High limit credit cards are those cards that have a larger credit limit. It means that a cardholder can use it more frequently and charge a larger amount of money. Such cards are especially popular among businessmen, retailers, investors.
Though it may sound tempting, the terms often are much stricter. For instance, all fees and APR is much higher in comparison to the average credit cards. It’s possible to lower APR even to 10% but your creditworthiness must be outstanding.
Are There High Limit Credit Cards for Bad Credit?
There are high limit credit cards for bad credit. Still, not every person will accept the high-value security requirements, extremely high interest, and APR. Furthermore, if you default on the regular payment, the company will immediately send this information to the bureau. It’s extremely harmful to the credit.
So, based on the aforementioned drawbacks of the high limit credit cards, you have to think twice before applying for them.
High limit credit cards for business purposes offer a little bit more affordable conditions. Still, compared to the simple credit cards they still remain unprofitable.
It’s not really easy to apply for this kind of card. Still, assuming the tempting shell, the nut might cost you good credit.