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High limit credit cards are perfect for people or business owners who have excellent credit ratings. The most popular type of high limit cards being offered by banks and card companies are called platinum credit cards. These types of cards normally have very low introductory rate periods that will last for a longer length of time which is why responsible financial planning is needed once you start using platinum cards.
One of the most common types of high limit cards are consumer cards, these cards are best used by business owners. It has very high credit limit with some starting as high as $40,000. One of the requirements for getting this type of card is to have your own company. The great thing about consumer cards is that the benefits you can get from it are made specifically for large business. You can get special cash back and/or rewards programs for any business-related products such as office supplies, etc.
The fastest way to get approved for cards with high credit limit is to have an excellent credit rating, very low outstanding debt and high income, though the qualifications will differ from one company to the other. Most people who do not qualify for platinum cards end up getting business credit cards. This card is best for individuals who own a small business.
Owning a card with high credit limit makes it easy to obtain loans or get additional cards because most card companies will take into consideration how much credit you have access once they review your application. To get the most out of your high limit card, you need to pay off your balances in full each month. This way, you not only save a lot of money, you also build up your credit. You must only carry a balance over the next month when it is truly necessary.
One notable advantage of high limit credit cards is the introductory period to transfer balance from other cards to it. If you transfer your balance within the introductory period, you can have enough time to pay off all your balance without having to pay the incurred charges. Taking advantage of this feature can literally save you thousands of dollars in fees and charges.
Platinum credit cards are without a doubt, a useful tool that provides almost limitless financial resources. That said, it must be used responsibly. It is so easy to get buried deep in debt if you fail to create a great financial plan.