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Unlimited Credit Cards
Unlimited Credit Cards
Unlimited Credit Cards |
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Seems amazing, but it is still possible to obtain a credit card that guarantees an unlimited line
of credit. However, applying for and being issued with one is a different thing. Unlimited credit cards are a very special club and most are strictly by invitation only. If you haven't had an invitation to apply for an unlimited credit card, then you will have to earn a lot more to get yourself noticed. There are cards that, for all intents and purposes, offer unlimited or very high credit limits based on your earnings and ability to repay. One such example is the American Express Black card. The entry requirements are quite straightforward: you need to commit to spending at least US$250,000 per year, pay an annual fee of US$2,500 and a one off joining fee of $5,000. Still interested? Well, if you are then the credit limit will be based on your household income but could easily be high enough to buy a medium sized corporate jet! There are some additional benefits such as invitations to events, a personal seller at Tiffany's in New York and the chance to play golf with Tiger Woods. MasterCard have also entered the high value credit card market by issuing their Diamond Card. True to its name, it is embossed with a 0.2 carat diamond and is issued by the Bank of Kazakhstan – home to many oil oligarchs. With a credit limit set at $50,000, it is $20,000 more than the Platinum version. Similar diamond cards are being issued around the globe, but mainly in oil rich states where there is a high likelihood of take up. The Dubai Royale version is invitation only and has a picture of a peacock for female card holders and a winged horse for the gentlemen. There is no preset spending limit. For most of us, the closest we can get to an unlimited spending limit is to apply for a high limit Platinum card. These are offered by most of the major card providers and usually come with a host of additional benefits than just the ability to spend freely. Most offer the cards with no annual fees, and although the interest rate charged on balances left unpaid at the end of the month is not special, they do tend to come with, to some, valuable additional services and benefits not found on standard cards. For example, NatWest provide medical expenses cover for treatment and repatriation when overseas along with holiday discounts and travel support services. RBS offers discounts on short break holidays with Superbreak and 15% discounts on goods bought through Kitbag.com and selected special wine offers. You don't have to earn a fortune to be able to apply either. Many require that you need to be at least 21, employed and earning as little as £10,000 per annum. After a six month period, you can ask for the credit card limit to be revised and provided you have demonstrated an ability to repay, can nudge this up over time. So for mere mortals, the opportunity for an unlimited credit card is remote. Unless you have an exceptional income and have financial affairs all over the world then getting hold of one of these coveted cards will be just a pipe dream. But if you are that rich, you probably wouldn't be in a position to use it often since, in all likelihood, you have already got someone to do the shopping for you. What they do bring is an element of global recognition that you are 'very special' and that you have the financial muscle to afford just about whatever you want. Nonetheless, aspiring to the kudos of unlimited spending power can be entrancing. Though would you feel comfortable using your card details to apply for an on-line spread betting or foreign exchange trading account? Even if you could afford to gamble on these high risks, high rewards financial products, you may want to use a limited credit card to back up the account – just in case. |