High credit limit = Boosted spending power

~ Tuesday, December 12, 2023 Blog Post ~

Having an increased credit limit translates to having a boosted spending power. (Image source: LuxuryLaunches)

Having an increased credit limit translates to having a boosted spending power. Since 2006, I have enjoyed this privilege for being a valued credit cardholder who is a deadbeat client. I always use my credit cards in my daily transactions. There are also times when I go cashless or I don’t bring cash, but just my credit cards. I just tap to pay or have them swiped or dipped on the payment terminal.

My lenders trust me for settling my credit card bills early and never late. Thus, as a form of gratuity, they raised my credit limit. Nonetheless, as an extreme frugalist, I don’t take advantage of my high credit limit. After all, it’s so uncharacteristic of me to make big-ticket purchases. In my case, having a high credit limit is useful when traveling overseas, dining out or doing fine dining, shopping, and making four or five-star hotel reservations.

Yet, in regular days, I just use my credit cards for grocery shopping and dining out. Again, I’m not into shopping for clothes and other items since I already got what I need at this point.

In my case, having a high credit limit is useful when traveling overseas, dining out or doing fine dining, shopping, and making hotel reservations. (Image source: Fratuschi)

I had my first-ever credit card in 2006 when I was 22 years young, and I was relatively new in the workforce. It was a credit card designed for female consumers. I remember the female banker explaining to me how to use the financial instrument, with buying a pair of sandals as an example. I also recall I used my first credit card to purchase a red satin dress, which I never wore and is still in one of my house’s closets to this day.

For 17 years since I first got issued with my first-ever credit card, I use these financial instruments for convenience. My credit cards don’t make me say goodbye to financial worries as credit card debt is still a financial obligation that needs to be settled.

But with credit cards, I get relieved from that financial burden of having a disorganized financial life. I get protected from that scenario.

Yet, in regular days, I just use my credit cards for grocery shopping and dining out. (Image source: Nerdwallet)

References:

https://www.cnbc.com/select/credit-card-deadbeat/

https://fratuschi.com/en/american-express-centurion-personal-experience-report/

https://www.investopedia.com/articles/personal-finance/100615/5-credit-cards-super-rich.asp

https://luxurylaunches.com/other_stuff/the-most-exclusive-credit-card-in-the-world-2.php

https://www.nerdwallet.com/article/credit-cards/10-tips-credit-card-application-approved