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Most of the time when you pull out a credit card, it's just to make a payment. But what if you could get other benefits too?
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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.
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.
There are many different credit cards in Australia that offer high credit limits, including:
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.
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.
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.
Ask yourself the following questions to decide if this type of card is right for you.
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.
* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.
