When you say you have a high limit credit card, what does that really mean? To one person it might mean a $2000.00 limit. To another, $5000.00 would define a high limit credit card. The term is relative, but generally speaking, it describes a card with a credit limit of $10000.00 or more.
High limit credit cards carry some real prestige, but they also require more responsibility. Just because you have a $10000.00 credit line, does not mean that you should go out on a wild spending spree. The more you spend, the more you will owe. If you have excellent credit and are able to responsibly manage your finances, you may be a good candidate for a high limit credit card.
The benefits of having a card with a high credit limit vary from card to card. As an example, the Citibank, Citi Platinum Select Card has no annual fee, a lower interest rate than most “regular” Visa of Mastercards and offers 18 months of interest free money on balance transfers. American Express offers credit cards that have no preset spending limit. The American Express Platinum Card is one such card with no preset spending limit. The card offers a plethora of services only available to its members. You earn points for all your purchases which can be used for travel or to select products from their exclusive catalogue of fine gifts and merchandise. If you like to travel, you will enjoy free access to private airport lounges. The card also provides insurance protection, reduced prices on merchandise, discounts on entry to various theme parks and other attractions and emergency automobile service. On the negative side, the card comes with a $450.00 annual fee and balances must be paid off, in full, every month.
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In these troubled economic times, card issuers are being much more selective in extending credit, especially, high limit credit. You will need an excellent FICO score, a demonstrated source of income and have a history of always paying on time. With a high credit limit, you will have the flexibility to make large purchases and the confidence knowing you can always get your hands on some money if an emergency should arise. You’ll be able to book cruises at a discount, stay at 4 star hotels and dine in fine restaurants. As long as you take care not to spend too much, you won’t wind up with a high debt to credit limit ratio. Act responsibly and enjoy the privileges of a high limit credit card.
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