Yes, you can absolutely get a secured credit card with a $10,000 credit limit! In fact, there are several cards on the market that offer this high of a limit. This can be a great option for people who want to build their credit quickly or who need a higher credit limit for larger purchases.
Here are some of the secured credit cards that offer a $10,000 credit limit:
- Chime Credit Card: This card allows you to put down a security deposit of $200 to $10,000, in return for a spending limit equal to the deposit amount.
- Business Advantage Unlimited Cash Rewards Secured credit card: This card also allows for a security deposit of $200 to $10,000, with a spending limit equal to the deposit amount.
- OneUnited Bank Unity Secured Credit Card: This card offers a $10,000 credit limit with a security deposit of $100.
- First Tech Federal Credit Union Platinum Secured Mastercard®: This card offers a $25,000 credit limit with a security deposit of $25,000.
It’s important to note that the credit limit you’re approved for will depend on your creditworthiness. If you have bad credit, you may not be approved for a $10,000 credit limit. However, if you have good credit, you should be able to get approved for a high limit card.
Here are some tips for getting approved for a $10.000 secured credit card:
- Make sure you have good credit. This is the most important factor in getting approved for a high limit card.
- Choose a card with a low security deposit. This will make it easier to qualify for the card and will also give you more flexibility in how much you can spend.
- Use your card responsibly. This means paying your balance in full each month and avoiding carrying a balance.
- Monitor your credit report and score. This will help you identify any errors that could be hurting your credit score.
If you’re looking to build your credit or need a higher credit limit for larger purchases, a secured credit card with a $10,000 limit is a great option Just be sure to choose a card with a low security deposit and use it responsibly.
Frequently Asked Questions
Q: What is a secured credit card?
A: A secured credit card is a type of credit card that requires you to put down a security deposit to secure the credit line. The amount of the security deposit typically becomes your credit limit, and you can use the card like a regular credit card to make purchases and build your credit history.
Q: How do I get a secured credit card?
A: You can apply for a secured credit card online or at a bank or credit union. When you apply, you will need to provide your personal information, including your Social Security number and income. You will also need to choose a security deposit amount.
Q: How much does a secured credit card cost?
A: The annual fee for secured credit cards usually varies from $25 to $100. Some cards also have a one-time setup fee.
Q: How long does it take to build credit with a secured credit card?
A secured credit card can take several months to establish credit. Your credit score will rise more quickly the more you use your card and the quicker you pay off your balance.
Q: Can I get my security deposit back?
A: When you close your secured credit card account, you will receive your security deposit back. But you must have a clean payment record and no unpaid balance on the card.
Additional Resources
If you’re looking for a way to build your credit or need a higher credit limit for larger purchases, a secured credit card with a $10,000 limit is a great option. Just be sure to choose a card with a low security deposit and use it responsibly.
Some providers allow as high as $10,000 — some have no limits.
Secured card credit limits depend on your deposit. For instance, if you deposit $200, your credit limit is $200. A $5,000 deposit is needed for a high credit limit of $5,000. The provider may use your funds to cover your balance if you don’t pay your credit card bill, which is why you need a secured deposit.
You may find credit cards with maximum limits from $1,000 up to $10,000. The secured cards with the highest credit limits have no maximum limits at all.
Compare high limit secured credit cards
Here’s a list of cards that offer high maximum deposits. Although there is no maximum deposit listed for the SDFCU Savings Secured Visa Platinum Card and DCU Visa® Platinum Secured Credit Card, the credit unions reserve the right to change this at their discretion.
| Card | Minimum deposit | Maximum deposit | Annual fee | |
|---|---|---|---|---|
| OpenSky® Secured Visa® Credit Card | $200 | $3,000 | $35 | Go to site |
| Merrick Bank Secured Credit Card | $200 | $3,000 | $36 | Go to site |
| DCU Visa® Platinum Secured Credit Card | $500 | Unlimited* | $0 | |
| SDFCU Savings Secured Visa Platinum Card | $250 | Unlimited* | $0 | |
| Wells Fargo Secured Credit Card | $300 | $25,000 | $25 | |
| U.S. Bank Secured Visa® Card | $300 | $5,000 | $0 | |
| BankAmericard® Secured Credit Card | $300 | $4,900 | $0 | |
| Discover it® Secured | $200 | $2,500 | $0 | |
| Citi® Secured Mastercard® | $200 | $2,500 | $0 | |
| UNITY Visa® Secured Credit Card | $250 | $10,000 | $39 |
- Flexibility. There will be more space for you to raise your credit limit if necessary.
- Higher chances of approval. You might not receive high starting limits from other providers if your credit report contains flaws. Opening a high-limit secured credit card allows you to set a significant limit for yourself.
- Refundable security deposit. As long as you’re not in default, your money is nearly always refunded, regardless of what you deposit.
- Your credit limit is based on your security deposit. Although a high-limit secured card may seem appealing, keep in mind that you can only get a significant limit if you have provided your provider with a sizable amount of money. Usually, you don’t get interest on this money the way you would with a savings account.
- Annual fees. A lot of high limit secured cards have yearly fees ranging from $25 to $49; however, some products are available without annual fees.
- High APRs. If your credit limit is high, it may be tempting to charge large amounts, but secured cards frequently have APRs that are higher than average. As a result, your credit card debt may grow larger than you anticipate.