Having a high limit credit card can be an extremely valuable asset for your business. It can help you access capital when you need it most and also make you look more trustworthy to potential customers. For a business owner, having a high limit credit card can help you manage your finances, track your spending, and stay organized.
That being said, getting a high limit credit card isn’t easy. You need to demonstrate that your business has the potential to repay the credit card in full and on time. However, unless you have a particularly good credit score, you’re going to want to target a business card with a high limit.
If you own a business, you probably already know that credit is an important part of running a successful one. You might think that high limit credit cards are only for the rich, but that’s not the case. In fact, these cards are for anyone who wants to take advantage of their credit line. With a high limit card, you can use a large amount of money for business or personal expenses.
What is a High Limit Credit Card for Business?
A high limit credit card can be a useful tool for establishing credit, keeping tabs on debt, and building business credit. Having a card can also provide access to business-related services. In this blog post, we’ll explain the best high-limit credit card for your business. We’ll also outline the key features you should look for to ensure you get the best business card for your needs.
High-limit cards have limits that range from $5,000 to $50,000 or more. The most commonly offered high limit cards are those which offer between $25k and $50k in credit limits. If you do not have enough credit score to get a high-limit credit card then you can consider a second chance credit card with no security deposit.
Best High Limit Business Credit Cards
High-limit cards typically offer lower rates on purchases than low-limit cards of the same issuer and great rewards programs like cash back or points or miles programs. In addition, these cards also offer other perks such as annual airline fee reimbursements, no annual fee, and premium travel services. Here are the top high limit credit cards for your business:
1. The American Express® Gold Card
The American Express® Gold Card is one of the best business cards on the market. This card has no pre-set spending limit on your purchases and offers the best opportunities to maximize your membership rewards points. When you spend $4000 on any eligible purchase you will get up to 60,000 membership rewards.
In addition, you will get 24/7 customer service on American Express’s network and exclusive benefits only with a $250 annual fee. The American Express® Gold Card also comes with up to $120 annual travel credit and also earns $10 Uber Cash in the U.S. to add your card to your Uber account you can also use this best credit card for small businesses.
If you use your card to purchase Uber East you will get 4X membership rewards points. In addition to this, there are no foreign transaction fees for international use. This card also offers up some other perks that could come in handy for your business as well:
– 3X membership reward points on direct flights booked with the airline or on amextravel.com – Free FICO score – Free global entry or Global Entry reimbursement upon approval – No late payment fees – Dining, Shopping, and Entertainment benefits.
2. The Chase Ink Business Preferred Credit Card
The Chase Ink Business Preferred Credit Card is one of the top cards on the market. It has a $95 annual fee, but it comes with a high credit limit of up to $15,000. The card also offers other benefits like access to a Priority Pass airport lounge program and VIP customer service line. With perks like these, this card is worth looking into for your business.
The Chase Ink Business Preferred Credit Card has no foreign transaction fees outside of the U. S. so it is no matter where your businesses are. They also offer 3 points per $1 on the first $150000 combined purchase and 1 point per $1 for all other purchases with no limits.
3. The Capital One® Spark 2% Cash Plus Credit Card
The Capital One® Spark Cash™ Credit Card is a great card if you need to make a large purchase or want to build up business credit. Capital One® Spark Cash™ Credit Card has no preset spend limit because it adjusts your credit limit on your credit profile, spending behavior, and payment history.
This credit card offers an unlimited 2% cashback for every purchase and there are no category limits. Additionally, the card has no APR because you must pay your due balance every month otherwise you have to pay 2.99% as a late fee.
Capital One® Spark Cash™ Credit Card also comes with a cash bonus of up to $1,000. When spending $5000 in the first 3 months you will get a $500 cash bonus and the other $500 you will get when spending $50,000 in the first 6 months.
You can also earn a $200 annual cash bonus every year to spend $200000 or more. Capital One® Spark Cash™ Credit Card charges a $150 annual fee with unlimited rewards and business benefits.
4. The Citi® Double Cash Card for Business
The Citi® Double Cash Card is one of the best business cards for those who are seeking a high-limit card. The card offers 2% cashback, 1% for purchases, and 1% for paying those purchases with your card. It also provides an introductory 0% APR on balance transfers for 18 months, which can be helpful if you are trying to pay down debt from other credit cards.
You can earn an unlimited amount of cashback and the Citi® Double Cash Card has restricted categories to track your spending. The Citi® Double Cash Card also has no annual fee and comes with a range of benefits that can help you when traveling abroad.
This includes Visa Signature benefits such as 24/7 emergency assistance and travel accident insurance, which can be useful in case of an emergency abroad.
5. American Express Business Platinum Card
Another top pick is the American Express Business Platinum Card. This card has a solid bonus of 150,000 membership rewards points when you $15000 on an eligible purchase in the first 3 months, enough to get you 1 year of Delta Gold Medallion status.
But that’s not all! Cardholders also get up to $1000 in the business credit line for equipment purchases. This means you can use your card to buy office equipment for your business with no finance charges.
The card also has great benefits for business owners because you do not need to pay any foreign transaction fees on your purchases. For example, you can get up to $200 credit in reimbursements for business travel expenses on the card each year.
