High limit credit cards are those cards that have a larger credit limit. It means that a card holder 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.
There are high limit credit cards for bad credit. Still, not every person will accept high-value security requirement, 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, basing 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, comparing to the simple credit cards they still remain unprofitable.
It’s not really easy to apply for this kind of a card. Still, assuming the tempting shell, the nut might cost you a good credit.
High credit – how long does it take? <- Get the answer.