The general perception among consumers is that you need to have an excellent credit score when you need a high limit credit card.
The question is, is that so? No, it’s not! There are a few high limit credit cards available for individuals with average credit as well.
Today, we have assembled a list of such credit cards for you. Once you go through the guide below, you can opt for such credit cards rather than waiting for years to increase your credit score.
What is a High Limit Credit Card?
An average high limit credit card has a limit between $4000 and $10000. The advantage is that not only such a credit card can help you spend more but can also help you improve your credit score significantly as well.
That is why; there are quite a few reasons why you should go for a high limit credit card.
What is the Average Credit Limit?
The average credit limit is around $2000. Thus, when you compare the credit card with the average credit limit and the high credit limit, the higher one has almost double the average credit card limit.
Now that you are aware of the credit limits looking at the 8 Best high limit credit cards for average credit is time.
Best High Limit Credit Cards For Average Credit
The good news is that these credit cards are from different providers. That is why, if you do not get approval from one, you can easily apply for another. We will now highlight the 8 best options which you have.
U.S. Bank Secured Visa Card
Deserve EDU Mastercard
Capital One QuicksilverOne Cash Rewards Credit Card
Bank of America Secured credit card with Cash Rewards
Secured Mastercard from Capital One
Petal 1 “No Annual Fee” Visa Credit Card
19.99% to 29.49%
First Tech Platinum Secured Mastercard
9% to 18%
1. U.S. Bank Secured Visa Card
The credit card which is on top of our list is a secured credit card. That is why; getting approval for it is certainly easy.
It is suitable for individuals with a credit score under 669 as well. Not only that, it is ideal for individuals who do not have much credit history as well.
The ongoing APR is 25.99%. However, it is variable.
The annual fee is $0. That is why; it becomes easier for you to continue with this credit card.
Wondering about the limit?
The maximum limit which it has on offer is $5000. However, for the same, you need to opt for a deposit. The deposit is an FDIC insured account. That is why; you will not have to worry about the loss of the deposit. You will earn interest on the deposit as well.
Moreover, you get car rental insurance on the same. Along with that, you can monitor your credit score in Trans union as well.
Moreover, you get protection from unauthorized transactions as well.
With these features on offer, it does not a surprise that it is on top of our list.
Limit up to $5000
Suitable for individuals with no credit history as well
Car rental insurance on offer
Protection from unauthorized transactions
Only secured option
2. Deserve EDU Mastercard
The credit card we are highlighting can offer you a limit of up to $5000. While you are likely to start at around $1000 but with proper creditworthiness, you can certainly get a limit up to $5000 as well.
The credit card is available for individuals with an average credit score as well.
The $0 annual fee means that you will not have to worry about paying a hefty annual fee.
1% cashback ensures that it becomes easier to earn some rewards as well.
No foreign transaction fee ensures that you can certainly do so if you want to use it overseas.
Additionally, there is an auto rental collision damage waiver on offer as well. It means that if you drive around a lot, this card can certainly come to your rescue.
The card which we are highlighting now is not only available for domestic students but also international students. The reason for the same is because it does not require a social security number.
You need to understand that this card does not support balance transfer. It does not offer cash advances as well.
However, when you refer someone else, you can get a slight bonus as well.
The regular APR of 18.74% is lower than many other credit cards. That is variable. You have to inquire about your own APR after you get the card.
Thus, if you’re looking for a credit card with higher limits for students, you can certainly go with this one.
Suitable for international students
Limits up to $5000
No foreign transaction fee
Suitable for students only
3. Capital One QuicksilverOne Cash Rewards Credit Card
If you have a credit score in the range of 600s, this credit card is certainly suitable for you. Initially, you might be able to get a limit of up to $2000. However, in as little as 6 months, you can get a limit of up to $5000.
The highlight of this credit card is that it offers 1.5% cashback. It means that earning rewards is certainly possible.
The automatic credit line enhancement ensures that it is seamless to get the higher limit.
With the help of the Creditwise App, it is easier to monitor your credit score as well.
The no fraud liability ensures that you will not have to worry about paying for fraudulent transactions if it is stolen or lost.
The annual fee is just $39. While this might discourage you, it is certainly affordable compared to some of the other high-limit credit cards. It is suitable for individuals with average as well as fair credit.
