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Credit limit above 100k is it possible?

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Regular Contributor

Re: Credit limit above 100k is it possible?


@Remedios wrote:




 

OP literally typed  Ok. I will try to transfer E-trade stocks to ML.  50 min after suggestion was made.  Takes me longer to decide what to eat for breakfast. 

 

That's not self directed, that's taking one opinion and running with it.  

I am fairly certain your decision process would not be that lax. 

 

 

 


Could be that a few hundred thousand just isn't all that much to the OP that s/he isn't too concerned about which reputable institution handles it.

Also, they did say try. May have meant they'll be asking their advisor to handle things.

@simplynoir wrote:

You are probably one of the few that is learning from this. Most won't be able to apply this for themselves at all with the type of money being thrown around here. I agree sharing information is great but this won't help a lot of people except the true 1%.


Considering a card such as the Centurion exists, with a MINIMUM spending limit much higher than what is being discussed here...we're very far off from the true 1%. Yup. We should all feel much poorer now. lol Smiley Sad

Message 51 of 69
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Mega Contributor

Re: Credit limit above 100k is it possible?


@Rebuilt wrote:

@Remedios wrote:




 

OP literally typed  Ok. I will try to transfer E-trade stocks to ML.  50 min after suggestion was made.  Takes me longer to decide what to eat for breakfast. 

 

That's not self directed, that's taking one opinion and running with it.  

I am fairly certain your decision process would not be that lax. 

 

 

 


Could be that a few hundred thousand just isn't all that much to the OP that s/he isn't too concerned about which reputable institution handles it.

 


Yes, my thoughts were something along those lines. especially depending on what the investment is.    If I have a few hundred K in a very vanilla S&P 500 Index ETF/fund, especially if it's an IRA/40X,  its not going to matter much which of the majors has it, at most some small difference in expense.   I've considered moving a small part of mine to ML purely for the Plat Honors thing, just never got round to it, and I certainly wouldn't consider bothering my fee-only financial advisor for her input on this.

Message 52 of 69
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Established Member

Re: Credit limit above 100k is it possible?

Hi all. I pulled the trigger pressed on the love button for my BofA Premium card. I got 30k increase so now my total limit is 150k. I'm really impressed with BofA generosity.
Message 53 of 69
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Valued Contributor

Re: Credit limit above 100k is it possible?


@Saleen099 wrote:

@ridgebackpilot wrote:

@serbia wrote:

I am trying really hard to get my CL above 100k.


Be careful what you wish for! Chase gave me more than a $100K limit on my Ink Business Preferred card. Six of my staff are authorized users, and we travel a lot internationally. So I needed a relatively high limit.

 

The problem is that even though my business pays the bills each month, Chase counts this card's CL against my total personal credit "exposure". Which means it's now difficult for me to get approved for another personal Chase card or even a CLI on my own cards.

 

I argued with Chase that if they're going to treat the Ink Preferred card as if it was my personal card, then logically they should consider the $120M my company has in the bank as part of my personal assets. They declined to follow my logic...! :-)

 


 Exactly.   When I hit over 300K with JP Morgan Chase.  I went to a financial review.  I had to give my financial statements for the past five years plus of my bank account information  showing that I can maintain it wouldn’t have no problem paying it all back.  


hum, can you please expand on this a bit...$300k of consumer and business card based exposure or what exactly please

Message 54 of 69
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Community Leader
Super Contributor

Re: Credit limit above 100k is it possible?


@AverageJoesCredit wrote:
The priblem all you high rollers have is that $100 needed to break 100k is reserved for Average Joes like meSmiley Wink

Sorry...i just had a Milky WaySmiley Wink

Now that’s a good one @AJC. I love it 😂🤣


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 55 of 69
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Community Leader
Mega Contributor

Re: Credit limit above 100k is it possible?


@Trikoret wrote:
Hi all. I pulled the trigger pressed on the love button for my BofA Premium card. I got 30k increase so now my total limit is 150k. I'm really impressed with BofA generosity.

well im sure they are impressed with your assetsSmiley Wink

 

CongratsSmiley Happy

Message 56 of 69
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Established Member

Re: Credit limit above 100k is it possible?

I'm curious how can BofA afford paying 2.625% each transaction and merchant fees are between 1.5-2%. I have retail stores and our average merchant fees are 1.8%. Or is it cause BofA interest rate on acts are low?
Message 57 of 69
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Moderator

Re: Credit limit above 100k is it possible?


@Trikoret wrote:
I'm curious how can BofA afford paying 2.625% each transaction and merchant fees are between 1.5-2%. I have retail stores and our average merchant fees are 1.8%. Or is it cause BofA interest rate on acts are low?

People who pay interest pay for your rewards. 

Message 58 of 69
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Established Member

Re: Credit limit above 100k is it possible?

I guess that makes sense then. At first I thought they would cut me off for using my card for business expenses. But now Bofa Travel business card earns the same reward structure. So hopefully I should be ok using both cards
Message 59 of 69
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Community Leader
Super Contributor

Re: Credit limit above 100k is it possible?


@Remedios wrote:

@Trikoret wrote:
I'm curious how can BofA afford paying 2.625% each transaction and merchant fees are between 1.5-2%. I have retail stores and our average merchant fees are 1.8%. Or is it cause BofA interest rate on acts are low?

People who pay interest pay for your rewards. 


That and they need a six figure "downpayment" from you to get & keep it so it's not like they give it away to anyone.

Message 60 of 69
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