High Credit Limit Credit Cards

Compare high credit limit cards designed for big spenders and maximise your purchasing power.

By   |   Verified by David Boyd   |   Updated 28 May 2024

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business

Comparing high credit limit credit cards

Bankwest Breeze Platinum Mastercard

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

12 months at 0% p.a.

Annual fee

$69.00 p.a. ongoing

Highlights

  • Experience 0% p.a. interest on balance transfers for 12 months (with a 2% BT fee, then 12.99% p.a.).
  • 0% p.a. for 12 months on purchases (reverting to 12.99% p.a.).
  • Benefit from up to 55 interest-free days.
  • Offer exclusively for new customers within a specified period. Additional charges, along with terms and conditions, apply.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • 0% p.a. for 12 months on purchases.
  • No foreign transaction fees. Plus, complimentary overseas travel insurance for you and your family.

Cons

  • There is no rewards program on this card.
  • There is a 2% BT fee.
American Express Qantas Business Rewards Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$450.00 p.a. ongoing

Highlights

  • Obtain 170,000 bonus Qantas Points with the American Express Qantas Business Rewards Card when applying by 25 June 2024, getting approved, and spending at least $6,000 within 3 months of approval. Exclusive to new American Express Card Members.
  • Earn 2 Qantas Points per $1 spent on Qantas products and services, up to 1.25 points per $1 spent on everyday spend, and 0.5 Qantas Points per $1 spent on government spend, utilities, and insurance.
  • Once a total of 500,000 Qantas Points is earned in a calendar year, the everyday business earn rate will change from 1.25 to 0.75 Qantas Points per $1 spent. *For Card Members who applied for the Card between July 1, 2023, and January 9, 2024, this change will take effect from July 10, 2024.

Pros

  • Earn 170,000 bonus Qantas Points when you meet the criteria.
  • Two complimentary passes for the Qantas Club lounge every year.
  • A flexible Payment Option is available to spread costs over time for a portion of your balance.
  • Power up your business – Spend with Dell Technologies and get up to $100 credit.

Cons

  • The $450 p.a. annual fee.
  • Balance must be repaid in full each month.
  • No concierge service.
  • Lounge passes are valid for Qantas Club and not the international business lounges.
American Express Velocity Platinum Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$375.00 p.a. ongoing

Highlights

  • Get 60,000 bonus Velocity Points upon applying by 26 June 2024, getting approved, and making $3,000 in eligible purchases with your new Card within the initial 3 months. Offer valid for new Amex Card Members exclusively.
  • Receive a complimentary Virgin Australia return Economy domestic flight between specified cities annually following your first Card spend each year.
  • Benefit from 2 complimentary Virgin Australia lounge passes each year at selected domestic airports.

Pros

  • Receive 60,000 bonus Velocity Points when you meet the criteria.
  • Complimentary Virgin Australia return Economy domestic flight between selected cities each year after your first Card spend each anniversary year.
  • Enjoy 2 complimentary Virgin Australia lounge passes each anniversary year at selected domestic airports.
  • Receive 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 within your card membership year.
  • Complimentary domestic and international travel insurance.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.
  • Add up to 4 additional cardholders for free.

Cons

  • The interest rates applied to balances carried over is on the high end.
  • There is no balance transfer offer on this card.
American Express Platinum Card

On website

Apply by 25 June 2024

American Express Platinum Card

Balance transfer

N/A

Purchase rate

N/A

Annual fee

$1,450.00 p.a. ongoing

Highlights

  • Acquire 150,000 Bonus Membership Rewards Points by applying before 25 June 2024, getting approved, and spending $5,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Utilize a $450 Platinum Travel Credit annually for flight, hotel, or car rental bookings.
  • Indulge in up to $400 per calendar year when dining at a curated selection of over 1,400 hand-picked restaurants, both domestically and internationally. Terms and Conditions apply.

Pros

  • Receive 150,000 Bonus Membership Rewards Points when you meet the criteria.
  • Receive a $450 Platinum Travel Credit each year.
  • Enjoy up to $400 Global Dining Credit per calendar year.
  • Access to more than 1,400 lounges globally, including The Centurion® Lounge.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.

Cons

  • The annual fee of $1,450.
American Express Explorer Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$395.00 p.a. ongoing

Highlights

  • Obtain 50,000 Bonus Membership Rewards Points upon application approval and spending $4,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Enjoy a $400 Travel Credit annually for flights, hotels, and car rentals when booked online using this card.
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • The 50,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • Receive a $400 travel credit every year.
  • Earn 2 Membership Rewards points per $1 spent on purchases except for government bodies in Australia where you will earn 1 point per $1 spent (uncapped).
  • Get two complimentary entries per year to The Centurion® Lounge.