The APR is 26.99%. You have to enquire from the issuer regarding the exact APR. It can vary from one user to another.
You need to understand that there are no introductory offers and no balance transfer offers. If you’re looking for a credit card for that, this one does not fit the bill.
The excellent cashback rate, as well as the nominal annual fee, helps it stand out.
Low annual fee
Automatic credit line enhancement
No fraud liability
Suitable for individuals with average and fair credit
APR is a bit high
4. Bank of America Secured credit card with Cash Rewards
The next option on our list is once again a secured card. The limit can vary from $300-$4900 depending on the deposit which you make.
The 3% cashback on things like online shopping, travel, gas ensures that the cashback is excellent. For grocery stores, you get 2% cashback as well. For everything else, you can get 1% cashback as well.
Using this credit card, you can keep a record of your credit score as well.
The overdraft protection ensures that you will not have to worry about declined purchases.
The $0 annual fee makes this credit card extremely affordable.
The APR is 23.99%. However, that is variable.
The best thing about this high limit credit card is that it is suitable for individuals with bad and limited credit. It means that if you do not qualify for the other cards on this list, you can go with this one.
Another highlight of this credit card is that the bank will monitor your creditworthiness regularly. If they find you credit-worthy, they allow you to withdraw your deposit as well. It means that you can convert your secured credit card into an unsecured credit card.
The no annual fee and the ability to convert the credit card from one type to another make it one of the best options.
Suitable for bad and limited credit
No annual fee
Up to 3% cashback
Helps you monitor credit score
Have to make a deposit initially
5. Secured Mastercard from Capital One
You might think that this is another secured credit card offering you a higher limit. However, this card is a bit different.
You get an oversized limit for the deposit which you make. For example, if you make a $50 deposit, you can get a limit of up to $200.
Due to the same, you need not make an equivalent deposit.
If you do not have a lot of money to fork out but still need a higher limit, this is the card which you should go with.
It is suitable for people with bad credit or limited credit history.
Another advantage is that you can get an upgrade in 5 minutes if you prove your creditworthiness. It means that you will not have to worry about making more deposits over a while.
Consequently, it helps you in building your credit as well.
The annual fee of $0 ensures no additional financial burden on you when using this credit card.
Thus, if you’re looking for oversized limits, you can certainly go with this card.
No annual fee
Easy to get an enhanced limit
Helps you build credit
Does not offer an unsecured option
6. Petal 1 “No Annual Fee” Visa Credit Card
With no annual fee, this credit card does not have many disadvantages. The limit can vary from $500-$5000.
It is suitable for individuals with a fair and poor credit score. Even if you do not have a credit history, you can still qualify for this credit card.
The cashback range can be between 2% to 10%.
The APR can vary from 19.99% to 29.49%. You have to inquire regarding the same.
No international transaction fees ensure that you can use it almost anywhere.
Not only that, since the card reports to all three credit bureaus, it is perfect for building up your credit score as well.
With the help of a mobile app, it becomes easier to track your spending and control your automated payments.
You can also check whether you’re preapproved for this credit card or not. You can do so online within minutes.
Since it is an unsecured credit card, you need not worry about making any deposit.
Thus, if you’re looking for an unsecured credit card that has an easy approval process, you can go with this one.
Limit up to $5000
Perfect for poor and fair credit score
No annual fee
Reports to all three credit bureau
7. First Tech Platinum Secured Mastercard
This credit card is on our list because it can offer you limits as high as $25,000. Of course, since it is a secured card, you will have to deposit more as well. However, even for a secured card, this kind of limit is pretty high.
The APR is between 9% to 18%. When you look at the range, you will realize that the APR is pretty affordable.
For rewards, you will get 1 point for every $1 which you have spent.
The no foreign transaction fee ensures that you can use this credit card wherever you want.
The credit card offers you the option to upgrade to an unsecured card as well. However, that can take a significant time.
The no annual fee ensures that you will not have to worry about paying fees every year.
Thus, if you’re looking for a secured credit card with higher limits, you can consider this option.
No annual fee
No fee on foreign transactions
The minimum deposit is $500
8. Upgrade Card
Do you have a credit score of around 630?
