Q: Over the past few years it seems like banks aren’t giving as high of limits as they used to. I have great credit but my cards only have $1,800 and $2,600 limits. How can I get a $5,000 limit credit card?
A: You are absolutely right in that high limit credit cards are hard to come by these days, even for those with excellent credit. Because the credit card industry got burned badly during “the great recession” they now are much tighter with giving out credit.
3 tips for how to get a $5,000 credit limit in 2013:
Apply for a premium tier credit card – If you have good to excellent credit, then you should apply for cards like this one which are geared towards the mid to high-end customers. However, do NOT apply for charge cards like the Gold or Platinum from AmEx, because those do not have a definitive preset credit limit with them, so those are not what you are looking for.
Here are 3 of my favorite offers for Nov/Dec 2013:
Ask for credit limit increases periodically - This applies to existing cards as well as any new cards you get. Every few months or so check with customer service to see if you qualify for an automatic credit limit increase. Each credit card company has a different policy about how often a customer’s limit can be raised, so ask the CSR to find out. So even if you don’t start out with a $5,000 limit credit card, hopefully you can build your limit up to that amount. But be careful because most banks will do a hard pull (credit inquiry) when you request an increase. That’s bad for your credit score.
Use your card responsibly – Recently I asked for a credit limit increase on a card, but was denied because I hardly use the card (which is true). So I started charging a thousand or so per month on it (and paying that off in full every month) and after a few months, they decided to raise my credit limit because they saw I was actually using my card more. Of course, make sure you always pay on time with all accounts and never exceed 25% of your credit limit on any card (doing so can reportedly impact your credit score).
My recommendation for a high limit credit card
If you have good credit, you should check out the BarclayCard Arrival and Discover it. Both are higher-end cards and they’re known for being generous with credit limits. For example, I’ve been with Discover for years and they gave me way better than a $5,000 limit, even at a time when other issuers wouldn’t.
However if your credit is only average/fair, then check out these cards. The only almost guaranteed way to get this size of limit though is with a secured card where you put up a $5,000 security deposit, which would then become your limit. I say “almost” because not even secured accounts are guaranteed – there are still minimum requirements you need to fulfill for approval.
Written or last updated November 11, 2013