Compare high credit limit balance transfer credit cards
Pay off consolidated debt with a low or 0% intro APR offer.
You can typically pay off your debt faster by moving it to a balance transfer credit card with a low or 0% introductory interest rate. If you have debt on more than one credit card or you need to transfer a large amount, a high credit limit balance transfer credit card might be a good fit. These cards give you more available credit, which means you can consolidate a large amount of debt onto the card.
Providers rarely share the credit limits they offer, plus the highest limit isn’t even guaranteed. The limit you’re approved for will depend on factors such as your credit score and income – and you’ll likely have to wait until you’re approved for the card to know what that limit is.
What's in this guide?
Information on maximum credit limits can be sparse. Most of what exists is anecdotal, and the limits included are estimations based on reviews and details provided by credit card providers.
Your assigned credit limit will vary based on several factors, including your creditworthiness and your income. To receive a higher credit limit, you’ll likely need a good to excellent credit score of 650 or higher.
Credit card providers use your credit limit to determine how much debt you can transfer to a new card. While some cards will let you transfer up to 90% or more of your credit limit, others may cap it at 50%.
For example, if you had $10,000 worth of credit card debt and got a balance transfer card with a $10,000 credit limit, you might only be able to transfer $5,000 over to the card.
A balance transfer card with a higher credit limit of $20,000, on the other hand, is more likely to allow you to move the whole debt. So the higher your credit limit, the more likely you are to meet requirements to get your full balance transfer approved.
When comparing high credit limit balance transfer credit cards, consider the following:
- Balance transfer offers. The market has a fair number of low APR balance transfer offers, however 0% APR offers are harder to come by. While comparing the APR is important, you’ll also need to make sure the offer is long enough to pay off as much of your debt as possible. If you have a large debt, you might want to consider a long-term balance transfer of 10 months, whereas a smaller debt might only require a six month balance transfer offer.
- Balance transfer fees. Most high credit limit balance transfer cards charge a one-off balance transfer fee of 1% to 3% of the total debt you move to the new card. Make sure you check for this cost and factor it in before you apply so you know exactly how much you’ll pay for the card you choose.
- Annual fees. While some balance transfer cards come with no annual fee, those with access to a high credit limit may charge annual fees that can run as high as $499.
- Standard balance transfer APRs. At the end of the introductory period, the balance transfer interest rate will revert to a higher standard rate. Checking this interest rate before you choose a card and factoring it into your payment plan can help you avoid hefty interest costs down the road.
- Not paying off the balance before the intro offer ends. Any remaining balance at the end of the introductory period will be charged the higher standard rate, which could make it a lot harder to pay down.
- Making purchases on the new card. New purchases will likely attract the standard interest rate, and you may not have access to any interest-free days. This means that any payments you make on the card will go toward the new purchase balance before your transferred debt, so it could take longer and cost more to pay off your debt completely.
- Not factoring in fees. Balance transfer fees, annual fees and other charges will all add to your credit card debt. Consider them when deciding if a balance transfer is worth it.
- Minimum payments. Credit cards have minimum payments around 2.5% or a minimum of $10 + interest and fees of the total balance. You’ll need to meet this requirement each month to keep the account in good standing.
- Declined applications. High credit limit balance transfer cards usually have higher application requirements, including high minimum incomes. Make sure you meet the eligibility conditions to lessen the chances of your application being declined and your credit score being affected.
- Cancelling cards. Once the balance transfer is complete, you’ll be responsible for managing or cancelling any of your old cards.
Follow these steps to apply for a high balance transfer credit limit credit card:
- Compare cards. Compare balance transfer credit cards with high credit limits to find one that suits your needs. Make sure you consider the features and fees of the card once the balance transfer offer runs out.
- Fill out the application. You’ll be asked to provide a range of details including your full name, address, date of birth, Social Insurance Number (SIN) and employment details.
- Provide details for the balance transfer. During your application, you’ll be asked to provide details of any accounts that you wish to transfer balances from including the account name and number, financial institution and the total debt you want to move to the new card.
- Submit the application. You might get a response within a few minutes either on the webpage or via email. Some providers may take a few days or weeks to review your application.
Upon successful application, the credit card provider will contact you to finalize the application and issue your card. After that, you should get the card in the mail within 5 to 10 business days, although it could be up to 21 days depending on the provider.
Some providers require you to receive and active the card before they can complete the balance transfer process. Once you’ve activated the card, this process usually takes up to 14 days, however it can take longer to complete. You’ll need to continue to make any minimum payments on your existing accounts during this time.
Once you’ve found the right card and your transfer has gone through, keep the following in mind:
- Make sure the old card has been paid off. While you may be able to check your statement online, there’s the chance that a charge or fee hasn’t shown up yet. Check with the credit card provider to be sure it’s completely paid off. You can then close your account if you wish.
- Consider keeping your old card open. Your credit utilization ratio, how long you’ve had the credit card and the on-time monthly payments all contribute towards a positive shift in your credit score. Leaving your old card open can keep your utilization low and your history longer. But at all costs, avoid using the card to make purchases – or else you’ll end up in even more debt.
- Plan within the promotional period. To take full advantage of the low or 0% introductory rate, you’ll want to pay off the entire balance before the intro period ends and the revert rate kicks in.
- Make timely payments. Late payments can end your introductory rate early. Keep up with your monthly bills and pay at least the minimum. However to get the most out of the promotional period, you’ll want to try and pay off your debt in full.
Too low of a credit limit may not be as much of a hindrance as it seems. Here are some different ways you can deal with your transfer amount being more than the maximum credit limit you’re offered:
- Transfer what you can. Transfer as much of the balance that you can to the new card and take advantage of the introductory rate. During this time, you’ll still need to make minimum payments on your original card and the new one.
- Request a higher limit. Try to request a higher credit limit from the provider. It’ll require calling the provider or visiting your local branch – but there’s no guarantee that the provider will agree to it.
- Seek an alternative. If the credit card provider won’t raise your limit, it may be time to look for another means if you’re set on moving your debt. In addition to a balance transfer card, a debt consolidation loan could help you get a handle on the remaining balance.
Consolidating your debt with a high credit limit balance transfer credit card can make it easier and faster to clear your debt because you get the benefit of a lower interest rate and only have to make one monthly payment. Now that you know more about these types of cards, you can compare offers and find an option that suits your needs.
Remember that you’ll want to consider the other features of the card aside from the balance transfer, since once the offer runs out, you’ll take on the standard APR and be left with the other perks that the card offers.
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