The Best Premium Credit Cards

Updated: 9th August, 2019.

Often referred to as high limit credit cards, premium credit cards are those that stand at the top of the market. They provide top-notch service, the best benefits and rewards programmes and, yes, often the potential for very high credit limits. But they also have high qualification standards and often charge premium-level card fees.

Credit card offers from our affiliate partners appear first and are ordered from highest rating to lowest, followed by other top-rated offers. You can read more about our ratings and page sort here. Offers from affiliate partners are marked with *

We’ve reviewed the high-end cards on the market and reckon that these are some of the best that can be found. Here are MyWalletHero’s picks for the best premium credit cards:

Great for: Long 0% purchase and balance transfer, plus points
4.5 stars question mark
Apply Now!

On M&S Bank's Secure Website

* Affiliate partner

The M&S Shopping Plus credit card ticks a lot of the boxes to make a great credit card. For starters, there’s a long 20-month 0% period on new purchases. But you can add to that a 20-month, 0% period for balance transfers made in the first 90 days and the M&S points programme. It is worth noting that there’s a 2.9% fee on balance transfers.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0% interest on purchases for the first 20 months
  • 0% interest for 20 months on balance transfers made in the first 90 days
  • 2.9% balance transfer fee
  • Earn M&S points for shopping at M&S and elsewhere
  • Bonus points voucher for 500 M&S points (worth £5 at M&S) mailed with new card

REPRESENTATIVE EXAMPLE

Representative rate 19.9% APR (variable)
Purchase rate 19.9% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 0% interest on purchases for the first 20 months
  • 0% interest for 20 months on balance transfers made in the first 90 days (2.9% fee applies)
  • Earn M&S points for shopping at M&S and elsewhere
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.9%
  • INTRO OFFER:

    0% interest on purchases for 20 months
    0% interest on balance transfers for 20 months

KEY SCORES:

  • 4/5 Perks
  • 3/5Fees
  • 4/5APR

HIGHLIGHTS

  • 0% interest on purchases for the first 20 months
  • 0% interest for 20 months on balance transfers made in the first 90 days
  • 2.9% balance transfer fee
  • Earn M&S points for shopping at M&S and elsewhere
  • Bonus points voucher for 500 M&S points (worth £5 at M&S) mailed with new card

REPRESENTATIVE EXAMPLE

Representative rate 19.9% APR (variable)
Purchase rate 19.9% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Premium charge card experience
4.5 stars question mark
Apply Now!

On American Express's Secure Website

* Affiliate partner

If you can get your head around spending £575 a year on a payment card, then you stand to benefit from all that The Platinum Card can offer. This high-end experience from American Express includes access to 1,200 airport lounges worldwide, comprehensive travel insurance for you and your family (subject to enrolment), hotels benefits, Membership Rewards points and a platinum concierge service. Note that this is a charge card, not a credit card, so you have to pay down your balance in full each month.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • Welcome award of 30,000 points after spending £4,000 in the first three months (subject to eligibility)
  • Complimentary airport lounge access at more than 1,200 lounges around the world
  • Comprehensive worldwide travel insurance for you, your family and supplementary cardmembers (subject to enrolment)
  • Hotel, car rental and taxi hire benefits
  • Access to the Platinum Concierge service
  • Special dining benefits through the Global Dining Collection
  • 1 Membership Rewards point for each £1 spent

REPRESENTATIVE EXAMPLE

Not applicable. This is a charge card, so there's no credit offered.

