In this brief guide, we will cover how to build credit and get the highest credit cardlimit available to you.
What is the highest credit card limit in the UK?
Finding out which credit card provider offers the highest credit card limit in the UK isnt very much possible as different credit card providers will offer a varying amount of credit to you based on your creditworthiness.
This means, how good is your credit score and history.
How to get the highest credit cardlimit in the UK?
Credit cards with the highest credit cardlimits are also offered to poeple with high spending habits or high earners who are likely to spend more than the regular person.
If you want to get the highest credit cardlimit in the UK then you may want to consider getting a premium credit card. Premium credit cards tend to offer the highest credit cardlimits and in some cases they done even have limits and the purchases on them may need to be approved based on if the credit cardprovider feels you will be able to pay the money back or not.
High credit cardlimits are ofcourse not a given. There is no guarantee you will be accepted for a credit cardwith a high credit cardlimit.
To improve your eligblity and chances of getting a credit cardwith a high credit limit then you should look to build your creditand improve your annual earnings as high credit cardproviders will take into account how much you earn before they decide if they can offer you a credit cardwith a high credit cardlimit.
Some credit cards who offer high credit cardlimits will require a minimum income such as £30,000 or some may rwquire you to earn atleast £250,000per year.
Credit cards with the highest credit cardlimits will also offer perks for purchases such as:
Free hotel stays
what are the fees for credit cards with high credit cardlimits?
Some credit cards with high credit cardlimits will reduce the amount of credit available to you if you fail to make your monthly credit cardrepayments.
Most credit cards with the highest credit cardlimits will also have ahigh annual fees and may have high APRs aswell.
Most credit cards with high credit limits are not even credit cards but rather charge cards which insist that you must repay your balance in full each month.
Some examples of high limit credit cards include:
British Airways American Express® Credit Card
American Express Platinum Cashback Credit Card
American Express The Platinum Card
British Airways American Express® Premium Plus Credit Card
The Starwood Preferred Guest® credit cardfrom American Express
How to build credit to get high limit credit cards
To get a credit cardwith a high limit youwill usually need to have a very high credit score. If you dont have a high credit score but have bad credit then you may find it harder to get a credit cardwith a high credit limit.
Bad credit could include:
Bad credit could include:
A debt management plan
A home reposession
Steps to imrpove your credit score:
Check your credit file for any errors. You can check all four credit bureaus in the UK using the checkmyfile service. Incase you are wondering the fourth credit bureau is crediva.
You should ensure you are registered on the electoral roll at your current home adress.
You should snesure you dont miss any monthly credit repayments.
You should ensure you dont make too many credit applications at one time.
You should try and avoid payday loans.
You may want to take our a credit builder loan or card to improve your credit score.