Best High Limit Credit Cards of June 2021

Good credit alone doesn’t guarantee approval for a high-limit card, but it’s a start. Card issuers look at an array of factors to determine your credit limit, according to credit bureau Experian, including:

• Income.
• Debt-to-income ratio, or the percentage of your gross monthly income used to pay your monthly debts.
• Credit history and score.
• History with the creditor.
• Economic environment.

Your limit will depend on how the credit card issuer weighs these factors. Usually, a history of on-time bill payment and a good or excellent credit score increase your chances of getting a high-limit credit card.

If you have a lot of debt and your credit utilization is high – you’re using more than 30% of your total credit limit – card issuers probably won’t give you much room to run up more debt. If your credit limit is lower than you wanted, you can call your card issuer to ask for a credit limit increase or request one online.

Also, some issuers will automatically increase your credit limit on a new account after you’ve made a certain number of consecutive on-time payments.

Another way to increase your credit limit is to combine cards, or to merge two or more accounts from the same issuer to boost your buying power. The issuer might not always say yes, but it doesn’t hurt to ask.

You could then use the new card for large purchases, which may be a good idea if it has a better rewards program than the old card or a 0% introductory rate. Just keep your credit utilization low to avoid hurting your credit score.

When you’re applying for a card, you won’t know the credit limit you’ll get beforehand, though some cards come with higher limits than others. Visa and Mastercard, for instance, offer three tiers of cards, with the top levels requiring the highest FICO scores but having the highest credit limits and a variety of benefits.