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 1 Membership Rewards Point per £1 spent
  • 30,000 bonus Membership Rewards Points when you spend £4,000 in first three months (subject to eligibility)
  • Complimentary airport lounge access at more than 1,200 lounges around the world
  • ANNUAL FEE:

    £575
  • REPRESENTATIVE APR:

    N/A
  • INTRO OFFER:

    30,000 Membership Reward points if you spend £4,000 in the first three months (subject to eligibility)

KEY SCORES:

  • 5/5 Perks
  • 1/5Fees
  • N/AAPR

HIGHLIGHTS

  • Welcome award of 30,000 points after spending £4,000 in the first three months (subject to eligibility)
  • Complimentary airport lounge access at more than 1,200 lounges around the world
  • Comprehensive worldwide travel insurance for you, your family and supplementary cardmembers (subject to enrolment)
  • Hotel, car rental and taxi hire benefits
  • Access to the Platinum Concierge service
  • Special dining benefits through the Global Dining Collection
  • 1 Membership Rewards point for each £1 spent

REPRESENTATIVE EXAMPLE

Not applicable. This is a charge card, so there's no credit offered.

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Big points at M&S plus sign-up bonus
4 stars question mark
Apply Now!

On M&S Bank's Secure Website

* Affiliate partner

For M&S shoppers, the M&S Reward Plus card may look like an outstanding option. Over the first year, users get 2 M&S points for every £1 spent at M&S, along with 1 point for every £5 spent elsewhere. You get a nice boost from the beginning too, as M&S will send you a 500-point voucher with the card, and another 2,000-point bonus just for using the card in the first 90 days.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 2 M&S points for every £1 spent at M&S in first year (1 points per £1 spent after that)
  • 1 M&S point for ever £5 spent elsewhere
  • 500 point M&S voucher (worth £5) sent with card
  • 2,000 point bonus if the card is used in the first 90 days
  • 0% interest for 6 months on purchases
  • 0% interest for 6 months on balances transferred in the first 90 days (2.9% fee applies)
  • No annual fee

REPRESENTATIVE EXAMPLE

Purchase rate p.a. 19.9% (variable)
Representative APR 19.9% (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • Double M&S points for M&S shopping in first year (2 points per £1 spent)
  • 1 M&S point for ever £5 spent elsewhere
  • 0% interest for 6 months on purchases and balance transfers made in the first 90 days
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.9%
  • INTRO OFFER:

    Double points at M&S for first year
    2,000 bonus points for using card in first 90 days

KEY SCORES:

  • 2/5 Perks
  • 3/5Fees
  • 4/5APR

HIGHLIGHTS

  • 2 M&S points for every £1 spent at M&S in first year (1 points per £1 spent after that)
  • 1 M&S point for ever £5 spent elsewhere
  • 500 point M&S voucher (worth £5) sent with card
  • 2,000 point bonus if the card is used in the first 90 days
  • 0% interest for 6 months on purchases
  • 0% interest for 6 months on balances transferred in the first 90 days (2.9% fee applies)
  • No annual fee

REPRESENTATIVE EXAMPLE

Purchase rate p.a. 19.9% (variable)
Representative APR 19.9% (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Collecting Avios on everyday spend
4 stars question mark
Apply Now!

On American Express's Secure Website

* Affiliate partner

This card is all about the Avios. If you are a new cardmember, then you can earn 5,000 Avios if you spend £1,000 in the first three months. Everyday spending will see you earn 1 Avios for every £1 spent, and there is also a friend referral scheme which offers 4,000 bonus Avios for each friend who is approved (up to 90,000 a year). All of these can then be redeemed as full or part payment against flights, or for flight upgrades. There is also the added bonus of a 2-for-1 companion voucher when you spend £20,000 a year on the card. And did I mention there is no annual fee?

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 1 Avios per £1 spent
  • 5,000 Avios when you spend £1,000 in first three months (subject to eligibility)
  • No annual fee
  • Refund protection up to £200 when a UK retailer won't refund an eligible item within 90 days of purchase (subject to enrolment)
  • Purchase protection up to £2,500 when an item is stolen or damaged within 90 days of purchase (subject to enrolment)
  • Travel accident insurance up to £75,000 (subject to enrolment), plus 24/7 access emergency assistance

REPRESENTATIVE EXAMPLE

Representative 22.9% APR variable
Purchase rate 22.9% variable for purchases
Credit limit Assumed credit limit of £1,200
Annual fee No annual fee

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 1 Avios per £1 spent
  • 5,000 bonus Avios when you spend £1,000 in first three months (subject to eligibility)
  • No annual fee
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    22.9%
  • INTRO OFFER:

