Best Credit Cards With High Credit Limits?

What Are The Best Credit Cards With High Credit Limits?

 

Do you frequently make big-ticket purchases? Or are you considering a high-dollar expense like a vacation? If so, having a credit card with a high credit limit can make covering these charges much more manageable. Plus, you can use it to get rewards and pay off most of the balance with zero interest during the introductory period. 

 

Another advantage of a higher credit limit is that it lowers your credit utilization ratio, or how much credit you’ve used versus what you have left. Generally, you want your credit utilization ratio to stay below 30%. But with a higher credit limit, you should have no problem keeping it well under that. 

 

If you already have a credit card, there are many ways to increase your credit limit. But if you don’t have one or you’re considering another, US News My Money recommends these credit cards with high credit limits. 

 

Best For Flat-Rate Cash Back Rewards

American Express Cash Magnet Card

Annual Fee: $0

Credit Requirement: Good to Excellent (670 – 850)

APR: 13.99% – 23.99% Variable

 

With the American Express Cash Magnet Card, you can qualify for statement credit worth up to $150 when you spend a minimum of $1,000 within the first three months you open your account. You also get unlimited 1.5% cash back on every transaction and 0% APR for 15 months in addition to a higher credit limit.

 

Additionally, you’ll also get access to Plan It, which lets you make monthly installments on purchases worth a minimum of $100 — all at a flat fee and zero interest. You can redeem your cash back rewards for Reward Dollars, which you can then exchange for statement credits.

 

Best For Versatile Cash Back

Chase Freedom Unlimited

Annual Fee: $0

Credit Requirement: Good to Excellent (670 – 850)

APR: 14.99 – 23.74% Variable

 

Are you looking for one of the best credit cards with high credit limits as well as generous rewards? Then look no further than the Chase Freedom Unlimited. With it, you can receive $200 when you spend $500 or more within three months of signing up. Plus, you can get 5% cash back on the first $12,000 you spend on groceries every year (Target and Walmart excluded) and 1.5% cashback on everything else.

 

But the cashback perks don’t end there. When you plan your next trip through Chase, you can earn 5% back on all travel-related purchases, plus 3% on dining and drugstores and 1.5% on all other transactions. There is no minimum requirement to redeem your cash back rewards, and they never expire. You can also enjoy interest-free payments for the first 15 months you open your account. 

 

Best For Groceries And Gas Rewards

American Express Blue Cash Preferred

Annual Fee: $0 for 12 months, then $95. (Limited time only, expires December 10, 2020)

Credit Requirement: Good to Excellent (670 – 850)

APR: 13.99% – 23.99% Variable

 

Besides having no annual fee for the first year, American Express Blue Cash Preferred customers can also enjoy $300 statement credits when you spend at least $3,000 within six months after opening your account ( this deal ends on December 10, 2020).

 

This credit card has one of the best cash back programs available. You can earn 6% back on the first $6,000 you spend at the grocery store, then 1% for the rest of the year. You also get 6% cash back on eligible streaming services, 3% for gas and transit services, and 1% on everything else.

 

Like the American Express Cash Magnet Card, you’ll also get access to Plan It, which makes paying off big-ticket purchases easier and more affordable. When you redeem your cash back, you will receive Reward Dollars, which you can exchange for statement credits. 

 

If your credit is in good standing and you want a credit card with a higher credit limit, these three options are an excellent place to start your search. But if your credit could use a little work first, consider applying for a secured credit card. While these may not offer the same credit limits, they are a good first step to qualify for an unsecured credit card with a higher limit.

 

Source
  • Harzog, Beverly. “Best Credit Cards with High Credit Limits.” U.S. News & World Report, U.S. News & World Report, 10 Nov. 2020, creditcards.usnews.com/high-credit-limits.
Ian Schindler