£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 2020? Or is a £8000 credit card limit, the more likely outcome?

Over recent months, we have seen many 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 now being more cautious with their lending. Credit card acceptance rates and credit limits are both likely to be lower.

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 and they also use information provided by 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 23 months
Balance Transfer Fee:
1.99%
Purchases:
0% for 3 months
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

NatWest Longer Balance Transfer
  • 0% on balance transfers for 23 months from account opening
  • 1.99% 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 Longer 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: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for up to 27 months
Balance Transfer Fee:
3%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Credit Card Details

Sainsbury’s Balance Transfer
  • 0% interest on balance transfers for up to 27 months
  • 3% balance transfer fee (minimum £3) on transfers made at application
  • 0% interest on purchases for your first 3 months
  • Collect 2 Nectar points per £1 spent on Sainsbury's shopping and fuel
  • Collect 1 Nectar point for every £5 spent on your card elsewhere
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

Sainsbury’s Balance Transfer
  • You have a permanent UK address
  • You have not been declined for credit in the last month
  • You do not have a history of bad credit
  • You are aged 18 or over
More Information
To apply for a credit card you must be a Nectar member and should have been one for at least 6 months
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.95% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 26 Month
Balance Transfer Fee:
0%
Purchases:
0% for 26 months
Representative APR:
21.7% APR (variable)
More Information

Credit Card Details

Santander All in One Credit Card
  • 0% interest on balance transfers for 26 month from date account opened
  • 0% balance transfer fee
  • 0% interest on purchases for 26 month from date account opened
  • 0.5% cashback on all of your purchases
  • No foreign transaction fee on purchases made abroad in local currency
  • Cashback through Retailer Offers
  • Monthly Fee: £3
More Information

Application Criteria

Santander All in One Credit Card
  • You are a permanent UK resident
  • You have a good credit history with no history of bad credit
  • You have an income of £7,500 per year or more
  • You are at least 18 years of age
More Information
Monthly fee of £3 payable
Representative Example: 21.7% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable) with a monthly fee of £3 payable

0% Credit Card Offers

Balance Transfers:
0% for up to 20 months
Balance Transfer Fee:
2.95%
Purchases:
0% for up to 20 months
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

TSB Platinum Purchase Credit Card
  • 0% interest for up to the first 20 months on balances transferred within first 90 days
  • 2.95% balance transfer fee during first 90 days, 3% fee applies afer 90 days
  • 0% interest on purchases for up to the first 20 months
  • Internet fraud protection and Clicksafe
  • Online card servicing
  • Annual Fee: None
More Information

Application Criteria

TSB Platinum Purchase Credit Card
  • You are an existing TSB customer
  • You are not currently declared bankrupt, have CCJs or subject to IVA
  • You have a good credit rating and regular income
  • You are a UK resident
  • You are aged 18 or over
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.95% p.a. (variable)

£8000 Credit Card Limit

Only a very small number of UK customers who apply for a new 0% credit card now, are 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.

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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