Have you heard about credit cards with no pre-set spending limits?
Usually, when you apply for a credit card, the issuer will tell you the maximum amount of money you can spend using that card – this is known as the card’s spending or credit limit and is mostly dependent on factors such as your income and credit history.
However, there is another type of card which has no stated credit limit – it is known as a no pre-set spending limit card.
What exactly is meant by a card with no pre-set spending limits (NPSL)?
While an NPSL card may sound like a great idea, it is not exactly what it seems.
One would think that the holder of the card has unlimited purchasing power but that is not really the case.
NPSL cards do have limits – these are based on various factors such as income, credit, payment history, number of existing credit cards, spending patterns and financial assets of the holder.
However, the difference between a normal credit card and an NPSL card is that the issuer will never tell you what that limit is – moreover, as the variables, mentioned above, change, your card’s purchasing power may vary as well.
Two Advantages
Three Disadvantages
Impact on credit score
One of the important determinants of your credit score is the credit utilization ratio – this is the proportion of total used credit to total available credit.
Since an NPSL card does not have any stated credit limit, this card is often excluded from credit score calculations altogether.
Having said that, certain issuers may disclose your highest balance or your current balance as the credit limit.
In such cases, your credit score will be impacted depending on the ratio between your current balance and the figure reported by the issuer as your credit limit.
As discussed already, NPSL cards can help with sizable purchases; however, you need to make sure that you pay back the amount on time.
In case you need to spend a significant amount, but are unable to pay the same back immediately, another option is to approach our team at Fund&Grow.
We offer clients with good credit the opportunity to obtain as much as $250,000 of unsecured credit at 0% for a period of 6, 12 or 18 months.
This amount can be used for anything – from funding a small business to providing down payment on a property.
So, if you need financing, call us on (800) 996-0270, and we will do our best to help you out.
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Ari Page and the Fund&Grow team help business owners obtain access to credit despite the ambiguous lending climate. Many people feel ripped off and scammed by the bank bailouts and wonder why they can't use the system to their advantage the way the big banks did. If you have good credit, the Fund&Grow program will get you the funds you need to grow your business.
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All credit is subject to lender approval based upon credit criteria. Up to $250,000 in business credit is for highly qualified clients over the term of the membership with multiple credit card batches and/or credit lines. Introductory rates of 0% apply to purchases and/or balance transfers after which it reverts to an interest rate, which varies by lender as disclosed in the lending agreement. Fund&Grow is not a lender.
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