high limit credit cards
What are High Limit Credit Cards
There are many people who need credit cards with a higher credit limit, in order to cover up their expenses. Some really important requisites of such cards include possessing a good credit score and secure credit history.
- These cards usually have an high APR (Annual Percentage Rate). The membership and service fees are constant, but are also high in comparison to normal credit cards. In some cases, companies also levy processing fees that range from USD 1 to USD 50 based on credit ratings.
- There are some low interest-high limit cards which have a highly variable APR ranging from 10% to 20%, and in extreme cases 30%, based upon the creditworthiness of the person.
- People having good scores that exceeds 660, can get a card with security, enabling a secured debt. They usually have a high APR projection that makes the transactions costly. People with excellent scores that exceeds 700, can have a fixed APR card which is unsecured.
- There are some cards for bad credit, that have a high value security requirement, high rate of interest, and high APR, which also can be availed
- The last feature is the implication of late payment and default. Both of these are very harmful for the credit report, as the company will report it immediately, and would also slap a fine on the next bill.
- If you want to buy high limit business credit cards, then the fees and interest rates will be a bit lower, and will be charged at a fixed rate. In some cases, the APR is set according to the credit score and credit history of the business organization.