Visitors to Smart Balance Transfers often write in wishing to know what cards offer high credit limits for balance transfers. Unfortunately, the answer to this question is not very cut and dry. In a nutshell, the best answer is: it depends. And, as the credit crunch has intensified, predicting which credit card will provide credit limits of $10,000 or $25,000 is even more difficult.
Here’s the main issue. No credit card company can or will tell you what your credit limit will be until you have applied and they have processed your application. It doesn’t matter what your credit score is, how high your income is, or what your favor color is. Credit limits are determined based on proprietary, computer based risk models, and no one at any credit card company can even provide you an estimate as to what your credit limit will be.
The credit crunch has become yet another problem for people seeking high credit limits for balance transfers. Credit card companies have become reluctant to extend credit to even the most credit worthy customers, and those with credit scores below 700 will have a hard time getting a respectable credit limit.
Taking these factors into consideration, there are still a number of options for consumers looking to transfer high balances from high interest credit cards to 0% APR credit cards. The first option is to apply for a credit card issued by a company that offers high credit limits. Below is a list of credit card companies that offer above average credit limits:
- Discover – Offers credit limits of up to $25,000
- Bank of America – Offers credit limits of up to $25,000
- Capital One – Offers credit limits of up to $20,000
While the three credit card companies listed above offer high limits, there is no guarantee that you will get a high enough credit limit to cover the balances you wish to transfer. However, one option would be to apply for a credit card from two or more of these issuers. While you may not get the credit limit you need from one company, your combined credit limit may be high enough to help you get all of your high interest balances onto 0% APR cards.
For more information, please see the 0% APR balance transfers section of Smart Balance Transfers where you can compare credit card details and apply online for approval.
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