    5,000 Avios points if you spend £1,000 in the first three months (subject to eligibility)

KEY SCORES:

  • 4/5 Perks
  • 3/5Fees
  • 2/5APR

HIGHLIGHTS

  • 1 Avios per £1 spent
  • 5,000 Avios when you spend £1,000 in first three months (subject to eligibility)
  • No annual fee
  • Refund protection up to £200 when a UK retailer won't refund an eligible item within 90 days of purchase (subject to enrolment)
  • Purchase protection up to £2,500 when an item is stolen or damaged within 90 days of purchase (subject to enrolment)
  • Travel accident insurance up to £75,000 (subject to enrolment), plus 24/7 access emergency assistance

REPRESENTATIVE EXAMPLE

Representative 22.9% APR variable
Purchase rate 22.9% variable for purchases
Credit limit Assumed credit limit of £1,200
Annual fee No annual fee

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Collecting hotel reward points
4 stars question mark
Apply Now!

On American Express's Secure Website

* Affiliate partner

This card unsurprisingly saves its top rewards for SPG members and those who use Starwood and Marriott hotels and resorts. Reward points can be earned on all spend, with even higher rewards earned through stays with the group. Top redemption opportunities come in the form of free stays at Marriott group hotels and free flights. All of this comes with the benefits attached to a high-end American Express card and a welcome offer of 30,000 bonus points when you spend £1,000 in the first three months (subject to eligibility). Just be aware of the £75 annual fee.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • Welcome offer of 30,000 points based on spending £1,000 in first three months (subject to eligibility)
  • 3 reward points for every full £1 spent
  • Automatic upgrade to Gold Elite Status after £15,000 in spend during the year
  • Free night award after £25,000 in spend during the year
  • Travel accident and travel inconvenience insurance (subject to enrolment)

REPRESENTATIVE EXAMPLE

Representative 39.7% APR (variable)
Purchase rate 22.9% p.a. (variable)
Assumed credit limit £1,200
Annual fee £75

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • Welcome offer of 30,000 points based on spending £1,000 in first three months
  • 3 reward points for every full £1 spent
  • Automatic upgrade to Gold Elite Status after £15,000 in spend during the year
  • ANNUAL FEE:

    £75
  • REPRESENTATIVE APR:

    39.7%
  • INTRO OFFER:

    Welcome award of 30,000 bonus points based on spending £1,000 in the first 3 months (subject to eligibility)

KEY SCORES:

  • 5/5 Perks
  • 1/5Fees
  • 2/5APR

HIGHLIGHTS

  • Welcome offer of 30,000 points based on spending £1,000 in first three months (subject to eligibility)
  • 3 reward points for every full £1 spent
  • Automatic upgrade to Gold Elite Status after £15,000 in spend during the year
  • Free night award after £25,000 in spend during the year
  • Travel accident and travel inconvenience insurance (subject to enrolment)

REPRESENTATIVE EXAMPLE

Representative 39.7% APR (variable)
Purchase rate 22.9% p.a. (variable)
Assumed credit limit £1,200
Annual fee £75

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Travellers looking for high rewards rates
3 stars question mark
British Airways
Apply Now!

On American Express's Secure Website

* Affiliate partner

This card incorporates the popular Avios reward scheme, which enables cardmembers to earn points that they can use towards flights, flight upgrades or hotel rooms. With a welcome bonus of 25,000 points when you spend £3,000 in the first three months (subject to eligibility), you are looking at an attractive offer. You just need to get comfortable with the £195 annual fee attached to the card.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 1.5 Avios per £1 spent
  • 3 Avios per £1 spent with British Airways or BA Holidays
  • 25,000 bonus Avios when you spend £3,000 in first three months (subject to eligibility)
  • 2-for-1 travel Companion Voucher after spening £10,000 (available each membership year)
  • Travel accident and travel inconvenience insurance (subject to enrolment)
  • Refund and purchase protection (subject to enrolment)

REPRESENTATIVE EXAMPLE

Representative rate 76.0% APR (variable)
Purchase rate 22.9% p.a. (variable)
Based on borrowing £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 1.5 Avios per £1 spent
  • 25,000 bonus Avios when you spend £3,000 in first three months (subject to eligibility)
  • 2-for-1 travel Companion Voucher after spening £10,000
  • ANNUAL FEE:

    £195
  • REPRESENTATIVE APR:

    76.0%
  • INTRO OFFER:

    25,000 bonus Avios points with spend of £3,000 in your first three months (subject to eligibility).

