High-limit credit cards allow cardholders to make purchases up to thousands of dollars before reaching their credit limit. Typically, cards such as Visa Infinite or Visa Signature offer a minimum limit of $5,000 or more upon approval. However, obtaining a high-limit card with fair credit may be challenging. Banks usually require excellent credit scores to assess the cardholder’s ability to pay before setting their credit limit.
If you’re interested in finding the best high-limit credit cards for fair credit, we’ve compiled a list of the top 10 cards available. Read on to learn more about high-limit cards and how to obtain them.
In this article, we will provide you with a comprehensive guide to high-limit credit cards. We will explain how high-limit credit cards work and provide a list of the top 10 highest-limit credit cards suitable for individuals with fair credit scores.
Furthermore, we will offer tips on how to obtain high-limit credit cards even with fair credit, and address some frequently asked questions regarding high-limit credit cards. By the end of this guide, you will be well-equipped to make an informed decision about high-limit credit cards and how they can benefit you.
What are high-limit credit cards?
Credit cards with high limits can be appealing, as they allow individuals to make larger purchases and potentially earn more rewards. However, it’s important to remember that they can also lead to debt if not managed responsibly.
Using a credit card with a higher limit can also benefit individuals’ credit scores, as long as they keep their balances low compared to their credit limit.
When someone opens a new credit card account, the issuer will assign them a credit limit, which can range from a few hundred to several thousand dollars. To qualify for a higher limit, one typically needs a good or excellent credit score and a stable income. Some high-limit credit cards have a minimum cap of $5,000 or more.
In this article, we will explore how high-limit credit cards work, provide a list of the best high-limit credit cards for those with fair credit scores, and answer some frequently asked questions about these types of credit cards.
How high-limit credit cards work
Credit limits on credit cards are determined based on the creditworthiness of the applicant, including factors such as income, credit history, and existing borrowing activity such as debt and credit utilization ratio. The credit limit is a fixed amount that represents the borrowing power of the cardholder. Every time a card is used, the available credit is reduced, and it is replenished when the balance is paid off.
The available credit is the difference between the credit limit and the current balance or accumulated debts.
List of the 10 Best Highest-Limit Credit Cards For Fair Credit
Here are the top 10 credit cards with high limits for individuals with fair credit:
1. Capital One Platinum Credit Card:
Although the Capital One Platinum credit card does not offer rewards or cardholder perks, it is a suitable option for individuals with fair credit who may not qualify for the best rewards credit cards available. It’s important to note that a “fair credit score” falls within the range of 580-669 according to FICO scoring, which limits the number of unsecured credit cards people can be approved for.
However, the Capital One Platinum credit card provides people with the chance to improve their credit score and demonstrate their creditworthiness for future credit card options.
2. Capital One QuicksilverOne Cash Rewards Credit Card:
For those with fair credit who want to boost their credit scores and earn cashback rewards, the Capital One QuicksilverOne Cash Rewards credit card is an excellent choice. Despite its $39 annual fee, it provides an unlimited 1.5% cash back on all purchases, as well as 5% cash back on rental cars and hotels booked through Capital One Travel. Furthermore, after six months of being a card member, one may qualify for a better credit line.
3. Discover it® Student Cash Back:
The Discover it Student Cash Back credit card has no annual fee and offers a lucrative 5 percent cashback on purchases at various places each quarter, such as restaurants, Amazon.com, grocery stores, gas stations, and when people pay using PayPal, up to the quarterly maximum when they activate.
Moreover, during the first year of being a cardholder, individuals can enjoy an exceptional match of the cashback earned. Additionally, the credit card provides an introductory 0 percent APR promotion on new purchases. This card is ideal for students who want to earn cashback rewards and build their credit score.
4. Credit One Bank Wander® Card:
The Credit One Bank Wander® Card has recently undergone an update that has replaced its unique bonus categories with a more traditional and more lucrative set of widely-used travel reward bonus categories. This card offers ten points per dollar on eligible car rentals and hotel bookings made through the Credit One Bank travel partner, five points per dollar on eligible travel, gas, and dining purchases, and one point per dollar spent on all other purchases.
Cardholders can also earn a welcome bonus of 10,000 bonus points after spending $1,000 on eligible purchases within the first 90 days of opening the account. These bonus points can be redeemed for a $100 statement credit, travel, or gift cards.
