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£10000 Credit Card Limit

£10000 Credit Card Limit

Is a £10000 credit card limit possible when a customer applies for a new credit card, in the UK, in 2021? Or is a £8000 credit card limit, the more likely outcome?

Over recent months, we have seen a large number of UK customers looking for answers to questions about a £10000 credit card limit.

As many people will know, ever since the banking crisis began back in 2008, borrowing has in general, been more difficult.

The UK banks and credit card companies have generally, tended to be more cautious with their lending to customers. As a result, obtaining a large credit card limit, has often been much more difficult.

Due to the current Coronavirus crisis, the UK credit card companies are now once again being even more cautious with their lending. The number of customers accepted for a new card, and credit limits, are both likely to be lower, than before the pandemic began.

Customers will often look for credit cards with a £10000 limit so that they can make a bigger balance transfer. This is because they already have a large balance on one, or perhaps several, of their existing credit cards.

With a new 0% credit card with a £10000 limit, the customer can save money by paying less interest on their outstanding debts. A new 0% balance transfer card, does allow the customer to make one large, or several smaller balance transfers.

£10000 Credit Card Limit

Credit card limits are determined by the credit card companies. They use the information provided by the customer during the application process. The card companies also use information provided by the credit reference agencies.

The main criteria used in deciding what credit card limit to give a new customer are often as follows:-

  • The customers’s monthly income and outgoings
  • Their credit history
  • The amount of credit, such as loans and other cards, they already have available to them

If you already have a number of credit cards with large limits available to you, this may reduce your new card’s credit limit. A £10000 credit card limit on a new 0% card can be hard to get for most customers. If you have several other cards already, a larger credit limit may be harder to get.

Over recent years, we have seen that a small number of the credit card companies tend to be more generous with their credit limits. As a result, the following featured cards are likely to be suitable for  customers looking for a £10000 credit card limit:-


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0% Credit Card Offers

Balance Transfers:
0% for 29 months
Balance Transfer Fee:
2.75%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Credit Card Details

HSBC Balance Transfer*
  • 0% interest for 29 months on balance transfers made within first 60 days of account opening
  • 2.75% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 3 months from account opening
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Worldwide offers and discounts with HSBC home&Away
  • Manage your card online
  • Annual Fee: None
More Information

Application Criteria

HSBC Balance Transfer*
  • You have an annual income or pension before tax of £6,800 or more
  • You are a UK resident
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions

0% Credit Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)
More Information

Credit Card Details

Co-operative Bank Balance Transfer
  • 0% interest for 24 months for balance transfers made within 60 days
  • 3% balance transfer fee, minimum £5
  • 0% interest on purchases for 4 months from account opening
  • All successful applicants will receive this exact rate and offer
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

Co-operative Bank Balance Transfer
  • Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
  • You are a UK resident
  • You have annual income of £10,000 or more
  • You are aged 18 or over
More Information
Only available to Co-operative Bank customers
Representative Example: 20.6% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.6% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 18 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 18 months
Representative APR:
22.9% APR (variable)
More Information

Credit Card Details

HSBC Purchase Plus*
  • 0% interest for 18 months on balance transfers made within first 60 days of account opening
  • 2.9% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 18 months from account opening
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Worldwide offers and discounts with HSBC home&Away
  • Manage your card online
  • Annual Fee: None
More Information

Application Criteria

HSBC Purchase Plus*
  • You have an annual income or pension before tax of £6,800 or more
  • You are a UK resident
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
More Information
Representative Example: 22.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions

0% Credit Card Offers

Balance Transfers:
0% for 18 months
Balance Transfer Fee:
0%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Credit Card Details

NatWest Balance Transfer
  • 0% on balance transfers for 18 months from account opening
  • 0% balance transfer fee
  • 0% on purchases for first 3 months from account opening
  • Lock and unlock your credit card in app
  • Manage your card 24/7 online and by telephone banking
  • Annual Fee: None
More Information

Application Criteria

NatWest Balance Transfer
  • You are a NatWest customer
  • You are a UK resident
  • You are earning at least £10,000 per year
  • You are aged 18 or over
More Information
Only available to customers who have a current account, savings account, credit card or mortgage with NatWest
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)

£8000 Credit Card Limit

Only a very small number of UK customers who apply for a new 0% credit card, are now likely to get a credit card with a £10000 limit straight away. 0% credit cards with large limits, like a £8000 credit card limit, or a £9000 credit card, are much rarer today than in the previous days of easy credit.

These large credit limits are now more likely to be given to a customer over a period of time. This will probably also require one or more increases in their credit limit.

If the card limit you receive, for example a credit card with a £8000 limit, is lower than you would like, all is not lost. A customer can still save money by making purchases or a balance transfer, of up to their credit limit. This will allow the customer to benefit from the 0% introductory rates on thier new card.

Immediately cancelling any new credit card, which has a lower credit limit than you would like, such as a £5000 credit card limit for example, is not recommended.  If you immediately apply again for a different card, this is unlikely to result in a larger credit card limit. Making repeated card applications within a short time period is not recommended.

Credit Card £10000 Limit

A card with a £10k credit card limit can also be obtained when a customer uses their credit card responsibly. This is when you stay within your given credit limit and make the monthly payments on time, every month. Over time a customer can then apply to increase their initial credit limit. If this request is successful, you may then obtain the desired £10k credit card limit.

A £10000 credit card limit, or a £8000 credit card, is just as likely on both MasterCard and Visa credit cards. The customer’s credit card limit is based only on the information available to the credit card company. The credit limit is not based on the choice of payment network used by any particular credit card.


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Published: March 12, 2021, Updated: March 26, 2021 by 0% Credit Card Expert

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