KEY SCORES:

  • 5/5 Perks
  • 1/5Fees
  • 1/5APR

HIGHLIGHTS

  • 1.5 Avios per £1 spent
  • 3 Avios per £1 spent with British Airways or BA Holidays
  • 25,000 bonus Avios when you spend £3,000 in first three months (subject to eligibility)
  • 2-for-1 travel Companion Voucher after spening £10,000 (available each membership year)
  • Travel accident and travel inconvenience insurance (subject to enrolment)
  • Refund and purchase protection (subject to enrolment)

REPRESENTATIVE EXAMPLE

Representative rate 76.0% APR (variable)
Purchase rate 22.9% p.a. (variable)
Based on borrowing £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Collecting rewards on a charge card
2.5 stars question mark
Apply Now!

On American Express's Secure Website

* Affiliate partner

This card is an American Express classic. The Green Card allows you to earn rewards from the American Express Membership Rewards scheme as well as benefit from travel insurance and purchase protection features (subject to enrolment) without having to worry about accruing debt and interest charges. That’s because this is a charge card, not a credit card, so whatever you spend during the month will need to be repaid in full. The card does, however, carry a £60 annual fee.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • No pre-set spending limit
  • 1 Membership Rewards point for each £1 spent
  • Refund and purchase protection (subject to enrolment)
  • Travel inconvenience and travel accident insurance (subject to enrolment)
  • Extended warranty (subject to enrolment)

REPRESENTATIVE EXAMPLE

Not applicable. This is a charge card, so there's no credit offered.

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 1 Membership Rewards point for each £1 spent
  • Refund and purchase protection (subject to enrolment)
  • Travel inconvenience and travel accident insurance (subject to enrolment)
  • ANNUAL FEE:

    £60
  • REPRESENTATIVE APR:

    N/A
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 3/5 Perks
  • 1/5Fees
  • N/AAPR

HIGHLIGHTS

  • No pre-set spending limit
  • 1 Membership Rewards point for each £1 spent
  • Refund and purchase protection (subject to enrolment)
  • Travel inconvenience and travel accident insurance (subject to enrolment)
  • Extended warranty (subject to enrolment)

REPRESENTATIVE EXAMPLE

Not applicable. This is a charge card, so there's no credit offered.

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Everyday cash back with an extra boost for big spenders
3.5 stars question mark
Apply Now!

On American Express's Secure Website

* Affiliate partner

If your goal is maximizing your cashback rewards, the American Express Platinum Cashback Credit Card could be your best bet. The downside is that the card carries an annual fee of £25. However, you get 5% cashback over the first three months (up to £125) and 1% cash back after that. And if you spend more than £10,001, you unlock an even higher 1.25% cashback rate.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 5% cashback for first 3 months (up to £125, subject to eligibility)
  • 1% cashback after first 3 months with spend of £1 to £10,000
  • 1.25% cashback after first 3 months with spend above £10,001
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to American Express offers for retail and travel partners

REPRESENTATIVE EXAMPLE

Representative APR 28.2% APR variable
Annual fee Based on £25
Credit limit Assumed credit limit of £1,200
Purchase rate 22.9% variable for purchases

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 5% cashback for first 3 months (up to £125, subject to eligibility)
  • 1% - 1.25% cashback after first 3 months, depending on spend
  • No cap on cashback earned
  • ANNUAL FEE:

    £25
  • REPRESENTATIVE APR:

    28.2%
  • INTRO OFFER:

