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Credit Card With High Limit

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  • 23-04-2015 9:06pm
    #1
    onthestreet
    Registered Users Posts: 23 ✭


    I want to apply for a credit card, but I don't want them to give me a tiny limit and say "see how it goes and apply for an increase in 6 months". I already have a card with my bank PTSB for 5K, but the intro rate has run out so I need to move. Can anyone tell me which bank gives the highest credit limit for a person permanently employed with an "average" credit rating?
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    #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    That's a kinda how long is a piece of string question I don't think anyone could give you a definitive answer tbh


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    #3
    onthestreet
    Registered Users Posts: 23 ✭onthestreet


    I'd like to hear from someone who has had a few credit cards and has an opinion. For example, when I lived in the UK, I can say HSBC Platinum gave the highest limit, more than a normal credit card, but I probably had very good credit score. I know its kind of a hard question.


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    #4
    AlexisM
    Registered Users Posts: 250 ✭✭AlexisM


    onthestreet wrote: »
    I already have a card with my bank PTSB for 5K, but the intro rate has run out so I need to move. Can anyone tell me which bank gives the highest credit limit for a person permanently employed with an "average" credit rating?
    If the interest rate is important to you, it sounds like you don't pay your bill off in full each month so I'm not sure you'll get a bank to give you a high limit. If you don't pay off your 5K PTSB each month, a bank might be concerned about giving you (a) a second credit card even with another 5K limit and (b) anything higher. 'Low limit and see how it goes' seems quite a prudent approach by the banks - and Irish banks are definitely trying to at least be seen as prudent these days.

    For what it's worth, I have an Ulster Bank card with a limit just under 16K (think it was IR£12.5K) plus there's 0.5% back in vouchers/stuff. Also have PTSB 5K - they don't seem to go in for very high limits. I think AIB and BoI both have tiered products - so as your salary (and your tolerance for fees) gets higher, they have gold, platinum etc with increasing limits. Ireland doesn't have much in the way of stand-alone credit cards - people generally get their cards from their own bank.


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    #5
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    onthestreet wrote: »
    I'd like to hear from someone who has had a few credit cards and has an opinion. For example, when I lived in the UK, I can say HSBC Platinum gave the highest limit, more than a normal credit card, but I probably had very good credit score. I know its kind of a hard question.

    I have a a personal and business cc, both with quite high limits. The interest rate is irrelevant to me as both are paid in full every month without fail…. If the interest rate is important to you then the banks might be a bit nervous of giving you a high limit….
    The old saying, in order to get a loan you must first prove that you do not need it….!!!


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    #6
    onthestreet
    Registered Users Posts: 23 ✭onthestreet


    Thanks all for help. Yes, AlexisM I pay off my balance in full – more or less – or minimum at least. I have an average credit rating on givemecredit.ie. OK, so I’ve got it done to a straight between choice AIB Platinum and KBC. Anyone, guess which one is more likely to approve me for around 5K. I don’t have a current account with either.


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    #7
    CramCycle
    Moderators, Sports Moderators Posts: 24,646 Mod ✭✭✭✭CramCycle


    onthestreet wrote: »
    Thanks all for help. Yes, AlexisM I pay off my balance in full – more or less – or minimum at least. I have an average credit rating on givemecredit.ie. OK, so I’ve got it done to a straight between choice AIB Platinum and KBC. Anyone, guess which one is more likely to approve me for around 5K. I don’t have a current account with either.

    AIB platinum have a minimum of 5k as a limit, so if your approved, thats the least you'll get. Need a 40k+ salary, not sure what else.


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    #8
    homer911
    Registered Users Posts: 5,115 ✭✭✭homer911


    onthestreet wrote: »
    Thanks all for help. Yes, AlexisM I pay off my balance in full – more or less – or minimum at least. I have an average credit rating on givemecredit.ie. OK, so I’ve got it done to a straight between choice AIB Platinum and KBC. Anyone, guess which one is more likely to approve me for around 5K. I don’t have a current account with either.

    You pay off the balance in full each month...or you pay the minimum?? Which is it? You say you want to move because of the loss of an introductory rate - sounds like another cc is just putting things on the long finger, which is exactly the kind of attitude which brought this country to its knees with excessive personal debt - if you need a high limit that desperately, you should at least consider a term loan instead, pay off your debt and stick with the existing card and its limit

    I deliberately keep my limit low, and if I need more credit, I'll make it available by reducing the balance from savings


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