The Town & Country Visa Signature Credit Card has several perks, such as 1.5% unlimited cash back on net purchases and a low fixed rate of 9.9% APR*. It also features a credit limit of up to $75,000. It might be tempting to get a credit limit as close to the amount you spend each month as possible, but there are benefits to having a higher credit limit.
Improved credit utilization. A credit utilization ratio is the amount of credit you use compared to your total available credit. A lower credit utilization ratio is generally better for your credit score. 30% of a credit score is made up by looking at balances in relation to limits. Raising your credit limit will reduce the percentage of funds being used, lower the credit utilization ratio, and improve your credit score - as long as you charge roughly the same amount. You should keep your credit utilization ratio at 30% or below.
Allows you to make larger purchases. Make larger big-ticket purchases without maxing out your card (and earn more cashback while doing it)!
Enhanced credit score. A higher limit shows you have been granted a higher level of credit trust. Keeping your balances low and making timely payments will help improve your credit score.
Helps in an emergency. A higher limit can serve as a backup emergency fund in case of unforeseen expenses.
Ready to apply for an increase to your Visa Signature credit card limit? Apply for a credit limit increase.