    5% cashback for first 3 months (up to £125)

KEY SCORES:

  • 4.5/5 Perks
  • 1/5Fees
  • 1/5APR

HIGHLIGHTS

  • 5% cashback for first 3 months (up to £125, subject to eligibility)
  • 1% cashback after first 3 months with spend of £1 to £10,000
  • 1.25% cashback after first 3 months with spend above £10,001
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to American Express offers for retail and travel partners

REPRESENTATIVE EXAMPLE

Representative APR 28.2% APR variable
Annual fee Based on £25
Credit limit Assumed credit limit of £1,200
Purchase rate 22.9% variable for purchases

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Great for: Rewards, balance transfers and 0% purchases
5 stars question mark

The John Lewis Partnership Credit Card is an appealing rewards card for consumers who shop regularly at Waitrose or John Lewis. Cardholders get 1 point for every £1 in spend at John Lewis and Waitrose and 1 point for every £2 spent elsewhere. It also has a balance transfer offer (18 months), a 0% introductory interest rate on new purchases (9 months), and you get all of this without having to dole out an annual fee.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 1 point for every £1 spent at John Lewis and Waitrose, 1 point for every £2 spent elsewhere
  • 0% interest for 18 months on balance transfers
  • 0% interest for 9 months on purchases
  • No annual fee
  • Special offers to boost your rewards points

REPRESENTATIVE EXAMPLE

Representative rate 18.9% APR (variable)
Purchase rate 18.9% p.a. (variable)
Based on borrowing £1,200

what we like

  • 1 point for every £1 spent at John Lewis and Waitrose, 1 point for every £2 spent elsewhere
  • 0% interest for 18 months on balance transfers
  • 0% interest for 9 months on purchases
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    18.9%
  • INTRO OFFER:

    18 months 0% on balance transfers
    9 months 0% on purchases

KEY SCORES:

  • 4/5 Perks
  • 3/5Fees
  • 5/5APR

HIGHLIGHTS

  • 1 point for every £1 spent at John Lewis and Waitrose, 1 point for every £2 spent elsewhere
  • 0% interest for 18 months on balance transfers
  • 0% interest for 9 months on purchases
  • No annual fee
  • Special offers to boost your rewards points

REPRESENTATIVE EXAMPLE

Representative rate 18.9% APR (variable)
Purchase rate 18.9% p.a. (variable)
Based on borrowing £1,200
Great for: Really long balance transfer period
4 stars question mark

The Barclaycard Platinum 28-month balance transfer card features a long 28 months of 0% interest on balance transfers made in the first 60 days. The drawback is that there is a fee for balance transfers, which is often the case when looking at the balance transfer cards with the longest duration. As an added sweetener, there’s also 0% on purchases for six months and ongoing access to your Experian Credit Score.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0% interest on balance transfers for 28 months
  • 0% interest on purchases for six months
  • Ongoing access to your Experian Credit Score

REPRESENTATIVE EXAMPLE

Representative rate 19.90% APR (variable)
Purchase rate 19.90% p.a. (variable)
Balance Transfer Fee 1.99%
Based on borrowing £1,200

what we like

  • 0% interest on balance transfers for 28 months
  • 0% interest on purchases for six months
  • Ongoing access to your Experian Credit Score
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.9%
  • INTRO OFFER:

    0% interest for 28 months on balances transferred in the first 60 days
    0% interest on purchases for 6 months

KEY SCORES:

  • 4/5 Perks
  • 4/5Fees
  • 3/5APR

HIGHLIGHTS

  • 0% interest on balance transfers for 28 months
  • 0% interest on purchases for six months
  • Ongoing access to your Experian Credit Score

REPRESENTATIVE EXAMPLE

Representative rate 19.90% APR (variable)
Purchase rate 19.90% p.a. (variable)
Balance Transfer Fee 1.99%
Based on borrowing £1,200

What is a high limit credit card?

