if you can’t pay your balance in full each month, you will likely be charged penalty fees or interest. A high limit card can be ideal for emergencies and large purchases, but if you’re paying interest on a five-figure balance, it could be a very expensive experience.
Are there other costs associated with high limit credit cards?
Often the cards with the highest limits (or not) tend to be payment cards, which in reality do not offer easy borrowing and require you to pay off your balance in full.
Think about how you are going to use your card. Need a high credit limit because you regularly make large purchases? Premium cards are likely to display a TAEG representative interest rate than cheaper cards due to their annual fees.
What are the alternatives to high limit and premium credit cards?
If you think a premium card isn’t right for you, but still want to enjoy the benefits of your credit card, you may want to consider a credit card reward, which are generally cheaper. These will still earn rewards for your daily purchases, but may not come with the sophisticated list of other perks that premium cards could offer.
What high limit cards are available?
Commonly American Express offer a range of premium credit cards, but there are many other premium credit cards on the market, you can browse our charts to see what’s available.
The ultimate premium card: American Express Centurion Card
This card is sort of a legend, it has no credit limit. It is generally only used by millionaires and businesses to make very large purchases.
It also includes a concierge service, which can arrange VIP tickets, book popular restaurants, and run more or less any errand (as long as it’s legal). It is popular with those who are ultra cash rich but short on time and would appreciate someone doing these administrative type tasks for them.
In fact, the biggest credit card purchase ever made used a Centurion card – $ 170 million for Amedeo Modigliani’s painting “Reclining Nude,” purchased from a Christie’s auction house. As this card earns Membership Rewards, the currency of American Express, that would be enough to circumnavigate the world in first class several times!
How do I get an American Express Centurion card?
American Express does not publicly disclose the requirements for obtaining or maintaining a card, except that you must have substantial equity and be a former Platinum cardholder.
It is believed that you must spend $ 250,000 (American Express uses US-based business dollars) per year to qualify and an annual fee of $ 2,500 applies along with an “invitation fee.” ”Of $ 7,500.
There is also the Platinum Card from American Express, which costs £ 575 per year. It’s a charge card, so it doesn’t have a credit limit, which in theory means you could buy an entire house on the card if the seller accepted American Express. This card has a long list of special benefits, especially if you are a regular traveler to offset those very high annual fees. There is no minimum listed income required to be accepted for this card, although American Express will carefully review your financial situation, credit history, and income in any application to ensure that you can repay anything that may. be very big purchases with this limitless card.