If you’re looking for a credit card that offers a high credit limit, your search may not be as easy as it seems.  While many credit cards advertise credit limits of up to $25,000, the actual credit limit you receive will vary based on a number of factors, none of which will be made known to you. 

Determining credit limits is an internal process that varies substantially from one credit card company to another.  In fact, the only thing credit card companies have in common when it comes to determining credit limits is that none of them can provide you with as little as an estimate of your limit until you have submitted a completed application.

In a nutshell, this means that you will not find out your credit limit until your application is processed and approved.  This can take anywhere from a few business days to a few weeks, based on the issuer, your credit, and a multitude of other factors.

Finding a credit card with a high limit is a lot like playing three card monty.  You select a card and wait to see if its the right one.  However, there are steps you can take to get the credit limit you desire.

First, apply for credit cards that advertise high credit limits.  (We have made a list of these high limit credit offers at Smart Credit Choices for easy review.)

Second, consider applying for more than one credit card.  This strategy provides a number of benefits.  First, it can provide you a combined credit limit that meets your needs.  Second, it increases the chances of a credit card showing up in your mailbox quickly.  Most importantly, however, it gives you the option of reviewing the final offers of multiple credit cards and using the one that works best for you.

For more information, please visit the high limit credit card section of SmartCreditChoices.com$

Travelling abroad, especially to Europe, is extremely expensive.  And, to many people’s surprise, so is using their credit card.  With the exception of one issuer, every major credit card company charges a 2% to 3% foreign transaction fee every time you use your credit card.  (See the no international credit card fee page to learn more and apply for credit cards that do not charge this fee.)

Our goal at SmartCreditchoices is to help consumers save money with credit cards.  However, if you do not have enough time to get a new credit card that charges no international fees before you leave for vacation, we recommend paying the fees.  Why?  3% of each transaction is a small price to pay for peace of mind.

The peace of mind comes from not using your debit card for your purchases.  If, for example, you use your debit card and fraudulent charges are made using your info, your bank account balance will immediately decline.  If it is one small charge, its no big deal.  But in a worst case scenario, a fraudster could empty out your checking account and leave you with no available cash while on vacation.

Additionally, the process to get your money returned to a checking account is much more complicated than contesting charges with your credit card.  With 99% of credit cards, you have ZERO fraud liability.  Essentially, all fraudulent charges are reversed and your credit line is restored.  With a debit card, you will likely get all or most of your money back.  However, your bank may not make that money available immediately.  This can lead to lots of headaches, not to mention hours of time wasted with customer service.

Obviously, the best course of action is to apply online for a credit card that charges no foreign transaction fees and use this card on your vacation.  However, if you don’t have time to get a new credit card, you may want to consider paying the 2 to 3% transaction fee charged by your credit card company to avoid the potential nightmares using your debit card can cause.

You may have noticed a lack of postings to the blog recently.  We apologize for the absence, but have been working hard to add new information to our main site.  Recent additions to Smart Credit Choices include articles on how to save money on international credit card fees, get a high limit credit card, save money on balance transfers and more. 

In addition to these sections, we’re also in the process of creating a new travel rewards section to help consumers take advantage of the many free mile and hotel stay deals being offered by co-branded credit cards.

To stay up to date on the latest in credit card news, check out the new features on Smart Credit Choices.