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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
If you want to get more rewards, higher credit limits, complimentary insurance and many other perks, here's how a platinum credit card could work for you.
From entertainment offers, concierge and travel services to travel insurance and more, cardholders can enjoy many different platinum perks. Read on to find out all about the benefits of being a Visa Platinum cardholder.
Discover the luxurious perks, extensive benefits, and often high fees that can come with prestigious credit cards.