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Credit Cards With High Limits

Credit Cards With High Limits

It is the era of online business. Credit cards are now more frequently used because of emergencies, online money transactions or just everyday shopping. Everyone wants to attain credit cards with higher limits. A high credit limit is basically determined by two factors: Your good credit history and your well being on the whole. Let’s check what other factors determine the limit of your credit card:

A credit line amount is dependent upon the applicant’s credit risk. The degree of credit risk can be calculated with the help of various factors. They are credit history, income level, nature of job (permanent or non-permanent) and some others. The interest rate is affected by the degree of risk. Therefore, the basic determinant is your income, or the fact that whether or not you can prove your solvency. While you are looking for credit cards and applying here and there, you might find companies who would provide you with one just on the basis of the income you have stated. They approve your credit without requiring a document to prove, just on the basis of your word.

If you already have a credit card with a certain company, the odds of you getting a card with higher limits are pretty good. A smart thing to do is look around and research a lot online to find the best offers from several credit card companies. Here are some criteria of comparison:

·     Rates

·     Credit Limits

·     Incentives and bonuses

·     Other charges

·     Penalties

After comparing the offers by different companies for the above mentioned criteria, you would be able to make the best possible choice for yourself. You will not find a credit card with all pros; just find the one which offers a balanced number of benefits and downsides. Moreover, it is entirely up to you to decide the order of priories in the features of your cards. You might want to get a credit card with high limit but you would have to pay a little extra for that. The companies who would offer them for low prices wouldn’t normally offer higher limits.

Here is a useful tip, while making the purchase if a company offers you a card with a certain limit, say that you have been offered something better with a higher limit. They would definitely want to revise their offer. It is time for tough competition in the credit card business and they are bound to make a better offer if you play it smart!

Something should be remembered here: when you are spending and paying with your credit card it is not mandatory for you to spend up to your limit. It works badly for your credit score. Some companies allow their credit card customers to go over their card limits, but that usually comes with a lot of terms, conditions and penalties. So, basically, it is better to have a credit card with high limit instead of getting the “you-can-go-over-the-limit” package. If you have got an excellent credit, there is no reason to deny you a high limit credit card.

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