High limit cards often range from $20,000 to $100,000, suitable for major purchases or substantial rewards.
Repay balances in full monthly to avoid average interest rates around 20% and significant annual fees.
Lenders assess your ability to repay the full limit over three years, impacting other borrowing capacity.
If you want the flexibility of a higher limit, there are credit cards in Australia that offer maximum credit limits of between $20,000 and $100,000. These cards are usually gold, platinum or black accounts that also offer rewards and perks such as airport lounge access, complimentary insurance and concierge services.
Just keep in mind that they may also have higher rates, fees and eligibility requirements.
What are high credit limit cards used for?
A card with a high credit limit offers more flexibility if you're planning to spend a lot or want to earn more reward points. A higher limit can also be helpful if you want to consolidate debt with a balance transfer offer, as credit cards typically have maximum balance transfer amounts based on the available limit.
While these cards increase your borrowing power, it's important to remember that you have to repay what you spend. There's also a risk of interest charges adding up if you carry a balance from month-to-month. So, high credit limits are more suited to people who repay what they spend in each statement period to avoid interest and ongoing debt.
Applying for a new card vs. requesting a higher credit limit
If you already have a credit card you like, you can request a credit limit increase instead of applying for a new card. The credit card provider will still have to do a credit check and assess your eligibility for an increase, but if you're approved it means you can keep using the same card.
Types of credit cards that offer high credit limits
Gold, platinum and black credit cards
These premium credit cards are designed for big spenders and high income earners. This also means they typically have higher minimum and maximum credit limits than more basic cards, as well as rewards programs and other perks.
As premium cards usually charge high annual fees and interest rates, they're suited to people who pay their balance in full each month and make use of points and other perks.
High credit limit balance transfer cards
Credit cards typically allow you to transfer a balance (or balances) worth between 70% to 100% of your available credit limit on a new card. If your debt exceeds the balance transfer limit, you won't be able to transfer the entire amount. So it's important to consider the potential credit limit before you apply for a balance transfer.
💡Tip: When you apply for a new credit card, you may be able to request a specific credit limit. It's still subject to lending criteria and assessment (and not all providers have this option), but it can be helpful when you want to transfer a balance to the new card.
Charge cards
A charge card offers similar features to a credit card, but you have to repay the total amount that you spend each month. This setup means charge cards can offer the flexibility of no pre-set spending limit.
Business or corporate cards
If you want a card to manage business cash flow, a business or corporate card will generally offer a higher credit limit than a personal card. They also offer other features for business owners, such as additional cards for employees, itemised statements and integration with accounting software such as MYOB and Quicken.
What to think about before getting a higher credit limit
Your spending habits
Before you request a credit limit increase or apply for a credit card with a high credit limit, consider how much you would need to support your regular spending without tempting you to overspend.
If you typically pay your balance in full, a credit card with a high limit could help you manage expenses and give you extra spending power in the case of an emergency. But if you don't always pay your balance in full, a high limit could lead to debt.
Eligibility
Your income, expenses, credit history and Australian residency status can all impact whether or not you're approved for the card and what credit limit you'll get.
Under Australia's responsible lending requirements, banks and other credit card providers need to consider these details. They also have to assess your ability to repay the total limit, with interest, over a 3-year period.
💡 Tip: Before you apply for one of these cards or request a credit limit, check your credit score and make sure your credit history is in good standing.
Interest rates
The average credit card interest rate in Australia is around 20%. But rates typically range from around 8% to 27%, so it's important to consider this cost and compare cards to find one that's suitable for you.
Annual fees
Most credit cards that offer high maximum credit limits charge an annual fee. This could be less than $100 or more than $400 depending on the card. You can weigh this cost against the potential value you'll get from the card's features – such as rewards or a balance transfer offer – to help decide if it is worth it.
Is a high credit limit credit card right for you?
High limit credit cards can suit you if you regularly spend on credit and repay your debt in full each month. But they can also increase the risk of credit card debt or even affect your credit score – especially if your application is declined.
So before you apply for a card or request a higher limit, make sure you compare different options. You could also calculate a credit limit that will work for you to help increase your chance of approval.
Frequently asked questions
Some credit cards offer limits as high as $100,000. But not all credit cards publicly list a maximum credit limit, so there could be more variation, especially for business credit cards.
The key detail to remember is that credit card issuers can only offer you a credit limit that you could reasonably afford to pay off, with interest, over a 3-year period. So you would typically have to be on a very high income to get a $100,000 credit limit.
Here is a list of some of the personal credit cards in Australia that offer high maximum credit limits:
MyCard Prestige: $100,000 maximum credit limit and $20,000 minimum credit limit.
MyCard Premier: $100,000 maximum credit limit and $10,000 minimum credit limit.
Keep in mind that the credit limit you're approved for depends on the credit card issuer's lending criteria and assessment. So depending on the card and your application, you may be offered a lower credit limit or receive a different outcome.
Having a high credit limit doesn't directly affect your credit score. But your credit report does show the credit limits of your current cards and loans, which it could impact your borrowing capacity if you apply for other loans.
If the limit leads to debt, or there are a lot of applications for credit in a short amount of time, that could also have a negative impact on your credit score. But if you regularly repay your balance in full and don't have any defaults, having a high credit score can positively impact your credit history and demonstrate your responsible borrowing habits.
No, all credit cards have a credit limit. The closest alternative is a charge card, which may offer no pre-set spending limit.
This is because you have to repay your entire balance in full each month to keep the charge card in good standing. Your purchases are approved on an individual basis that is based on your repayment history, your purchase history, and your financial position, including your assets.
Usually, going over your credit limit will mean you can't use your card to make any other purchases until you've paid off some of the balance. Some cards will also charge a fee if you spend beyond your credit limit.
Under the current regulations, banks are required to contact you when your credit card is getting close to its limit. But a simple way to avoid exceeding your credit limit is to ensure that you always make regular repayments off your account.
Not necessarily. Ideally, your credit limit should fit with your financial circumstances and spending patterns. If you don't spend a lot with your credit card, you may not need a high credit limit.
A credit limit of $20,000 is relatively high in Australia. For instance, if you applied for this limit on a card with an average interest rate of 19.94%, you would need to be able to afford monthly payments of around $753. This is based on the requirement for credit card providers to consider your ability to repay a balance, with interest over a 3-year period.
As another example, if you had a credit card with a $20,000 limit, it would typically affect your home loan borrowing power by $20k or more.
The average credit limit per credit card is $9,990, according to Finder analysis of data from the Reserve Bank of Australia (RBA) for September 2024.
Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024.
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