You will find a number of credit card companies that offer high-limit credit cards. If you have stellar credit scores and high income, the sky is literally the limit!
While most high credit limit credit cards have high annual fees, they are also accompanied by incomparable rewards and perks from invitations to exclusive events to access to 24-hour personal concierge service. If you have the financial wherewithal to be able to afford high credit limit credit cards, make sure you avail all the bonuses that accompany them.
Offers in the Market
Every major credit card company such as American Express, Visa, MasterCard, and banks such as Smith Barney and Coutts & Co., offer high credit limit credit cards to their top customers.
Some of the top credit cards extending high credit limit are as follows:
- AMEX Platinum: Offered by American Express, this card requires pristine credit scores for qualification. It comes with a $450 annual fee.
- Bank of America Accolades: This credit card is available to banking customers, who have at least $100,000 in assets.
- Smith Barney Chairman’s Card: This Citigroup credit card requires pristine credit and has a $400 annual fee.
- Citi Platinum Select MasterCard: With no annual fee, this card offers credit limits of up to $20,000.
The 2011 U.S. Credit Card Satisfaction Study conducted by J.D. Power and Associates found that American Express, Discover, Barclay and Chase excelled in customer satisfaction.
With 9000 credit card customer interviews, the study looked at six elements that are important to determine rankings. They were terms of credit, benefits, rewards, problem resolution, servicing, and logistical processes.
Meeting the Golden Standard: The Minimum Requirements
All credit cards that offer high limit or no limit on credit, require impeccable credit scores and the requisite qualifying income. According to CNNMoney, companies are bending over backwards to woo customers who have a credit score about 750. Given that only a third of all Americans have reached these hallowed numbers, it is hardly surprising.
But if you have a credit score of 700+ as well as a well-paying job, the chances of getting approved are reasonably high. Add to this, the perks that come with such difficult-to- qualify-for credit cards, and you can understand the wisdom of having a high FICO score.
FICO Scores: Calculating the Magic Number
Your FICO scores have an impact on some of the most important aspects of your life, from buying a house, getting a rental property, qualifying for a mortgage and credit card and in some cases, even your job.
According to myFICO, all lenders look to your credit score or FICO score to establish your ability and inclination to pay back your debt in a timely fashion. Every consumer is assigned three FICO scores. These three scores are calculated by three independent credit bureaus: Experian, TransUnion, and Equifax.
These credit rating agencies use various elements such as personal information, payment history, debt-to-income ratio, and reported bankruptcies among others to create your financial profile.
This financial information is used by various institutions such as banks, mortgage companies, and credit card companies to determine if you are a safe bet. Your FICO scores determine your upper credit limit, the APR you will be charged, your late fees, among others.
So if you have stellar credit scores, your business is not just welcomed but also actively sought after. Therefore, it is highly advisable that you build and maintain your credit score with care.
Finding the Pot of Credit Gold
The lender’s market place is littered with credit cards, especially if you are one of the select few who have impeccable financial credentials. Most major credit card companies and banks serving high net worth individuals send out credit card offers regularly with tempting rewards and perks. Indeed, with some of the high-end credit cards, you have to get an invitation!
If you are being inundated with offers from lenders that offer enticing perks, top-of-the- line rewards, great cash back terms or great APR, don’t get overwhelmed.
Use your time to do some research online. You can also talk to your financial advisers and ask them for guidance.
Always remember that the excellent credit score that you have worked to build is not set in stone and therefore, requires constant monitoring. It will be better to remain with reputable lending bodies such as your bank or major credit card companies to avoid identity theft and fraud.
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