What is your largest CL and which card?

[Aim_High]

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@Remedios wrote:

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@Drwaz99 wrote:

Paltry compared to a vast majority here. Maybe one day I'll be able to sit in the nosebleed section but I'm in no real hurry. 

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No reason to feel that way while imaginary money is being discussed

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Right.  It's not like I plan to ever use anywhere close to my high limits. I'm pushing them for Utilization padding, and just because I can at this point in my life and credit journey. 

After 30+ years with credit, I finally am enjoying great scores and high income.   I want to pad my limits well while I can before I hit retirement years in the next decade or so and get a good card refresh line-up in place.  Just gives me options.

There are some on here -primarily with large business spend - who "need" or justify those super high limits because they actually use them.  They will always get higher limits than some of the rest of us. 

IMO, if you have credit card lines of 1-2x annual income, that's more than enough credit unless you also have large business spend.  I think that's a reasonable target to shoot for.  Budget-wise, most people truly only "need" about 30% to 50% of annual income in credit lines for a safe spending threshold for personal expenses.   There's a reaon that lender's formulas for credit line heavily factor in income, debt, and therefore ability to repay in addition to FICO scores. Exceeding that can be dangerous if you aren't disciplined and know the perils.   I know I already have much more than I will ever need but that doesn't stop me from seeking more from other banks.

[kroberts67]

My Amex BCE hit $25k a few years back, is my biggest card and at that point I stopped asking.   

[Anonymous]

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@K-in-Boston wrote:

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@Anonymous wrote:

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@Remedios wrote:

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@Drwaz99 wrote:

Paltry compared to a vast majority here. Maybe one day I'll be able to sit in the nosebleed section but I'm in no real hurry. 

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No reason to feel that way while imaginary money is being discussed 

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Agreed. Its not even our money, its the bank's. 11.7K isn't bad at all. 

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+2  It's all relative, and when you see high limits like that there are often high personal and/or business expenditures to go along with them.

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And if I am making a purchase that would be more than 3K, I'm asking for a discount if I pay in cash. If it's better than my rewards rate, I'll pay in cash and not use the line anyway. Plus you save on sales tax with a lower price. Some will not negotiate regardless of price so then i use the card.

[Aim_High]

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@iced wrote:

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Keep in mind when you close a Chase card, they'll keep a token amount ($500) on the old card, so you won't get a $97k limit - you'd get a $96,500 limit.

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True. 

But that extra $500 was sooooo important!!!!

Lol

[iced]

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@Anonymous wrote:

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@K-in-Boston wrote:

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@Anonymous wrote:

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@Remedios wrote:

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@Drwaz99 wrote:

Paltry compared to a vast majority here. Maybe one day I'll be able to sit in the nosebleed section but I'm in no real hurry. 

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No reason to feel that way while imaginary money is being discussed 

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Agreed. Its not even our money, its the bank's. 11.7K isn't bad at all. 

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+2  It's all relative, and when you see high limits like that there are often high personal and/or business expenditures to go along with them.

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And if I am making a purchase that would be more than 3K, I'm asking for a discount if I pay in cash. If it's better than my rewards rate, I'll pay in cash and not use the line anyway. Plus you save on sales tax with a lower price. Some will not negotiate regardless of price so then i use the card.

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That is really splitting hairs. Assuming very favorable conditions (5% discount for cash) and very unfavorable tax rate (10%), even on a $10,000 purchase, the sales tax saved would be about $50. On top of that, most items that cost $10,000 or more either are going to be sold tax-included (artwork/antiques/etc) in the sale, cannot or must be paid for by credit card by rule (you have no choice), or are taxed differently (automobiles/homes) such that the discount becomes irrelevant.

In most cases, the price difference realized with sellers between cash and credit who are willing to do so are going to be in the 1-3% range and for a lower amount, meaning you're really saving tens of dollars total. I guess if every dollar counts it's a saving, but I don't see this really worth the hassle of negotiating a cash discount.

Agree that CL money isn't ours, though.

[CreditCuriosity]

So true when others say it isnt our money, but the banks.. I was doing a CL reallocation the other day and closing a card out and I moved some of the limit not all of it and the UW said you sure you don't want to move it all.. My answer was no, if I maxed out what I have on the card i just moved some of the limit to I would be in deep crud and got a chuckle out of them.

[Remedios]

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@Aim_High wrote:

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@Remedios wrote:

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@Drwaz99 wrote:

Paltry compared to a vast majority here. Maybe one day I'll be able to sit in the nosebleed section but I'm in no real hurry. 

---

No reason to feel that way while imaginary money is being discussed

---

Right.  It's not like I plan to ever use anywhere close to my high limits. I'm pushing them for Utilization padding, and just because I can at this point in my life and credit journey. 

After 30+ years with credit, I finally am enjoying great scores and high income.   I want to pad my limits well while I can before I hit retirement years in the next decade or so and get a good card refresh line-up in place.  Just gives me options.

There are some on here -primarily with large business spend - who "need" or justify those super high limits because they actually use them.  They will always get higher liimits than some of the rest of us. 

IMO, if you have credit card lines of 1-2x annual income, that's more than enough credit unless you also have large business spend.  I think that's a reasonable target to shoot for.  Budget-wise, most people truly only "need" about 30% to 50% of annual income in credit lines for a safe spending threshold for personal expenses.   There's a reaon that lender's formulas for credit line heavily factor in income, debt, and therefore ability to repay in addition to FICO scores. Exceeding that can be dangerous if you aren't disciplined and know the perils.   I know I already have much more than I will ever need but that doesn't stop me from seeking more from other banks.

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I get that, and I agree with it completely 

As long as scoring algorithm remains flawed and easily manipulated, utilization padding will be (and should be a thing).

