Many consumers use credit cards for their convenience, but those who use high limit cards tend to be more sophisticated and affluent consumers. Cards with high credit limits, generally limits above $10,000 to $15,000, are often designed to entice those high income customers. These enticements may take the form of travel rewards like free airline tickets and upgrades, cash back awards that allow those affluent consumers to recapture some of their spending, or experience rewards like special access to hard to find tickets and special seating at concerts, Broadway plays and other events.

Analyse Your Needs and Your Spending Patterns

Analyse the spending you do on your cards. If your current credit card provides a year end summary broken down by categories, analyze that statement to see which spending categories have the most activity. If you do not have access to a detailed summary, you can create your own using your credit card statements. Create a spreadsheet listing each purchase and its assigned category, or simply write the information on a piece of tablet paper.

Once you know which categories represent the bulk of your spending, you will be better equipped to find the best card. If you find that you spend only 3 percent of your money on travel, a high-dollar travel rewards credit card might not be very useful. If your analysis finds that you spend 20 percent of your dollars eating out, a dining rewards card with a high credit limit could be very rewarding.

Look for High Limit Cards to Match Your Lifestyle

Seek out prestigious high-limit credit cards. These…  type of credit cards tout their high levels of customer service and customisation as well as their high spending limits. If you hold a regular credit card call your issuer and enquire whether a change of card product may benefit you.

Understand the Terms and Conditions Before You Sign Up

Review the terms and conditions of each card carefully. Some high spending limit cards come with high annual fees, and you will have to decide if the perks and rewards offered are worth the extra cost. Also be aware of the tiered spending levels many of these cards use. In order to earn the highest cash back percentages and most prestigious perks, you might be required to spend $5,000 or even $10,000 annually on the card. If your spending levels are already that high, that should not be a problem, but it is something to be aware of.

Choose Your Card Wisely to Maximise Your Savings

Maximise your rewards by booking travel with the high limit card that provides the most bonus miles. Make your petrol purchases using the card that provides the best petrol rewards or cash back for fuel and car related expenses.

This article is for educational purposes only and is not financial advice. Consult your financial adviser or other professional before making a decision about any financial transaction.