Life can be unpredictable, and you never know what you may need to spend money on tomorrow. For example, homeowners may be forced to make costly repairs, and business owners may have to take an expensive trip with very short notice. In these situations, you may suddenly need more spending power on your credit cards than you might have previously anticipated.
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Fortunately, there are several credit and charge cards offered with no preset spending limits. Here are five cards that allow you to make the charges you need.
1. Chase Sapphire Preferred
Once approved for this card, Chase will designate a credit access line for your account. However, you are permitted to exceed the account on a case-by-case basis. And when you do exceed this amount, you will not be charged an over-limit fee. The decision to allow you to charge beyond your credit access line is based on your payment history, your income and other factors. In addition to this feature, the Chase Sapphire Preferred is one of the leading travel reward cards offered (it was the first runner-up in the Best Airline Miles Credit Cards in America). It features double points on all dining and travel purchases, as well as one point per dollar spent elsewhere. Chase Ultimate Rewards points can be redeemed for cash back, merchandise, gift cards and travel reservations. Or you can transfer your points to several different airline and hotel programs, as well as Amtrak Guest Rewards. New applicants receive 40,000 bonus points after spending $4,000 within the first three months of account opening. There is a $95 annual fee for this card, and no foreign transaction fees.
2. Chase Palladium
This all-metal card is offered exclusively to Chase’s Private Clients and has no preset spending limit. Like the Sapphire Preferred, it also offers double points on all travel purchases, but not dining. In addition, cardholders receive 35,000 bonus points each year when they use their card to spend $100,000 or more. Other benefits include unlimited airport lounge access in the Lounge Club network, as well as an extensive number travel insurance and purchase protection policies. There is a $595 annual fee for this card and no foreign transaction fees.
3. American Express Green Card
This iconic card is actually not a credit card, it’s a charge card with no preset spending limit. As a charge card, you must pay each statement balance in full. Cardholders earn double points for travel booked through the American Express Travel website, and one point per dollar spent. Membership Rewards points can be redeemed for merchandise, gift cards and travel reservations. Or these points can be transferred into several different airline and hotel programs. There is a $95 annual fee for this card that is waived the first year, and a 2.7% foreign transaction fee that is imposed on all charges processed outside of the U.S.
4. The Enhanced Business Gold Rewards Card From American Express
This charge card offers business owners the spending power they need, with no preset spending limit. Cardholders earn 3x points from their choice of airfare, advertising, gas, shipping, or computer hardware, software and cloud computing purchases. You can earn 2x points on the remaining four categories, and 1x on all other purchases. New cardholders also receive 25,000 bonus points when they spending $5,000 within three months of account opening. Other benefits include ReceiptMatch with QuickBooks, which allows businesses to categorize and transmit transaction data directly to their accounting software. In addition, cardholders can get discounts through Amex’s OPEN Savings program. There is a $175 annual fee for this card that is waived the first year.
5. Bank of America Visa Cash Rewards
Bank of America’s Visa Signature and World MasterCard accounts all offer no preset spending limits. Its BankAmericard Cash Rewards card offers 1% cash back on purchases, 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery store and gas purchases each quarter. It also features a 0% Introductory APR on purchases and balance transfers, with a 3% balance transfer fee. There is no annual fee for this card.
Before you apply for any credit or charge card, it’s a good idea to know your credit score so you can target your search to cards that you’re more likely to be approved for. If you have a particular card in mind but your credit score doesn’t fall within the issuer’s guidelines, you may want to take time to build your credit and apply for the card once your score does fall within the required range. You can get your credit scores for free many ways, including through Credit.com, where you get two free scores updated every month and a personalized plan to build your credit.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.