Best high-limit credit cards

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Credit cards offer users the ability to spend money using a revolving credit line with a predetermined credit limit. A credit card can be a useful tool for both personal and business expenses alike because purchases can be charged to a card now and paid off at a later date. And if you’re using one of the top business credit cards, you’ll also be earning valuable rewards for your purchases.

In this post, we’ll talk about the best high-limit credit cards and how or why you might want to use them. There’s no set definition of a high credit limit. For some, especially those who are new to credit cards, it may mean a few thousand dollars. But to those who have an extensive credit

history, a high credit limit might mean one that’s $20,000 or more.

The specific credit limit given to any cardholder is determined based on a number of factors, including an individual’s credit score, annual income and prior borrowing relationships. According to the Consumer Financial Protection Bureau, the average credit line given to those with excellent credit is $10,000, to those with good credit around $6,000, to those with below-average credit $3,000 and to those with poor credit around $2,000. As you can see, the better your credit score, the higher the credit limit banks will be willing to extend to you.

2020 high-limit credit cards

Chase Sapphire Preferred Card

The Chase Sapphire Preferred® Card is a fantastic card that offers high credit limits and remains one of my favorite credit cards for travel. Many readers (and MMS staff) report receiving significant credit lines when applying for the Chase Sapphire Preferred. If you have the income and credit score, you might find yourself with a sizable credit limit to support any of your large purchases.

You can find our full review of the Chase Sapphire Preferred here, and get a detailed rundown of the card’s benefits and perks here.

Chase Sapphire Reserve Card

The next card on our list is also great for big spenders and heavy hitters — the ultra-premium Chase Sapphire Reserve® card. This card carries a hefty annual fee of $550, but you can more than make up for it with the sign-up bonus and the card’s perks, including a strong 3x earning on all travel and dining purchases.

The Chase Sapphire Reserve requires a minimum credit line of $10,000 for approval — meaning that you’re virtually guaranteed a high credit limit if you qualify and are approved for the card. Many folks report being offered limits in the $20,000 to $30,000 range, enough for some serious purchasing power.

I have this card and plan to keep it long-term as it’s a fantastic premium card for folks willing to stomach the annual fee. For more information, check out our review of the Chase Sapphire Reserve.

The Platinum Card® from American Express

The Platinum Card® from American Express remains my overall favorite card for a myriad of reasons, including the high credit limit you’ll typically receive if approved.

The Amex Platinum doesn’t have a preset spending limit, but rather a purchase allowance based on a number of factors.

The Amex Platinum is my favorite high limit credit card — despite the fact that it isn’t a traditional credit card. (Photo by Wyatt Smith)

For me, I can charge more to my Amex Platinum than any “traditional” credit card in my wallet, making it effectively my highest-limit card. I love this flexibility and it gives me peace of mind knowing I have considerable purchasing power with my Amex Platinum card.

The Amex Platinum is a compelling card for numerous other reasons, too, like its premium perks and benefits. For more information, read our full review of the Amex Platinum card.

Capital One® Venture® Rewards Credit Card

Though Amex and Chase sometimes steal the show, Capital One offers many compelling cards that also carry high credit limits. Specifically, we’re highlighting the Capital One® Venture® Rewards Credit Card, which offers 2x miles for all purchases. These rewards can easily be redeemed to offset any travel purchase, making these flexible rewards highly valuable.

Don’t overlook Capital One when considering the best high-limit credit cards. (Photo by Wyatt)

Many cardholders report being approved with credit limits of at least $10,000, and Capital One is known for being trusting when it comes to revolving credit.

For more details or to apply, read our review of the Capital One Venture Rewards card.

Bonus: Amex Centurion Card

As a bonus, I wanted to mention the Amex Centurion card — often known as the Amex Black card. This card is true luxury and carries a borderline outrageous annual fee of $5,000 (with a one-time initiation fee of $10,000). This card is also invite-only.

Most of those who’re invited to apply for this card charge north of a quarter-million dollars annually to their other Amex cards (yep, that’s over $20,000 each and every month) and only then sometimes receive an invitation to apply. It’s the crème de la crème of high-limit credit cards.

How do I get a high-limit credit card?

Although these are a few of our favorite high-limit credit cards, the reality is that lenders only extend high credit limits to certain, qualified borrowers. When applying for any credit card (or charge card), credit issuers consider things like annual income, credit score and prior financial relationships to establish what level of revolving credit they are willing to extend.

For example, an applicant earning $100,000 annually with a credit score of 800 stands a much better chance at receiving a high credit limit than someone earning $30,000 per year with a credit score of 650.

So what can you do to receive the highest credit limit possible?

Work on ways to increase your income, demonstrate your creditworthiness by paying your bills in full and on time every month, and establish a credit history that banks and lenders can trust. For more information, check out our post on credit card application tips.

What credit score do I need for a high-limit card?

Unfortunately, the answer is not that simple. Many factors contribute to the credit score you need to qualify for a particular card and whether banks will extend you a significant credit line. Things like income, monthly obligations such as rent or mortgage payments, existing debt and your credit history all have significant impacts on whether banks would consider you to be a trustworthy borrower.

But even if your credit score needs some work, don’t give up hope. Banks love to approve credit card applicants and enter into mutually profitable business relationships, whether you’re trying to qualify for a business card or a personal card. For more tips on getting approved for high limit credit cards, check out the following posts about specific banks or strategies:

How to get the most out of a high-limit credit card

And now for the fun part! Once you’re approved for one of the best high limit credit cards, there are a few ways you can use these cards for maximum value.

First, always charge large purchases to credit cards, when possible, to earn points, miles and cash back. Charging large purchases also gives you a few extra weeks to pay off your large purchase, as opposed to using a debit card where the funds must be immediately available.

Once you’re approved for a high-limit credit card, put it to good use, like by paying for your wedding. (Photo by Erman Erikoglu/Shutterstock)

You can also benefit from credit cards’ generous protections when it comes to things like purchase protection, return protection and extended warranties. These benefits are especially valuable for high-value purchases that you definitely want to protect.

While you can use your high credit limit to make purchases that you couldn’t otherwise afford — we rarely recommend this, as interest charges can be highly punitive. Fortunately, having a high credit limit gives you this option, though we hope you never need to use it.

Bottom line

Whether you need a credit card with a high limit or you simply want one, you can use the above strategies to increase your odds of being approved for one of the best high-limit credit cards. Although things like income and credit score are very important, applying for the right card matters, too.

If you’re looking for increased purchasing power or just want to earn miles and points for your large purchases, we hope you can utilize one of these high-limit credit cards to make your big spending dreams a reality.

What’s your highest credit limit currently? Is it on one of the cards listed above?

Featured image by Kinga/Shutterstock.

Jake Pearring is a contributor to Million Mile Secrets, he covers topics on points and miles, credit cards, airlines, hotels, and general travel.

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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