You’ll often hear people talking about ‘high limit credit cards’. So let’s start with an important point. Credit card issuers don’t market their cards as ‘high limit’ cards. The reason for this is simple: The credit limit on a credit card will be determined based on the credit-worthiness of the person applying. So even if a card would offer a very high credit limit to some cardholders, that doesn’t mean that all applicants will get offered a high limit. That said, ‘premium’ credit cards typically offer the potential to get a high credit limit.

Out in the wild, you may see these kinds of cards specifically referred to as premium, but they’re also often referred to as platinum or gold cards. And while these high-end cards may award some customers particularly high credit limits, in theory, some credit cards have no limit on how much you can spend. However, typically a premium credit card has a limit somewhere in the tens of thousands. It can also be the case that if the card has no limit, the provider will instead approve the purchases on a case-by-case basis.

In some circumstances, the cards with the highest spending limits are actually charge cards. These differ from credit cards in that they have no borrowing facility, so you must pay your full balance at the end of each month.

Some high limit credit cards are not open to public applications; instead, you have to wait for an invitation from the credit card provider. An invitation is only likely to be issued if you already hold another product with the provider and have reached the required eligibility criteria.

How to get your maximum limit

Your credit card limit is determined by a number of factors. Providers take into account your credit history, available income, existing credit commitments and credit limits elsewhere.

In order to be eligible for a high limit credit card, you will need to meet a minimum income requirement. This could be anything from £20,000 per year to having a high net worth (e.g. being a millionaire) at the top end. Providers will also require you to have a strong credit history and be over 21 rather than the standard minimum age of 18.

Here are few other things you can do to ensure that you have the best chance of securing a high limit credit card:

  • Credit utilisation – Have you heard of the 30% rule? If you are looking to achieve a higher limit, it pays to look at how you are using your existing credit limit. Providers will look more kindly on your application if you only ever use around 30% of your available credit limit. Keeping well within your current credit limit shows providers that you are not desperate for money and maxing out existing credit cards.
  • Make your payments – There is nothing more key than keeping on top of your credit card payments if you are looking to secure more credit. If you can demonstrate that you make your minimum payments each month, then you put yourself in a strong position. This also applies to other regular payments you have, such as direct debits and standing orders. Any missed or late payments can have a negative impact on your credit score, therefore making it harder for you to obtain a higher limit credit card.
  • Increase your income – Sometimes the way to borrow more money is to earn more money. If you can increase your income, then providers will be more willing to lend you money as they are more confident you will be able to repay your debt.

What’s the catch?

The main drawback of premium cards is that they typically have annual fees. These fees can range from as low as £24 up to thousands of pounds.

However, often with an annual fee come additional perks such as:

  • Frequent flyer miles
  • Access to first class lounges
  • Companion tickets
  • Advanced tickets for events
  • Reservations at top restaurants
  • Travel insurance
  • Breakdown cover
  • Concierge card service

When considering a card with an annual fee, it is worth calculating how much of what is on offer you would get value from, and therefore whether an annual fee would be cost-effective for your personal circumstances.

The big picture on high credit limits

While higher credit limits may seem attractive, they often come with high interest charges. If you have bad spending habits or think you may struggle with the repayments, you could end up with a high level of debt. Consider beforehand whether, if you are spending large amounts, you could afford to make the monthly repayments and also whether you could afford the annual fee associated with the card. Don’t be tempted to chase the biggest limits and the top-end premium credit cards you can find if you can’t afford them and don’t need them.

It is also best to look at what features the card offers as well. Consider any reward programme or additional benefits you could receive, alongside any introductory periods that the card may offer.

Before applying, it is worth checking whether you are likely to be accepted for a premium credit card, since every rejected card application can leave a negative mark on your credit report and make obtaining credit in the future that much harder. Look to do a soft search (also often called an ‘eligibility check’) which will not impact your credit score and consider whether you match the card’s eligibility criteria before making your application.

If you are unhappy with your current credit limit, you could always ask your existing provider for an increase rather than applying for a new card. It helps if you have held the card for a period of time so that the provider can see that you are a responsible borrower. Other factors such as an increased income will also help if you decide to apply for a credit limit increase.


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