The credit market is the USA is crowded with different cards. You can find a variety of credit. But there is one problem with general credit programs. And that is the low initial limit. Your limit increases with the passage of time. If you do timely payments, then your credit score increases and you will qualify for the next limit in a minimum of 6 months. That’s a heck of waiting time. If you are looking for credit cards with limit above than 20000$, then you are in the right place. This article will tell you about the cards with a limit above than 20000$. So keep reading to find out more.
- 1 Credit Cards With $20k Limit
- 1.1 Chase Sapphire Preferred Card
- 1.2 Capital One Venture Rewards Credit Card
- 1.3 Discover It Balance Transfer
- 1.4 Chase Freedom unlimited
- 1.5 Chase Freedom
- 1.6 Capital One Spark Cash for Business
- 1.7 Somethings to keep in the mind
- 1.8 Frequently asked questions
- 1.8.1 Q1: What is the benefit of a high limit credit card?
- 1.8.2 Q2: Is it good to have a high limit credit card?
- 1.8.3 Q3: What is APR?
- 1.8.4 Q4: How can I increase my credit limit?
- 1.8.5 Q5: What is the minimum APR?
- 1.8.6 Q6: What are the reward points?
- 1.8.7 Q7: What is the maximum cashback I can get?
- 1.8.8 Q8: How can I avoid a credit disaster?
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Credit Cards With $20k Limit
Chase Sapphire Preferred Card
It is a card powered by Visa. You will get 60000 points on the purchase of 4000$. Your points will get double at every foreign purchase and dining at the restaurants. You will get one point per dollar on every spending. There is no foreign transaction fee. The APR is variable, and it ranges from 17.99% to 24.99%. The annual fee is 95$. You can win rewards by using the card. The rewards are in the form of cashback and discounts. The maximum credit limit of this card is 100000$.
Capital One Venture Rewards Credit Card
This card provides the maximum credit limit of 50000$. It is a card perfect for travel. You will get 50000 miles point on the purchase of 3000$v in the first three months. You will get double points on every purchase, which will also include 500$ for travel. CNBC named this credit as the best travel card. The APR is variable, and it ranges from 17.25% to 25.24%. You do not have to pay the annual fee for the first year. But after that, you have to pay 95$.
Discover It Balance Transfer
This card offers 25000$ credit limit. Your cashback is matched at the end of a year. And you will also get 5% cashback quarterly on all purchases, which generally include fuel, groceries, dining, and travel. Their customer service is 100% US-based, and your rewards never expire. You can claim cashback at any time. The APR is variable, and it ranges from 13.99% to 24.99%. You do not have to pay for annual fees.
Chase Freedom unlimited
This card has 24000$ credit limit. The company offers double cashback for the first year, you will get 3% cashback on all purchases, and after the first year, you will get 1.5% cashback on all purchases. There is a 0% intro APR during the first 15 months. And you can redeem cashback at any time. Your rewards never expire. There are no annual fees for using the card. The APR is variable, and it ranges from 16.99% to 25.74%.
It is a card with the above 20000$ limit. You can earn 150$ on 500$ purchases during the first three months. And you also get 5% cashback on purchases above than 1500$. There is 0% intro APR for the first 15 months. You do not have to pay for an annual fee. The APR is variable and ranges from 16.99% to 25.74%. For general purchases, you will get 1% cashback.
Capital One Spark Cash for Business
This card offers a 30000$ limit for its customers. You will get 2% cashback on all business purchases. And you also get 500$ bonus on 4500$ purchase during the first three months.
The annual fee is 0$ for the first year. After that, you have to pay 95$. The fraud liability is 0$ if your card gets stolen or lost. The intro APR is 0$. The general APR is variable, which ranges from 19.24% to 24.90%.
Somethings to keep in the mind
Before applying for the credit card, you need to understand somethings.
- If you purchase more for getting the points, then your bill will also increase according to APR. So purchase wisely. Otherwise, you will get a burden of bills in the chase of points.
- Keep your purchases under the limit. Otherwise, you will wonder about your earnings.
- Timely payments will get you credit scores. And these credit scores will help you get the increase in credit limits.
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Frequently asked questions
Q1: What is the benefit of a high limit credit card?
Ans: A high limit credit card provides you with the availability of funds. But with the high limit, bills also increase. So keep the APR rate in your mind.
Q2: Is it good to have a high limit credit card?
Ans: If you are a person with liquidity in business, then a high limit credit card will make things easier. But it will cost you a lot.
Q3: What is APR?
Ans: APR is the fee associated with the credit card. It is the rate of bills. Generally, APR is denoted in percentage. If you have a 15% APR, then it means you have to pay 15% on all your credit.
Q4: How can I increase my credit limit?
Ans: You can increase your credit limit with timely payments. If you pay timely during the first 6 months, then your credit score will meet the criteria, and if you apply for the increase in the limit, then you will be accepted.
Q5: What is the minimum APR?
Ans: The minimum APR is 13.99% for some cards. But generally, APR has arrange from 18% to 25%.
Q6: What are the reward points?
Ans: Reward points are the points you get on every purchase. These points gather up and give you cashback and discounts on a quarterly or yearly cycle.
Q7: What is the maximum cashback I can get?
Ans: The credit card companies offer cashback up to 5%. And it is the maximum. There is no company offering cashback higher than 5%.
Q8: How can I avoid a credit disaster?
Ans: You can avoid credit disaster by purchasing wisely and keeping under the limits. Any crazy shopping spree can lead to credit disaster. You can put yourself in one by shopping without thinking abut the rate of APR.