Highest CL in history?

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Keysmasher
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Highest CL in history?

Postby Keysmasher » Wed Feb 02, 2011 6:08 pm

What is the highest credit limit given to a single person by a bank? Is it possible to get quarter million credit limits or more?

(card that have "no preset spending" limit do not count)


bubblebusteconomy
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Postby bubblebusteconomy » Thu Feb 03, 2011 1:56 am

High credit card limits need to be capped. 3% of income is more than enough. Above and beyond that is frivolous spending for fools.
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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Feb 06, 2011 7:32 pm

I don't know Keysmasher but would like to. There's family that owns a real estate company I know of and a few million a year is cycled on their Southwest business cards. This caught me off guard because that's not a card would think of for high credit limits. I believe the Accolades and Chairman each have limits up to $250k but those could have been switched to no preset limit cards as those have become more heavily adapted lately.
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DoingHomework
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Postby DoingHomework » Mon Feb 07, 2011 2:00 pm

That's probably not a good question. If you actually have a very high limit then it will be no preset limit.

If you find it necessary to put a huge amount on credit than there is a pretty good chance it is a business account (even a rich household could be a business). If it's a business account then it is probably connected through a more complex credit facility that continuously evolves.

I have reason to think AMEX works this way. The no preset limit is continuously tested based on what they know about your assets, income, liabilities, etc. They get this from all sorts of affiliate data bases. It's just a suspicion though.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Feb 15, 2011 10:00 pm

DoingHomework is right, the no preset limits are what's typically being used now.

The only card that comes to mind that still have traditional credit limits i the Bank of America Accolades. Previously it gave high credit limits of up to $250,000. It was switched over the Merrill Lynch after the acquisition and I am unsure if that involved a change to NPSL.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Elliot Castro
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Postby Elliot Castro » Tue Feb 15, 2011 10:08 pm

What is the highest credit limit given to a single person by a bank? Is it possible to get quarter million credit limits or more?


Of course its possible to get a quarter million. When I used to work at banks over a decade ago I have seen a few with unlimited credits.

But lets me honest, I have only seen a VERY FEW of these, and since people like Bill Gates is beyond most people's leages, you can see why these special cards were far between from the rest of the pact.



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