Credit Cards With No Preset Spending Limits

Sick of hitting your credit card limit each month, and a fan of premium rewards programs and exclusive lifestyle benefits? If this sounds like you and you have an excellent credit history, you might find a credit card with no preset spending limit could be worth considering. 

A credit card with no preset spending limit can provide you with the credit to make large purchases; but of course, you’ll eventually have to pay it all back. Interest rates may also apply if you don’t pay your card off in full each month. These credit cards can also provide you with many benefits and rewards points you wouldn’t always receive with a simple debit card. Read on below to learn about a selection of Australia’s current credit cards with no preset limit.

Credit cards vs charge cards

Before delving into credit cards that come with no advertised limit, it’s important to clarify the difference between a credit card and a charge card. Credit cards are very common – Visa and MasterCard are two of the main payment companies, and most banks will sell one of these credit card products. Their key feature is allowing you only make a minimum repayment at the end of each month; you can maintain a continued balance of debt over multiple billing cycles, and you’ll be charged interest on this debt. Credit cards typically come with a set credit limit each month to prevent customers from potentially accruing dangerously high levels of debt, which they may be unable to pay back.

A charge card, by contrast, is a card which you must pay off in full at the end of each month, or else be subject to late fees and restrictions. As a result, charge cards typically have no credit limit each month, since you’ll likely be restricted from spending more until you pay off your monthly debt. Charge cards are much less common than credit cards nowadays – the best-known charge card providers are Diners Club and American Express, although they are offered by several other providers.

 

Compare Credit Cards

Credit cards with no preset credit limit

Just about every credit card with no preset limit is an expensive, premium card. These products almost universally include significant bonuses, such as a concierge service, airport lounge privileges, various insurances, rewards points and much more.

You can generally expect to pay a significant annual fee for one of these cards, as well as a hefty interest rate. Moreover, some flagship credit cards – such as ‘Platinum’ or ‘Diamond’ – come with minimum credit limits: a minimum amount you need to spend each month to keep using the card, usually several thousand dollars.

It is also worth noting credit cards with no preset limits don’t simply give you unlimited purchasing potential. A ‘no limit’ credit card simply means that the credit provider has not set a universal monthly limit for all customers. A bank will still negotiate an individual credit limit for each customer based on their ability to pay, including credit history, income and expenses; if you have a high income with few expenses, then your limit will probably be very large!

Some providers have a policy of not sharing spending limit details with the customer and will approve transactions at their discretion. Each customer’s credit limit is usually determined based on a number of factors, including income levels, payment history and historical spending behaviour.

Below is a snapshot of several premium credit card products from the Canstar database, some of which come with no preset spending limit:

 

Below is a full list of credit cards in the Canstar database with no maximum credit limit, accurate as of October 2017:

ANZ
ANZ
ANZ
ANZ
ANZ
ANZ
ANZ
ANZ
Auswide Bank
Auswide Bank
Bank Australia
Bank Australia
Bank Australia
Bankwest
Bankwest
Bankwest
Bankwest
Coles
Coles
Coles
Coles
Coles
Coles
Commonwealth Bank
Commonwealth Bank
Commonwealth Bank
Commonwealth Bank
Commonwealth Bank
Commonwealth Bank
Commonwealth Bank
Commonwealth Bank
CUA
CUA
Diners Club Australia
Diners Club Australia
Diners Club Australia
Diners Club Australia
G&C Mutual Bank
Heritage Bank
HSBC
HSBC
HSBC
IMB
IMB
Latitude Financial Services
Latitude Financial Services
Latitude Financial Services
Latitude Financial Services
Macquarie Bank
Macquarie Bank
Macquarie Bank
Macquarie Bank
Macquarie Bank
NAB
NAB
NAB
NAB
NAB
NAB
NAB
NAB
NAB
P&N Bank
P&N Bank
P&N Bank
P&N Bank
People’s Choice Credit Union
Queenslanders CU
Queenslanders CU
RACQ Bank
RACQ Bank
Victoria Teachers Mutual Bank
Victoria Teachers Mutual Bank
Woolworths
Woolworths

Frequent Flyer
Frequent Flyer Black
Frequent Flyer Platinum
Low Rate Platinum
Platinum
Rewards Black
Rewards Platinum
Rewards Travel Adventures Card
Low Rate Mastercard
Platinum Rewards Mastercard
Low Rate Visa Credit Card
Platinum Rewards Visa Credit Card
Visa Credit Card
Breeze Platinum Mastercard
Qantas Classic Mastercard
Qantas Platinum Mastercard
Zero Platinum Mastercard
Low Rate Mastercard
Low Rate Platinum Mastercard
No Annual Fee Mastercard
No Annual Fee Platinum Mastercard
Rewards Mastercard
Rewards Platinum Mastercard
Diamond Awards
Gold Awards
Low Fee Gold Mastercard
Low Fee Mastercard
Low Rate Gold Mastercard
Low Rate Mastercard
Platinum Awards
Standard Awards
Low Rate Credit Card
Platinum Credit Card
Frequent Flyer Dual Card
Frequent Flyers Club Card
Personal Card
Personal Dual Card
Platinum Visa Credit Card
Platinum
Classic Credit Card
Platinum Credit Card
Platinum Qantas Credit Card
Low Rate Mastercard
Platinum Mastercard
28 Degrees Platinum Mastercard
Gem Visa
GO Mastercard
Mastercard
Black Card – Macquarie Rewards
Black Card – Qantas Rewards
Hilton HHonors Platinum Card
Platinum Card – Macquarie Rewards
Platinum Card – Qantas Rewards
Low Fee Visa Card
Low Rate Card
Low Rate Platinum Card
Premium Visa Card
Qantas Rewards Signature Card
Rewards Classic Card
Rewards Platinum Card
Rewards Signature Card
Velocity Rewards Card
& Visa Platinum
Classic Visa
Simple Visa
Visa Platinum
Visa Credit Card
Low Rate Mastercard
Platinum Rewards Mastercard
Low Rate Mastercard
Platinum Rewards Mastercard
Visa Classic Credit Card
Visa Platinum Credit Card
Everyday Platinum Credit Card
Qantas Platinum Credit Card

Pros and cons of a credit card with no preset spending limit

There are several advantages and disadvantages to having a premium credit card with no preset spending limit, which we’ve summarised for you below:

Pros

  • Convenience of having no preset limit on your spending
  • Extensive rewards program, with points redeemable for many items and services
  • Potential to save some money through use of complimentary card services such as a concierge service and insurance benefits

Cons

  • No preset spending limit can encourage some people to spend beyond their means and incur hefty interest payments
  • Higher interest rates and annual fees than most credit cards
  • Customers may not use all the included services and rewards

 

A credit card with no preset spending limit can be a valuable and convenient tool if you make a lot of purchases each month, with many rewards and benefits on offer – just beware of the extra costs that often come with it! To find out more about premium credit cards with no preset spending limit, check out the highest-rated products on the Canstar website:

Compare Credit Cards

Similar Topics:

Share this article

Enjoyed reading this article?

Sign up to receive more news like this straight to your inbox

By subscribing you agree to the Canstar Privacy Policy.

Thanks for signing up!

Good things are coming your way.