Cons

  • The $395 p.a. annual fee.
American Express Platinum Edge Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • No annual fee in the initial year, saving you $195.
  • Accrue 3 Membership Rewards points for every $1 spent at major supermarkets and petrol stations.
  • Access $200 allocated for annual travel expenses, applicable towards eligible flights, hotels, or car rentals when booked through American Express Travel.

Pros

  • $0 annual fee in the first year, saving you $195.
  • Receive $200 to spend on eligible domestic and international flights, hotels, or car hire with American Express Travel.
  • Smartphone Screen Cover for smartphone screen repairs up to $500.

Cons

  • The ongoing purchase rate of 23.99%.
American Express Velocity Business Charge Card

On website

Balance transfer

N/A

Purchase rate

N/A

Annual fee

$249.00 p.a. ongoing

Highlights

  • Get 100,000 Bonus Velocity Points upon applying by 27 August 2024, getting approval, and fulfilling the minimum spending requirement of $3,000 within 2 months of approval. Offer valid for New American Express Card Members exclusively.
  • Accumulate 2 points for every $1 spent on Virgin Australia services and up to 1 point per $1 spent on other transactions. Earn 0.5 points per $1 on ATO and government expenditures.
  • Benefit from 2 complimentary single-entry passes to the Virgin Australia Lounge at chosen domestic airports annually.

Pros

  • Receive 100,000 bonus Velocity Points when you meet the criteria.
  • Earn up to 2 Velocity Points per $1 spent.
  • No pre-set spending limit and up to 51 days to pay for purchases.

Cons

  • The annual fee of $249 p.a.
  • Each employee card costs $99.
American Express Gold Business Card

On website

Balance transfer

N/A

Purchase rate

N/A

Annual fee

$169.00 p.a. ongoing

Highlights

  • Acquire 75,000 bonus Membership Reward points upon application approval and spending $1,000 on your card within the initial 2 months. Exclusive to New American Express Card Members.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • Experience enhanced flexibility with no pre-set spending limit.
  • Benefit from Travel Insurance covering up to $2.5 million in medical emergency expenses.

Pros

  • Receive 75,000 bonus Membership Reward points when you meet the criteria.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • No cap on how many points you can earn.
  • No pre-set spending limit means more flexibility.
  • Spend with Dell Technologies to receive up to $75 credit until 31 December 2024.
  • Membership Rewards points can be transferred to a number of airlines, giving you options when booking travel.

Cons

  • The $119 fee for every additional card added.
  • Doesn't offer airport lounge access.
  • No access to concierge services.
Westpac Altitude Black Credit Card (Altitude)

On website

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$150.00 for 1st year

Highlights

  • Earn up to 150,000 bonus Altitude Points. Receive 100,000 Altitude bonus points by spending $6,000 on eligible purchases within 120 days of card approval. Additionally, get 50,000 points after your first eligible purchase in year 2. Exclusions apply.
  • Initial $150 p.a. annual fee ($295 p.a. thereafter), applicable to new cardholders only.
  • Earn 6 Altitude points per $1 on Qantas, Jetstar, Singapore Airlines, and Emirates flights bought in Australia, subject to eligibility criteria.

Pros

  • Earn up to 150,000 bonus Altitude Points when you meet the criteria.
  • Additional savings with the $150 first-year annual fee ($295 p.a. thereafter).
  • Earn 1.25 points per $1 spent on eligible purchases
  • Get 2 complimentary lounge passes each year with Priority Pass.

Cons

  • The high annual fee of $295 p.a. after the initial year.
Qantas Premier Titanium Credit Card

On website

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$1,200.00 p.a. ongoing

Highlights

  • Acquire 150,000 bonus Qantas Points upon reaching a $5,000 expenditure within 90 days of card approval.
  • Experience a 20% bonus on Status Credits for Qantas operated and marketed flights.
  • Distinguish yourself with this metal card, setting you apart from conventional plastic cards.

Pros

  • A very substantial sign up bonus with a reasonable spending target.
  • Earn Status Credits when you buy eligible Qantas flights with the card.
  • A high Qantas Points earn rate.
  • Four Qantas airport lounge passes each year.
  • Comes with complimentary domestic and international travel insurance.
  • The physical card is made of metal.

Cons

  • The annual fee is on the high end.
  • No free additional cardholders.
  • Ongoing interest rates are typical of a rewards card.
Westpac Altitude Platinum Credit Card (Altitude)

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Receive 100,000 Altitude bonus points when you spend $3,000 on eligible purchases within 90 days of card approval. Terms and conditions apply.
  • $99 p.a. annual fee for the first year ($150 p.a. annual fee thereafter).
  • Earn 3 Altitude points per $1 on Qantas and Jetstar flights bought in Australia, eligibility criteria apply.