Business or not , if you cant pay it, it makes no difference whether we're talking $10,000.00 or $100,000.00

It's still imaginary money for show'n'tell 

Also, and no snark here, *business* credit  translates into "sold something on Ebay 3 years ago, dont want this on my personal CR*  around these parts 

I dont care either way, I'll keep asking because somebody decided that 29% means you're doing awesome, 31% means hide yo wives hide yo kids they robbin' everyone 

I should ask Disco again, been a week 

[CreditCuriosity]

Also agree the FICO scoring is flawed IMO as well as people have artificially higher limits than needed to not kill their scores if they want to carry a balance, etc.  Sure this is built into some of the lenders exposures what they are willing to give a customer with excellent credit, etc.  Weird thing is some lenders would let you go right up to your limit if it is a high one such as just throwing it out there NFCU while others would cut you off way prior to getting near max to limit their liability to on the hook for..  

[Anonymous]

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@iced wrote:

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@Anonymous wrote:

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@K-in-Boston wrote:

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@Anonymous wrote:

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@Remedios wrote:

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@Drwaz99 wrote:

Paltry compared to a vast majority here. Maybe one day I'll be able to sit in the nosebleed section but I'm in no real hurry. 

---

No reason to feel that way while imaginary money is being discussed 

---

Agreed. Its not even our money, its the bank's. 11.7K isn't bad at all. 

---

+2  It's all relative, and when you see high limits like that there are often high personal and/or business expenditures to go along with them.

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And if I am making a purchase that would be more than 3K, I'm asking for a discount if I pay in cash. If it's better than my rewards rate, I'll pay in cash and not use the line anyway. Plus you save on sales tax with a lower price. Some will not negotiate regardless of price so then i use the card.

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That is really splitting hairs. Assuming very favorable conditions (5% discount for cash) and very unfavorable tax rate (10%), even on a $10,000 purchase, the sales tax saved would be about $50. On top of that, most items that cost $10,000 or more either are going to be sold tax-included (artwork/antiques/etc) in the sale, cannot or must be paid for by credit card by rule (you have no choice), or are taxed differently (automobiles/homes) such that the discount becomes irrelevant.

In most cases, the price difference realized with sellers between cash and credit who are willing to do so are going to be in the 1-3% range and for a lower amount, meaning you're really saving tens of dollars total. I guess if every dollar counts it's a saving, but I don't see this really worth the hassle of negotiating a cash discount.

Agree that CL money isn't ours, though.

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5% savings on $10K is $500. Sales tax savings of $10-$20 range. That's $515 cash back on the transaction.

I've never heard of a new roof, furnace, or AC being tax included. But if they are, great. Care more about a cash discount, if any.

Had a hospital bill give me a 10% discount for "PIF cash". Another hospital bill gave me 10% for PIF, but I also paid that one using a CC. Should have tried for PIF CC on the first, maybe they would still have given me 10%.

More items to negotiate. Retainer wall rebuilds, furniture purchases, etc. They may not all give discounts, but some do. Point is, sometimes you don't need your entire line if you are a PIF cardholder.

[iced]

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@Anonymous wrote:

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5% savings on $10K is $500. Sales tax savings of $10-$20 range. That's $515 cash back on the transaction.

I've never heard of a new roof, furnace, or AC being tax included. But if they are, great. Care more about a cash discount, if any.

Had a hospital bill give me a 10% discount for "PIF cash". Another hospital bill gave me 10% for PIF, but I also paid that one using a CC. Should have tried for PIF CC on the first, maybe they would still have given me 10%.

More items to negotiate. Retainer wall rebuilds, furniture purchases, etc. They may not all give discounts, but some do. Point is, sometimes you don't need your entire line if you are a PIF cardholder.

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The hospital discounts are pretty standard (one place here offers 40% discount if you just pay the bill rather than file with insurance) but that's not a cash-instead-of-CC discount. You likely would have still got the 10% on the first bill, too. Most of the other examples you cite fall into this bucket as well - they're offering discounts for a single payment-in-full instead of installments, not for paying with cash instead of CC.

Tax-included on medium- and big-ticket items means it's already rolled into the cost and they're not going to crunch the numbers rolling it back on a cash/CC discount. If I negotiate for a painting from an art dealer for a painting for say $25,000 and he says he'll do $24,500 if I write a check instead of use a card to save him on merchant fees, I'm usually either writing a check for $24,500 or swiping my card for $25,000. He's not going back and refactoring in the sales tax adjustment. His business model is such he's just paying that 6% or whatever on the back-end from his revenue. Same deal with general contractors and the like, though - they're cutting me a discount because they're basically just handing me the merchant fees they'd otherwise pay to the card to me instead. In a lot these cases, they're not even accepting CC for payment in full anyway. I'd love to go to the dealership and buy a new car and put it on my card instead of dealing with a check, but most dealerships won't take more than maybe $1,000 on card, so it's not worth the hassle.

The ones that did offer a substantial discount for cash instead of CC for payment-in-full are probably running some of that money under the prying eyes of the IRS, and I would immediately question them on their motives for such a discount. I'd rather pay the extra $500 than allow Greasy Gus to pocket cash outside the rules. Sorry all you food service workers out there, but this is also a reason I tend to leave the tip on my card as well - I know a lot of you aren't reporting it when I leave it as cash.

Sales tax of $10-20 on a $10,000 purchase is nothing. I'd never remember that $20 three days after the deal was done. However, my example cited a very unfavorable tax rate of 10%, hence the $50.

The bigger point in all this is that there's very, very few occasions where  paying a balance in full with a check versus paying it in full with a card is going to result in any sort of savings that's worth the hassle of negotiating for.