When you open a new credit card account, most issuers will assign you a credit limit. This line of credit can be anywhere from $200 to tens of thousands of dollars, and in most cases, you can't spend more than your limit.
You can qualify for a higher limit with almost any credit card as long as you have a good or excellent credit score and a stable income, but there are some high-limit cards that offer a minimum cap of $5,000 or more.
Below, CNBC Select takes a look at how you can get a high-limit credit card, as well as options for those who don't yet qualify.
A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000).
A high-limit credit card can help you improve your credit score since it raises your overall available credit and can lower your credit utilization rate. It can also be helpful to cardholders who have high monthly expenses or are looking to purchase a big-ticket item. If you do have a high credit limit, just make sure that you spend within your means and avoid charging more than you can afford.
Many card issuers don't publicize their credit limits, but some include a minimum credit limit in their pricing and terms. Be sure to read closely before applying for a credit card so you know what to expect if they do only offer a minimum.
You won't know your exact credit limit until your application is final, and credit limits vary depending on your specific credit score and income.
If you end up with a card that has a lower credit limit than you wanted, you can always ask for a credit limit increase by speaking to your issuer over the phone or making a request online. Some issuers will automatically increase your credit limit once you've made consecutive on-time payments after the first few months.
Because issuers don't typically advertise credit limits when they market their credit cards, it's hard to say for sure if you'll get a high credit limit (between $5,000 and $10,000 or more) when you sign up for a new card.
Credit cards branded Visa Signature or Visa Infinite typically offer a starting credit limit of $5,000 or more. The Chase Sapphire Preferred® is a Visa Signature card, for example, and the Chase Sapphire Reserve® is a Visa Infinite card (a tier above Signature). Credit limits are not published on Chase's site for the Sapphire Reserve card, but travel card generally have higher limits. Sapphire Reserve cardholders on sites like myFICO® Forums have reported having a credit limit as high as $80,000.
5X points on Lyft rides through March 2022, 2X points on travel and dining worldwide, 1X points on all other purchases
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®
15.99% to 22.99% variable on purchases and balance transfers
Either $5 or 5% of the amount of each transfer, whichever is greater
10X points on Lyft rides through March 2022, 3X points on travel worldwide (immediately after earning your $300 annual travel credit), 3X points on dining at restaurants worldwide, 1X point per $1 on all other purchases
50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®
16.99% to 23.99% variable
5%, minimum $5
Often, two cardholders with the same card can have very different credit limits. For example, with the Chase Freedom Unlimited® approved cardholders will either receive the basic level Visa Platinum card (with a minimum credit limit of $500) or the upgraded Visa Signature card (with a minimum credit limit of $5,000), according to Chase Freedom Unlimited's pricing and terms.
1.5% cash back on every purchase
$200 cash back after you spend $500 on purchases in your first 3 months from account opening
0% for the first 15 months on purchases and balance transfers
14.99% to 23.74% variable on purchases and balance transfers
3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a $5 minimum. After, 5% ($5 minimum).
If you have less-than-stellar credit and want the opportunity to improve your score, the Capital One® QuicksilverOne® Cash Rewards Credit Card does the trick and gives you the opportunity to increase your available credit line. You won't have a high limit right away, but Capital One automatically considers you for a higher credit limit after six months of on-time payments.
Cardholders on myFICO® Forums report that using your Capital One card consistently and paying your balance off in full each month is the best way to make sure you get access to a higher credit limit. One member said that cardholders may receive a $100 increase after their second or third billing statement. Once your score gets into the good range, you can try applying for a card like the Chase Freedom Unlimited or upgrading to another Capital One card.
1.5% cash back on all purchases
For anyone just beginning their credit journey or working to rebuild their credit, secured credit cards can help you get on track. Secured cards require that you make a deposit, usually around $200, which becomes your line of credit. So it's rare that secured cards have high limits. But if you do have the cash to put down a substantial deposit, the First Tech® Federal Credit Union Platinum Secured Mastercard® offers credit limits as high as $25,000. For a higher credit limit, you will need to deposit more money. You may want a high-limit secured credit card if you find yourself with plenty of savings but you don't yet qualify for a high-limit unsecured card.
1 point per $1 spent on all purchases
9.00% to 18.00% variable