Best High-Limit Credit Cards — January 2021

Having a credit card with a high credit limit is beneficial for those who frequently make big-ticket purchases or who need to cover expensive one-off expenses like home or auto repairs. These cards typically offer great rewards and 0% interest for the introductory period, which gives you time to pay your balance without worrying about interest.

Credit cards with high credit limits also help you lower your utilization ratio, or the credit you’ve used against the amount remaining. Most experts recommend maintaining a utilization rate of 30% or below, but of course, it never hurts to go above and beyond.

Below are US News My Money’s top choices for January’s best high-limit credit cards. If you have good to excellent credit and are interested in a new card, check out these options to find the right one for you.

 

Best Travel Credit Card

Chase Sapphire Preferred

Annual fee: $95

Credit score requirement: Good to Excellent (670 – 850)

Regular APR: 15.99% – 22.99% (variable)

Penalty APR: none

Balance transfer fee: $5 or 5% of the amount transferred, depending on which is more 

Cash advance fee: $10 or 5% of the transaction amount, depending on which is more

Foreign transaction fee: None

 

With the Chase Sapphire Preferred, you can receive 60,000 bonus points when you spend a minimum of $4,000 on new purchases within three months after opening your account. If you redeem this bonus through the Chase Ultimate Rewards portal when booking your next trip, that’s a $750 value. You can also earn double the points on dining, takeout, and delivery, with an additional one point for every dollar on everything else. 

 

Best Flat-Rate Cashback Credit Card

American Express Cash Magnet Card

Annual fee: None

Credit score requirement: Good to Excellent (670 – 850)

Intro purchase APR: 0% for 15 months

Regular APR: 13.99% – 23.99% (variable)

Penalty APR: 29.24% (variable)

Cash advance fee: $10 or 5% of the transaction amount, depending on which is more

Foreign transaction fee: 2.7%

 

The American Express Cash Magnet Card offers a $150 statement credit when you spend at least $1,000 within three months of account opening and unlimited 1.5% cashback on all purchases. If your credit is good, you can enjoy a relatively low APR after the 15-month introductory period.

When you open an account, you’ll have access to Plan It, which lets you make monthly installments on purchases of $100 or more. Additionally, you can apply an unlimited number of Amex Offers to your account so you can save even more on your purchases. When you redeem your cashback, you’ll receive Reward Dollars good for statement credits.

 

Best Gas Station And Grocery Credit Card

Blue Cash Preferred Card From American Express

Annual fee: $95

Credit score requirement: Good to Excellent (670 – 850)

Intro purchase APR: 0% for 12 months

Regular APR: 13.99% – 23.99% (variable)

Penalty APR: 29.24% (variable)

Cash advance fee: $10 or 5% of the transaction amount, depending on which is more

Foreign transaction fee: 2.7%

 

American Express currently offers new Blue Cash Preferred members a $250 statement credit for spending $1,000 or more with their card within three months of account opening. You can also take 6% cashback on the first $6,000 you spend on groceries, then 1% after that. 

You can also enjoy unlimited 6% back on eligible streaming services, 3% on gas station and transit purchases, and 1% on everything else. And, like the American Express Cash Magnet card, you can take advantage of the Plan It program and conveniently pay purchases greater than $100 in monthly installments.

 

Best Flexible Cashback Credit Card

Chase Freedom Unlimited

Annual fee: None

Credit score requirement: Good to Excellent (670 – 850)

Intro purchase APR: 0% for 15 months

Regular APR: 14.99 – 23.74% (variable)

Penalty APR: None

Balance transfer fee: $5 or 5% of the amount transferred, depending on which is more 

Cash advance fee: $10 or 5% of the transaction amount, depending on which is more

Foreign transaction fee: 3%

 

The Chase Freedom Unlimited has one of the easiest welcome bonus offers of any credit card. If you spend just $500 within three months after opening an account, you can qualify for $200 in cash. Besides that, this card offers unlimited 1.5% cashback on every purchase, plus 5% back when you use Chase to book your next trip and 3% on dining and drugstores.

With no annual fee and an extended introductory period, the Chase Freedom Unlimited is one of the most affordable and generous credit cards you can get.

 

Source
  • Harzog, Beverly. “Best Credit Cards with High Credit Limits.” U.S. News & World Report, U.S. News & World Report, 9 Jan. 2021, creditcards.usnews.com/high-credit-limits.

 

Ian Schindler