Have you ever gone through situations where you intended to purchase in installments but did not have enough available limits? At these times, having a credit card with a high limit can be a great alternative. In this post, we’ve gathered three online banks with high credit card limits.
Venmo
Launched in 2009 as a startup, Venmo is a peer-to-peer payment platform owned by a respected financial institution, PayPal. Venmo allows users to send and receive money. With this handy smartphone app, you can request, send and receive money to and from anyone who is a Venmo user with a Venmo account. The platform has high limits for both daily expenses and bank transfers. If you want to know all the details about using the Venmo limit, check out the post made by the finance experts at Almvest.
Chime
What makes Chime different is that they established it during the smartphone age. This allowed them to launch an application for the customer’s convenience quickly. Customers can use it to settle their financial balances rapidly. They can control their credit cards and clear up their queries with customer service providers. Chime bank accounts are guaranteed up to the maximum standard deposit of $250,000. Over the years, Chime has become one of the most successful and leading digital banking applications in the United States. As of March 2019, the organization had a valuation of 1.5 billion dollars. By the end of the year, Chime’s assessment had quadrupled.
Lending Clubs
A little different from the two banks mentioned above, LendingClub’s focus, in addition to the high limit, is to offer cash rewards with low interest. Customers can access thousands of ATMs on the MoneyPass and SUM networks. Places like Radius also have no ATM fee refund limit for customers who use ATMs that are offline. Another focus of LendingClub is to save money, with an interest rate of 0.15% APY.
How do I apply for a high-limit credit card?
Credit cards can be requested directly over the internet, but it is essential to pay attention to some points. With this in mind, we have below a step-by-step guide on how you can securely request your card online:
- Choose the ideal card for you: After reading our content, you should choose the card that best suits your profile. Be very careful at this time, as often having only a high limit is no guarantee that the card is sound!
- Access trusted links: After choosing your ideal card, make sure you are accessing a trusted connection.
- Fill in the form: When redirected to the card website, you must fill in the form with your basic information.
- Wait for approval: Then, just wait for the credit analysis so that the issuing company can evaluate your documents and set an initial limit. On average, the analysis process, until the card arrives at your house, usually takes up to 45 days.
How can I increase the credit card limit?
To increase your credit card limit, it’s essential to keep your bill payments up to date and always choose to pay the total bill. Another tip is to avoid installment payments and pay all your bills on time to increase your credit score. This way, you can increase your chances of having an approved high-limit card, as well as increase your limit on a card you already have.
How does the credit card limit work?
Not everyone will have access to the same credit card limit. This is mainly due to your credit score, which can classify a customer’s payment history.
Therefore, to get higher limits, you must try to behave well as a consumer, paying your bills on time so that the bank has more confidence in giving you a higher limit. For that, we’ve detailed some tips that can help you increase your score:
- Make your payments on time;
- Use your current credit card quite often;
- Get rid of debt;
- End terrible financial habits.
Once this is done, your chances of having your card limit increased are much higher.
Is it worth it to have a high-limit card?
Having a high-limit credit card can be extremely useful in some situations, but it can also be the reason for your headache in others. Thus, having a limit that is often higher than your monthly earnings can be something that jeopardizes your financial control. Therefore, you must monitor your earnings and expenses in some way.
