topic Re: Where do you want your high limits? in Credit Cards

Where do you want your high limits?

Makersmark23 — Sun, 03 Jan 2016 01:25:13 GMT

Pretty simple and subjective topic here...

I first was upset that my Citi Prestige was not my highest CL, my Amex ED is at 30K. But now that I think about it, is it not better to have your highest limits on your Non-AF cards? That way keeping them is no problem. Obviously subjective, but potentially a good rule of them I had not yet considered.

Opinions?

Re: Where do you want your high limits?

Shogun — Sun, 03 Jan 2016 03:48:29 GMT

I think anything above 20K is golden. I've got some that high, but I use my freedom which is $10K the most. After awhile, it's just numbers. Not that much use for me.

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 04:05:59 GMT

I want my high CLs on the cards I use the most. Higher is better with EDP and CSP, since I use them often and the bonus categories have high (or no) spending caps.

Contrast that with Sallie Mae. When the 5% is capped, what's the point of a high CL (like $10k or $20k) when excess spending on the card (above $1,250 a month) would just earn 1% cash? I'd rather have room for more credit with Barclaycard to open a new account (and get a nice bonus).

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 04:19:40 GMT

@Anonymous wrote:

Contrast that with Sallie Mae. When the 5% is capped, what's the point of a high CL (like $10k or $20k) when excess spending on the card (above $1,250 a month) would just earn 1% cash? I'd rather have room for more credit with Barclaycard to open a new account (and get a nice bonus).

I know it's not a big deal for everyone, but the point would be to (a) not have to worry about utilization and (b) still show use. Yes the rewards are capped and yes you can PIF before the statement cuts, but if you don't want to deal with that extra step it's convenient to have the buffer.

Plus, this way other credit card companies get used to seeing you report balances so they don't have a reason to freak out and think you won't pay them back (therefore potentially leading to AA) when you need to charge a large purchase on your card.

If I had to choose one vs. the other though then agreed, better to have high limits on the cards you actually use the most!

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 04:53:50 GMT

Yes.....

Please move all my chase limits to my Discover

Re: Where do you want your high limits?

Aahz — Sun, 03 Jan 2016 05:12:56 GMT

I only have $0 AF cards, so no difference for me there. However...

@Anonymous wrote:
Contrast that with Sallie Mae. When the 5% is capped, what's the point of a high CL (like $10k or $20k) when excess spending on the card (above $1,250 a month) would just earn 1% cash? I'd rather have room for more credit with Barclaycard to open a new account (and get a nice bonus).

@Anonymous Sallie Mae also receives regular, generous 0% balance transfer offers on a fairly regular basis. The $20k CLI means I can comfortably have $4k @ 0% for months on end while still maxing out monthly rewards (which don't generate interest as monthly purchases (in addition to 2x minimum due) are PIF before statement cut).

Re: Where do you want your high limits?

Runitup — Sun, 03 Jan 2016 05:34:28 GMT

@Aahz wrote:
I only have $0 AF cards, so no difference for me there. However...

@Anonymous wrote:
Contrast that with Sallie Mae. When the 5% is capped, what's the point of a high CL (like $10k or $20k) when excess spending on the card (above $1,250 a month) would just earn 1% cash? I'd rather have room for more credit with Barclaycard to open a new account (and get a nice bonus).
@Anonymous Sallie Mae also receives regular, generous 0% balance transfer offers on a fairly regular basis. The $20k CLI means I can comfortably have $4k @ 0% for months on end while still maxing out monthly rewards (which don't generate interest as monthly purchases (in addition to 2x minimum due) are PIF before statement cut).

Bingo, you just can't beat a 1% transaction fee they are currently offering. Also love the fact you can carry a purchase balance along with a xfer balance and not get gigged a finance charge.

Re: Where do you want your high limits?

Man-Of-Steel — Sun, 03 Jan 2016 05:37:49 GMT

@Anonymous wrote:
I want my high CLs on the cards I use the most. Higher is better with EDP and CSP, since I use them often and the bonus categories have high (or no) spending caps.

