Gold vs. Platinum Card

Just got a call from my credit card provider that they are increasing my credit limit from 5K to 25K. They also said that I can upgrade to either a gold or platinum card. Just wanted to get some feedback on whether I should accept the credit limit increase or keep it at something closer to 10-15K. Also curious what your experiences are with either the gold or platinum and which one I should pick. Thanks.

 

Hmm, ok this is my only credit card and my base salary is 100K. I have some student loans totalling 40K that I'm paying down pretty quick. So in this case, would my credit be adversely affected? If so I won't go anywhere over a 10k limit. I don't ever spend more than 3K on my card per month so it doesn't really matter to me whether I have 10K or 25K as a limit.

-MBP
 

I've done some research on credit scores a few times, and unlike a few above, I do not believe you'd ever be penalized for having a high credit limit. It will only help your score if you are able to manage it well, which you obviously are doing if you pay it in full each month. They would only see it as a risk if you were actually using all that credit (i.e. carrying a high balance) outside your means.

If you pay it off in full, and there are no fees, go platinum. As long as you trust yourself with the high limit, take the $25K.

 

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