A wide range of banks and credit card providers in Australia offer credit cards with maximum credit limits of between $20,000 and $100,000. As well as offering high credit limits, these credit cards are usually gold, platinum or black options that also include premium extras such as rewards, complimentary insurance and concierge services.
You can use this guide to compare credit cards with high credit limits and find a card that will support your financial needs.
A card with a high credit limit can be useful if you're planning to increase your spending or if you want to consolidate a large debt (or multiple debts) onto a card with a balance transfer offer. The flexibility to pay for more purchases also makes high credit limit credit cards useful if you want to earn more reward points.
While these cards increase your borrowing power, it's important to remember that you have to repay everything you've charged (plus interest if you don't pay it in full by the end of the statement period). If you struggle to repay your balance in full each month and have a tendency to overspend, a credit card with a high credit limit might not be good for you.
Applying for a new card vs. requesting a higher credit limit
If you are happy with the features and fees that come with your credit card but simply want more spending freedom, you could request a credit limit increase instead. After you're approved, you would keep the same card and be able to spend more.
What types of credit cards offer high credit limits?
There are many different credit cards in Australia that offer high credit limits, including:
Gold, platinum and black credit cards
These premium credit cards are designed for big spenders and high income earners and usually offer larger credit limits. These cards offer more extra features such as rewards programs, travel insurance, concierge services and airport lounge access. These premium cards usually charge high annual fees and interest rates, so they're best suited to people who pay their balance in full each month and take full advantage of the extra perks.
High credit limit balance transfer cards
If you're thinking of transferring a debt to a card with 0% on balance transfers, you need to make sure that the new card has a large enough credit limit to support your balance. Depending on the card, you may be able to request a balance transfer worth between 70% and 100% of the approved credit limit. If your debt exceeds this balance transfer limit, you won't be able to transfer the entire amount and the remaining debt will stay in your old account. If you have a large credit card debt, consider this when comparing cards and requesting your preferred credit limit. You can compare balance transfer credit cards with high credit limits on Finder.
Charge cards are not technically credit cards because they require you to repay your entire outstanding balance in full each month. But this setup means they don't have a credit limit or pre-set spending limit. So if you have large and regular purchases in mind and always repay your balance in full, a charge card could give you greater financial flexibility than a credit card with a set credit limit.
Business or corporate cards
If you want a high credit limit to help with your business cash flow, a business or corporate card will generally offer a higher credit limit than a personal card. These cards also offer other features designed especially for business owners, such as additional cards for employees, itemised statements and integration with MYOB, Quicken, Microsoft Excel or other accounting software.
What should I think about before getting a card with a large credit limit?
Ask yourself the following questions to decide if this type of card is right for you.
Your spending habits. Before you request a credit limit increase or apply for a credit card with a high credit limit, consider the credit limit you would need to support your regular spending without tempting you to overspend. If you regularly repay your balance in full, a credit card with a high limit could help you manage your expenses and give you extra spending power in the case of an emergency. However, if you don't always repay your balance in full and overspend, a high credit limit could be an unnecessary temptation that 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. 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. Rewards, premium perks and the potential risks that lenders face by providing high credit limits mean that these types of cards often have high interest rates. However, there are some low rate cards that also offer high maximum credit limits. So if you want the flexibility of being able to pay off purchases over a longer period of time, make sure you consider this cost. You can sort the comparison table on this page by purchase interest rate to find the lowest rate option, or compare other low rate cards.
High credit limit credit cards can suit you if you regularly spend on credit and repay your debt in full each month. As with any card, you should always spend responsibly and only spend as much as you can afford to repay regardless of your credit limit. Before you apply for a card or request a credit limit, consider your personal circumstances and compare your options before you apply.
Frequently asked questions
Your credit report shows the credit limits of your current products (such as credit cards or loans). It will also show if you have applied for a credit card or credit limit increase. Having a high credit limit could impact your borrowing capacity when you apply for other products. 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 has no pre-set spending limit. This is because you are required to repay your entire balance in full each month in order to keep your account. 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.
If you spend beyond your credit limit, you won't be able to 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. If your debt is close to the credit limit and you attract interest on the balance, this could also tip over your credit limit.
Since June 2012, banks are required to contact you when your credit card is getting close to its limit. This should give you a reminder that you need to make a payment or perhaps stop spending for a while so you can get it back down again. The easiest way to avoid exceeding your credit limit is to ensure that you always make regular repayments off your account. This will help keep your balance under control and avoid tipping you over your credit limit.
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.
Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.
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