Contrast that with Sallie Mae. When the 5% is capped, what's the point of a high CL (like $10k or $20k) when excess spending on the card (above $1,250 a month) would just earn 1% cash? I'd rather have room for more credit with Barclaycard to open a new account (and get a nice bonus).

I like your thought pattern and I agree. I just did this with Barclays. My Sallie Mae account has been open since Oct 2014 and I haven't received any CLIs. I haven't made any effort whatsoever to contact Barclays to see if I could get a CLI. Instead, I opened a new Arrival account and I was approved for a nice limit. I'd much rather have the higher limit on the Arrival, since it will be my main card for the next few months. Also, sometimes AF cards can be downgraded to No-AF cards and you can still keep the high limit. That's what I did with my Venture.

Re: Where do you want your high limits?

OmarGB9 — Sun, 03 Jan 2016 05:40:21 GMT

I want a high limit Amex and Chase card. Already have a $10k Venture from Cap1, which is high enough for me (though if they increased it even further, I certainly won't complain ).

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 05:44:58 GMT

@OmarGB9 wrote:
I want a high limit Amex and Chase card. Already have a $10k Venture from Cap1, which is high enough for me (though if they increased it even further, I certainly won't complain ).

How high do you consider high? 10k+?

Re: Where do you want your high limits?

OmarGB9 — Sun, 03 Jan 2016 05:50:21 GMT

For me, yes. At my current income level, I know $20k+ limits are out of the question, and that's fine. Later on when I graduate from college and start my career I'll aim for those kinds of limits.

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 06:37:23 GMT

8ottaway,

I'm a bit suspicious of the utilization argument when it's taken to extremes. 10% utilization is better than 30%, but is 1% really so much better than 3%? I know for FICO purposes it is very slightly better, but getting (and keeping) credit isn't all about FICO scores. At some point, certain issuers may become uneasy about a customer having an enormous about of open, available credit relative to income and spending.

Aahz & Runitup,

I'm not an expert on how to juggle making BTs while avoiding AA. I PIF and keep a good emergency fund compared to my very low essential expenses, so BTs don't really enter the picture for me in choosing a card or caring about CLs.

I would point out, though, that my Sallie Mae's current BT terms are: 4% fee, no 0% period, and a 21.99% APR. You might end up facing terms like I'm currently offered at the time you actually need the ones you currently have. Also, several people on here complain about various issuers lowering limits when things get tough.

Man-Of-Steel,

I actually moved some of my CL from Sallie to Arrival. I may, under some unusual situation, need to make a large purchase in some other country that requires a card to have online PIN capability. Arrival would be useful there, with no FTFs, so I want a decent limit. The excess limit was just wasted on Sallie.

Re: Where do you want your high limits?

lokobo — Sun, 03 Jan 2016 07:00:04 GMT

Citi DC!! But now it's been replaced in my wallet by FNBO Bb.

Re: Where do you want your high limits?

Aahz — Sun, 03 Jan 2016 09:01:30 GMT

@Anonymous wrote:

Aahz & Runitup,
I'm not an expert on how to juggle making BTs while avoiding AA. I PIF and keep a good emergency fund compared to my very low essential expenses, so BTs don't really enter the picture for me in choosing a card or caring about CLs.

I would point out, though, that my Sallie Mae's current BT terms are: 4% fee, no 0% period, and a 21.99% APR. You might end up facing terms like I'm currently offered at the time you actually need the ones you currently have. Also, several people on here complain about various issuers lowering limits when things get tough.

Everyone has different needs and desires. But you asked what the point was, so I shared the point - for me.

Everyone also has a different credit profile and thus, receives different offers. I've never had higher than a 3% fee, my standard SM APR is 13.99% and I just started my second year-long 0% BT with them. Some people worry about how much credit cards cost them. I use most of my cards for free loans, putting the bank's money to work for me while my own cash rests safe and comfortable elsewhere, ensuring both profit and liquidity. The rewards I earn for my regular spending are just gravy.