If so, this credit card is certainly a good choice for you.
The 1.5% unlimited cashback ensures that it is very lucrative to use this card.
You need not worry about any annual fees or activation fees, or maintenance fees. The $0 fees ensure that this credit card is certainly easy to use.
The regular APR is 18%. You can get a lower APR.
Moreover, you can check your qualification within minutes. Even if you’re not qualified or rejected, you need not worry about a reduction in your credit score.
In case you want to access a virtual card, you can do so.
The mobile app allows you to control your credit card without any worry.
Moreover, the $0 fraud liability is another reason why you should go for it.
The easy and quick application process is another reason why you should go with this card.
Thus, if you’re looking for a credit card with excellent rewards, you can go with this one.
Suitable for a credit score of 630
1.5% unlimited cash back credit
The mobile app interface can be better
Thus, when looking for the best high limit credit cards for average credit, you can choose between these 8 credit cards. Once you choose from any of these, you can be certain that you’re going with the best credit cards for average credit.
Before you decide, it is time to look at some other information related to such credit cards. We will answer that below.
How Do I Get a High Limit Credit Card?
Most high limit credit cards that we have highlighted above have an online application process. However, before you apply, there are a few tips that you should follow. These include:
You have to make sure that there are no late payments or defaulted on credit card payments in the last six months.
Ensure that your credit score is not declining month on month.
You have to try and opt for a secured credit card at the start. Once you build credit using a secured credit card, it becomes easier for you to get higher-limit credit cards.
It is easy for you to apply and get it approved for high limit credit cards with these few tips.
Is High Limit Credit Card Right For You?
As long as you can keep control of your spending, a high limit credit card is certainly good enough for you. It can allow you to tackle unexpected expenses and emergencies as well.
How Can I Increase My Credit Limit?
The tips which you should follow to increase your credit limit include:
1. Pay on time
You have to always ensure that you are paying your credit card on time. It is the number 1 requirement to increase your credit limit. After following this limit, it will take you 6 to 12 months to get a higher credit limit.
2. Lower your credit utilization
A crucial factor in your credit score is credit utilization. You should keep the credit utilization below 30%. Only then can you get enough credit.
3. Apply for a new credit card
The more accounts you have in your credit report, the more creditworthy you will be. That is why you can certainly get a new credit card. Getting a new credit card is easier than getting a higher limit.
4. Do not make a lot of new requests
Every time a loan or credit card request is declined, your credit score reduces by a small amount. If you make a lot of such a request or inquiries, your credit score can decrease significantly. In that case, it will become difficult for you to get a higher limit.
5. Apply for a limit increase after following these steps
Once you follow these four tips consistently, you can request your bank or the card issuer to increase your credit limit.
With these few tips, it is certainly possible to get a higher limit.
What Is Considered a High Credit Card Limit?
A credit card with a limit of $4000 or above is a high limit credit card.
How Does a High Limit Affect My Credit?
On a stand-alone basis, the higher limit will not affect your credit score. However, if you lower your credit utilization despite a higher credit limit, your credit score will improve.
How Can You Use Your High-Limit Cards Effectively?
The best way to effectively use your high-limit credit cards is to always pay on time and use the credit card as little as possible. That is the best way to use credit cards effectively and increase your limits even more.
We will share with you the answers to some of the FAQs below.
Frequently Asked Questions (FAQ)
What is a typical credit card limit?
The typical credit card limit is around $2000.
What credit card do millionaires use?
Some of the credit cards which millionaires use include Chase Sapphire Reserve, JP Morgan Chase Palladium Visa, and Ink Business Preferred Credit card.
How much should I spend on a $500 credit card?
You shouldn’t spend more than $150 on a $500 credit card. Ideally, you should keep the utilization below 10%; that is, you shouldn’t spend more than $50 a month.
Is it bad to max out a credit card and pay it off?
Maxing out your credit card is bad for your credit score, even if you pay it off. Ideally, you should keep the utilization below 30%.
Thus, if you’re looking for the best high limit credit cards for average credit, our guide above can undoubtedly come to your rescue. Rather than just inquiring from card issuers or financial institutions, you need to just follow our guide above. Once you opt for any of these cards, it is easy to get approval despite your average credit.