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Small Business Financing

How to Get Credit Cards with High Limits for Good Credit

How to Get Credit Cards with High Limits for Good Credit

Charge cardholders utilize credit cards to meet payments for unexpected financial situations and to fund cash flow requirements. Business owners also seek out business lines of credit specifically underwritten to meet the needs of a business; start-up or otherwise. However, the reasons for credit utilization vary. For example, the use of credit cards with high limits for good credit borrowers can:

—Simplify bookkeeping
—Fund operating expenses
—Finance large capital expenditures
—Generate rewards for using the card [The rewards depend on the credit card issuer’s policies]

Considering the valuable benefits offered, it is wise to first determine just what good credit looks like. Every lending company sets their own criteria for credit cards with high limits for good credit. However, in terms of a FICO score, a 700+ score (based upon a scale of 300 to 850) is typically determined to be good. (Click here to learn about 150 places that provide free credit scores).

Those with lower credit scores – bad credit or poor credit –  may still be offered a secure credit card, or a sub-prime credit card that might require a security deposit, points or other collateral. A secure card helps rebuild credit profiles as needed. In 2017, CNN tracked average limits on credit card debt for varying credit levels. The results are as follows:

Credit Cards with High Limits for Good Credit

 

Determining Credit Card Limits

A credit card company does not arbitrarily set credit card limits. Rather, a credit limit given to a borrower is directly correlated to their credit history, annual income, debt-to-income ratios and credit score, thus, their creditworthiness.

Some credit card companies set pre-established limits for all approved applicants of one specific charge card. While others, choose to assess an applicant’s creditworthiness by completing a detailed evaluation. Logic dictates that better credit profiles will have better odds of obtaining  credit cards with high limits for good credit, than those with poorer credit profiles.

Credit card limits must be managed vigilantly because having credit cards with high limits for good credit higher can be tempting to the under-disciplined borrower. A substantial credit limit might allow a borrower to buy on credit  more than they can afford realistically.

 

Do not max out your line of credit limits because doing so can damage a credit score.

A credit score is assessed upon various components. A fundamental component includes the credit-utilization rate. The credit-utilization ratio assesses the extent to which a borrower utilizes their available credit. A 30% or higher credit-utilization ratio can potentially alert to a lender or credit bureau. If you happen to surpass the 30% level, be sure to have sufficient liquid assets to pay the balance when the bill arrives. If not, your credit score could slide down to an unacceptable level.

 

The Benefits of a Credit Card Limit Increase

On the other hand, increasing one’s credit card limit may be helpful when applying for a mortgage. This is because credit cards with high limits for good credit can revise an questionable credit utilization ratio.

 

Where to Find Credit Cards with High Limits for Good Credit

A reward card offered to those with good credit is readily available and can be located by diligent research online, or by finishing this article. The most appealing credit cards with 0% APR’s require one to have good or excellent credit profiles.  While a good credit profile can always be improved, a good credit score will facilitate qualifying for many of the most desirable credit cards with high limits for good credit in the reward credit card market. Examples include:

 

Capital One® VentureOne® Rewards Credit Card

BENEFITS:

  • No annual Fee
  • A initial bonus of 20,000 miles when purchasing $1,000 during the first 3 months after account opening. This is equivalent of $200 in travel benefits.
  • For every dollar purchased, earn 1.25 miles. The miles remain ‘usable’ while the account remains active and the amount of miles earned is unlimited.
  • Option to use any airline, any hotel, at anytime, no blackout dates
  • No foreign transaction fees.

 

BluePreferred® Card from American Express

BENEFITS:

  • No annual Fee
  • A sign up bonus of $150 after $1,000 in purchases within the first 3 months.
  • A cash back reward of 6% at U.S. supermarkets (up to $6,000 per year in purchases, then 1%)
  • A cash back reward of 3% at U.S. gas stations and select U.S. department stores, 1% back on other purchases.
  • Balance transfer Intro Rate – 0% for 12 months, 3% transfer fee

 

Capital One® Quicksilver® Cash Reward Credit

BENEFITS:

  • No annual Fee
  • An initial cash bonus of $150 cash bonus after charging $500 in purchases within 3 months of opening the account
  • An unlimited  cash back reward of 1.5% on every purchase, every day
  • Get 50% back on Spotify Premiums when using this card, now through April 2018
  • The miles remain ‘usable’ while the account remains active and the amount of miles earned is unlimited.
  • Balance transfer Intro Rate – 0% for 9 months, 3% transfer fee
  • No foreign transaction fees

 

Scott Credit Union Extreme Visa Reward Credit Card

BENEFITS:

  • Low intro rate as low as 1.99% APR for the first six billing cycles (changes to 8.9% -15.9% – based on credit)
  • No annual fee
  • No balance transfer fee
  • 25-day grace period

 

Apply for Credit Cards with High Limits for Good Credit!

As discussed above for credit cards, a business line of credit can assist with working capital, payroll, and inventory servicing. A business line of credit is another short-term financial tool to use to manage business finances. By utilizing a business line of credit, borrowers can withdraw funds anytime from the credit line as a needs arise. Like credit limits on charge cards, business lines of credit have limits set by the lending institution based on credit worthiness.

LenCred is a financial services organization designed to assist small business owners, start-up companies, and entrepreneurs obtain debt financing for many business purposes; sometimes with an interest rate of 0% for the first 3 – 18 months. LenCred’s fundamental emphasis is to find and to finance unsecured business lines of credit. LenCred’s professional staff can assist with revenue-based loans, SBA loans and small business loans.

They also guarantee an approved line of credit if personal credit criteria requirements, as requested by lenders/creditors, are met.

LenCred’s expert staff are always available to discuss your needs and potential solutions to solve those needs. Contact us today!


About Brittni Abiolu

Brittni AbioluBrittni has been an entrepreneur and investor for 10+ years. She writes about her experiences as a business owner and uses data and information from reliable sources to back up what she writes about. Through her writing she aims to educate other entrepreneurs on how to obtain capital and build successful businesses doing what they love.


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