You can also get 1.5X points when purchasing $5k or more in business categories and 1X point on other purchases. American Express Business Platinum Card charges a $695 annual fee for its services.
6. Wells Fargo Business Platinum Credit Card
Wells Fargo Business Platinum is another best credit card that comes with no annual fee. This card offers a cashback bonus of $300 for one time or 30,000 bonus points when you spend $3000 in the first 3 months and it also offers a first nine-month 0% introductory rate.
This credit card also offers 1.5% cashback on qualified purchases whereas other best business credit cards offer cashback points. Wells Fargo Business Platinum Credit Card users can 1,000 bonus points every billing cycle but you have to spend as qualifying purchases at least $1000.
If you are looking for the best and most convenient way to manage your business expenses then the Wells Fargo Business Platinum credit card is the best option.
7. Discover It Business Credit Card
The Discover It card is a great option for any business owner. This particular card has a high limit of up to $15,000 and no annual fee. You’re also not limited when it comes to the types of purchases you can make with your card.
One other thing worth mentioning about this card is that the limit applies to new purchases made in the first 60 days of account opening. With this card, you don’t have to worry about getting paid off every day in order to use your credit line.
You also won’t be charged an annual fee for using this card as long as you use it within a year. The Discover It Business Credit Card has a strong security feature called Zero Liability Protection which protects your money if someone else uses your card without permission and doesn’t pay back the balance.
This type of security is going to be especially important for businesses that need their cards to be used by more than one person at a time. If someone else were to take out a large amount of money using your card, Discover would cover the lost amount while you wait to get reimbursed through fraud protection services or through legal action.
Ways To Get A High Limit Credit Card for Your Business
A business card can be a useful tool for establishing credit, keeping tabs on debt, and building business credit. Having a card can also provide access to business-related services. So let’s discuss the ways to get a high limit credit card.
Decide if a High Limit Credit Card is Right for Your Business
The first step to getting a high limit credit card is deciding if this is something your business needs. A high limit credit card can be a great asset for a business that has access to a lot of capital and needs short-term funding infrequently.
Having a high limit credit card can be useful for seasonal businesses or businesses that have a limited operating period. The card issuer will likely only give out a high-limit credit card when they believe your business will repay the loan.
If you’re unsure if a high limit credit card is right for your business, start by assessing your current cash flow. If you currently have a high level of unpaid bills, you may need to consider a different financing option.
Know What You’ll Need in a High Limit Credit Card
The next step is to make sure you have the right personal information on your application. One of the most important things to remember when applying for a high limit credit card is your credit score. However, having a good credit score doesn’t automatically mean you’ll get approved for a high limit credit card.
Credit card companies will look at your credit history and see if you have a pattern of paying off your bills on time. In addition to your payment history, they will also look at how much you borrow. They want to make sure you’re able to repay the card in full and on time.
Establish a Solid Credit History
Another important step is to make sure your credit score is solid before applying for a high limit credit card. Credit card companies are looking at your payment history when making a decision on your application. However, they might also look at the amount you borrow if you’re approved for a high limit credit card.
Credit card companies often factor in your credit report when determining your credit score. It’s important to stay consistent when it comes to reporting credit information. If your credit score is below average then you should know how to increase your credit score by 100 points within 30 days.
Report all of your accounts on time and make sure you pay your bills on time. If you have accounts in collections, try to make payments on them or have the other party pay you directly. It’s important to have a solid credit score so you can get approved for a high limit credit card.
Have a Well Established Business
The next step is to make sure your business is well established. Having a well-established business can help you demonstrate that you are capable of repaying the high limit credit card. Credit card companies want to make sure you have the ability to repay the loan that they’re giving you.
If they think you might be forced to file bankruptcy, they may not approve your application. It’s important to make sure you’re well-established enough to handle a high limit credit card. The best way to do this is to be profitable and have a steady income.
Manage Your Finances Responsibly
One of the best ways to get a high limit credit card is to demonstrate that you are responsible for your finances. Credit card companies look at your credit report when making a decision on your application. They will see if you have a pattern of making payments on time and making responsible decisions.
Credit card companies want to make sure you aren’t going to blow through your loan and cause them to incur additional losses. The best way to manage your finances responsibly is to keep your expenses low and make responsible decisions with your money. Credit card companies will likely assume that you are responsible if you have a high limit credit card.
Be Able to Pay the Balance in Full and on Time
Another important factor to consider when getting a high limit credit card is your ability to pay the balance in full and on time. Credit card companies want to make sure that you have the ability to repay the loan. They want to make sure that you won’t file for bankruptcy or use the card recklessly.
Credit card companies also look at your payment history when making a decision on your application. They want to make sure that you have the ability to repay the loan in full and on time. It’s best to get a credit card with a low-interest rate so you have some wiggle room with paying the balance in full and on time.
Conclusion
Having a high limit credit card can be an extremely valuable asset for your business. It can help you access capital when you need it most and also make you look more trustworthy to potential customers. For a business owner, having a high limit credit card can help you manage your finances, track your spending, and stay organized.
That being said, getting a high limit credit card isn’t easy. You need to demonstrate that your business has the potential to repay the credit card in full and on time. If you’re unsure if a high limit credit card is right for your business, start by assessing your current cash flow.