That's the wonderful thing about credit - it's an incredibly malleable tool that everyone can form into the shape that benefits them the most

Re: Where do you want your high limits?

mitchblue — Sun, 03 Jan 2016 10:53:36 GMT

Agree, though I don't have a 20k card. How much credit does someone need. But I do wish my barclay cards were a bit higher, only cards not at 5k or more. Just for the fect I use them quite a bit and the Utilization gets to 30% or more from time to time.

@Shogun wrote:
I think anything above 20K is golden. I've got some that high, but I use my freedom which is $10K the most. After awhile, it's just numbers. Not that much use for me.

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 12:16:48 GMT

If I can get a 25k Venture or Quicksilver then I'll be good. I would never reach that amount in credit, but that would ensure that I have nice buffer space for anything I spend on it. I'm usually the one in which everyone gives their money to when me and my friends go on group trips. So a $3k-$4k charge on a $25k card (assuming I don't pay off the balance immediately anyway) would still give me excellent utilization percentages. I could also use a bump on my Apple Barclay by a few thousand. I make an apple purchase at least once a year with 0% special financing so that would be great buffer too. I don't really need $100k in revolving credit. I'm a simple guy lol

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 16:43:48 GMT

@Aahz wrote:
I only have $0 AF cards, so no difference for me there. However...

@Anonymous wrote:
Contrast that with Sallie Mae. When the 5% is capped, what's the point of a high CL (like $10k or $20k) when excess spending on the card (above $1,250 a month) would just earn 1% cash? I'd rather have room for more credit with Barclaycard to open a new account (and get a nice bonus).
@Anonymous Sallie Mae also receives regular, generous 0% balance transfer offers on a fairly regular basis. The $20k CLI means I can comfortably have $4k @ 0% for months on end while still maxing out monthly rewards (which don't generate interest as monthly purchases (in addition to 2x minimum due) are PIF before statement cut).

I was going to say this. CL is only $8k (with recent $3k auto CLI after first BT), but where I was thinking I really didn't care about the SM limit, since I've gotten two or three sets of checks since taking the BT offer, I'm thinking this will be a regular thing. We have some other 0% ending throughout spring and summer and I'm trying to strategize building the SM limit to absorb some of them by then.

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 16:49:21 GMT

@OmarGB9 wrote:
For me, yes. At my current income level, I know $20k+ limits are out of the question, and that's fine. Later on when I graduate from college and start my career I'll aim for those kinds of limits.

What are your current QS and Venture limits? You could always put in a CLI request on each before merging them into a single card for a high CL.

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 17:06:05 GMT

@Makersmark23 wrote:
Pretty simple and subjective topic here...

I first was upset that my Citi Prestige was not my highest CL, my Amex ED is at 30K. But now that I think about it, is it not better to have your highest limits on your Non-AF cards? That way keeping them is no problem. Obviously subjective, but potentially a good rule of them I had not yet considered.

Opinions?

I dunno. I gotta admit with increasing APR..... I am glad my Amex ED is at 15k. Its No AF....and one the promotional APR ends I will be able to get the long term APR down fast....seeing as how my delta that was opened in June is already down to 9.5%.

However...Amex isnt as widely accepted......

I would like to find a Visa/MC that is 2% that can have an easily adjustable APR....Not sure how low my citi DC APR can go, I think Jan 2017 it goes to 12.99%.

Would like to know why NONE of my credit card companies have informed me of ANY apr changes whatsoever. I guess since the agreement states variable rate they could care less....my credit union insists my card apr wont change.

Re: Where do you want your high limits?

Anonymous — Sun, 03 Jan 2016 17:07:27 GMT

@Anonymous wrote:
Yes.....

Please move all my chase limits to my Discover

HA. Whatever!!! Your disco card will be ballin' at $20k plus in less than a year. I guarantee it. Even with them being hesitant to issue big limits...you are good!