Pros

  • 100,000 bonus Altitude Points when you spend $3,000 in 90 days.
  • Additional savings with the $99 first-year annual fee ($150 p.a. thereafter).
  • Comes with complimentary travel insurance.
  • Earn 1 Altitude point per $1 spent on eligible purchases.

Cons

  • Only up to 45 days interest-free on purchases.
  • Does not include lounge access.

Eachcredit card has a predetermined credit limit set by the lender based on their evaluation of your creditworthiness. You are only permitted to spend up to the specified limit on the card. Credit cards with limits of $20,000 or more are typically considered high credit limit cards.

When used responsibly, high limit credit cards can be valuable financial tools that provide added flexibility to your credit line. For instance, with a higher credit limit, you may be able to consolidate balances from multiple cards into a single, more manageable account.

Types of credit cards with high limits

Various banks, lenders, and supermarket credit card providers offer different types of high limit credit cards. These include high limit balance transfer cards, charge cards, business and corporate cards, and Gold, Platinum, and Black cards.

Gold, Platinum, and Black credit cards

Premium credit cards are designed for high-income individuals and frequent spenders, offering elevated credit limits and additional perks such as generous rewards programs, complimentary travel insurance, concierge services, and airport lounge access.

However, it's crucial to note that Gold, Platinum and Black cards often come with high annual fees and interest rates. To avoid negating the value of the points earned, it's important to pay the balance in full each month, as interest charges on a large balance can quickly accumulate.

Balance transfer credit cards

When using a balance transfer credit card to transfer a large balance, ensure that the credit limit is sufficient to accommodate the amount. Additionally, consider the balance transfer limit, which defines the portion of the total credit limit that can be used for balance transfers. Depending on the card issuer, balance transfer limits typically range between 70% and 100% of the approved credit limit.

0% purchase credit cards

These offers provide an interest free period on purchases, allowing you to spread out the cost of a large expense over several months. A high credit limit can be particularly beneficial in this scenario, as it enables you to make a substantial purchase without overextending your credit.

Business credit cards

Business cards not only have higher average credit limits to accommodate larger purchases but also offer features tailored to business needs. These may include the ability to issue multiple employee cards and seamless integration with popular accounting software like Xero, QuickBooks, and Quicken.

Charge cards

Unlike credit cards, charge cards require the full outstanding balance to be paid monthly. Consequently, they don't have a credit limit or a pre-set spending limit, although the issuer—usually American Express—will periodically assess your creditworthiness. Charge cards are available for personal, business, and corporate use.

For instance, a charge card could provide a business with a large monthly ad spend more financial flexibility compared to a credit card with a fixed credit limit.

Important things to keep in mind about high limit credit cards

When deciding to switch to a high credit limit credit card, carefully analyse your financial needs. In some cases, applying for a higher credit limit may not be your best option.

Spending habits

If you're considering a high limit card to have a larger credit allowance for online shopping, vacations, a new car, or other significant expenses, ensure that you'll have the funds to pay off the balance within a reasonable time frame. While there are more affordable ways to borrow large amounts, a credit card can be effective if you have a long interest-free period and can repay the balance before that window closes.

Eligibility

Before approving your card application, the lender will review your payment history on existing credit commitments, your overall credit history, and your credit score. If they determine that you haven't been paying down your balances sufficiently each month, your application for a larger limit will likely decline. Conversely, you may find that you're often offered more credit when you don't actually need it.

Interest rates

Using a high limit credit card can lead to serious financial problems if not managed properly. Since most of these cards have standard or higher interest rates, failing to pay the balance in full each month can result in substantial interest charges. If you're unsure about your ability to repay the balance, it may be wise to consider alternative options.

Help choosing a credit card with high credit limits

  • FAQs

  • Pros & cons

  • Alternatives

Is a high credit limit good for your credit score?

The credit utilisation ratio, the amount of total credit limit used, is a key factor in calculating credit scores. Having a high credit limit and maintaining a low balance can demonstrate responsible use and help boost your credit score. However, even if not fully utilised, a high credit limit can have a negative impact on your credit score in some cases.

Are there any credit cards with no credit limit?

No, but some charge cards, which are not technically credit cards as they require full repayment every month, do not have a pre-determined limit.

What is the highest credit limit for an Australian credit card?

Some credit cards offer maximum credit limits of $100,000 or possibly higher. Credit limits on charge cards can be even more substantial.