5. Mission Lane Visa® Credit Card:
The Mission Lane Visa® credit card may not offer the bells and whistles of top-tier credit cards, but it can be a viable option for individuals with poor or limited credit history. This card provides a chance to improve their credit score without the need to put down a substantial security deposit.
Unlike most subprime credit cards, this credit card comes with a reasonable annual fee and doesn’t have any hidden fees. While it may not offer many features, it can be a useful temporary solution for people looking to build or rebuild their credit.
6. Upgrade Cash Rewards Visa®:
The Upgrade Cash Rewards Visa® credit card is an excellent tool for managing your finances. Unlike other credit cards that allow you to carry a balance, this card provides a personal line of credit that splits your payments into fixed monthly installments.
This feature is particularly useful for individuals who require assistance in developing responsible payment habits.
7. Milestone® Mastercard®:
If you have limited credit options, the Milestone® Mastercard® may not be the best choice due to high fees, rates, and no rewards. One frustrating aspect of the card is the variability in annual fees, as there are different versions of the card, and applicants won’t know which one they qualify for until after they apply.
For individuals with fair credit looking for a high limit credit card, there may be other options available that offer better terms and benefits. It’s important to shop around and compare different credit cards to find the one that best fits your needs and financial situation.
8. Avant Credit Card:
The Avant Credit Card has several advantages that may not be available with other options. For individuals who are new to credit or have had a few missteps, it can be challenging to find a card that does not require an upfront security deposit.
The Avant credit card is unsecured, so individuals will not have to pay anything to obtain it. Additionally, one of the attractive features of the Credit Card is that individuals can qualify with a soft credit check to determine the rates and fees they will qualify for before submitting their application. The Avant Card also reports payment behavior to all three major credit bureaus, which is crucial for people looking to improve their credit standing.
9. Indigo® Mastercard®:
The Indigo® Mastercard® credit card comes in different versions with annual fees varying based on creditworthiness. Depending on which tier a person qualifies for, the annual fee could range from $0 to $99.
This credit card does not offer low introductory APR or rewards. The maximum credit limit varies from $300 to $1,000, depending on the version of the card approved for.
10. Jasper Cash Back Mastercard®:
If you have fair to good credit and are seeking a credit card with high limits, the Jasper Credit card could be an option worth considering. This credit card reports your credit activity to Experian, Equifax, and TransUnion, which can help you continue building your credit history.
If you refer your friends and the account is in good standing, you can earn 6% cashback, and you’re guaranteed a minimum of 1% cashback on your everyday purchases.
How to get high-limit credit cards for fair credit
If people aim to secure the highest possible credit limit, they should prioritize responsible financial habits, such as paying bills before the due date, keeping credit utilization at or below 30%, reducing outstanding debts, building an emergency fund, and making other wise financial choices. Such behavior would demonstrate to lenders that people are creditworthy and capable of managing a high credit limit.
Credit cards can be a useful tool for building credit, provided they are used responsibly. This involves paying the bill on time, keeping balances low, and opening new credit cards only when necessary. By following these practices, individuals can establish and maintain good credit.
Furthermore, it is important to keep in mind that paying bills in full each month is the most effective way to avoid interest charges and improve one’s credit score.
Are there any high-limit credit cards available for people with average credit?
While high-limit credit cards are typically reserved for those with excellent credit, the Jasper Cash Back Mastercard® is a great option for people with average credit looking for a high credit limit. With a $0 annual fee and solid rewards, it accepts people with fair credit scores and offers a higher credit limit than many other cards for people with average credit. However, it’s important to note that credit cards for individuals with average credit tend to have lower credit limits, usually between $300 and $2,000.
What is the maximum credit card limit?
While anecdotes from cardholders suggest that some credit cards offer credit limits of over $100,000, most credit cards only list minimum spending limits in their terms. The best high-limit credit cards typically offer credit limits of $10,000 or more.
What credit limit can I expect with an 800 credit score?
Individuals with an 800 credit score are likely to have higher credit limits, giving them greater purchasing power.
What credit limit can I expect with a 750 credit score?
Individuals with a 750 credit score can expect credit limits in the range of $1,000-$15,000, although a higher limit is possible.
What is the average credit card limit for a 700 credit score?
For those with a credit score in the 700 range, the average credit limit for a newly issued credit card is around $5,000. However, credit limits can vary based on income and other debt.
Is a credit limit of $10,000 considered high?
The definition of a high credit limit varies depending on an individual’s needs and expectations. However, many consider a credit limit of $5,000 to $10,000 a good starting point for a high-range rewards credit card.