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£5000 Credit Card Limit

A £5000 credit card limit gives a customer a credit limit of £5000 on their card. A limit of this size, allows you to use your credit card to make purchases up to the value of £5000. Alternatively, with a limit of this size, you can make a good sized balance transfer from another credit card.

£5000 Credit Card Limit

It is important that credit card customers stay within their overall credit limit. Many credit card companies in the UK, will charge the customer a fee, if they go above the credit limit they have been allowed.

A £5000 credit card limit on a new credit card gives a card customer the ability to spend up to £5000 on new purchases. This could be in one transaction, a new kitchen, for example. Alternatively, the card could be used for several smaller purchases, which then add up to the £5000 limit.

A £5000 credit card limit can also allow a customer to make a balance transfer of just under £5000. Many UK credit cards do place a limit on balance transfers. This is often around 95% of the customer’s credit limit.

As a result, a credit card which has a £5000 limit, will allow a balance transfer of no more than £4750. This is assuming that no currently outstanding purchases have already used any part of the customer’s £5000 limit.

£5000 Credit Card

The credit limit given to a customer, applying for a new 0% credit card, depends on their own individual financial circumstances. Not every UK customer will receive a £5000 credit card limit.

Credit card limits have generally tended to be lower recently for many new customers. This is a legacy of the “banking crisis” from 2008. More recent warnings from UK financial regulators regarding levels of consumer lending have also had an effect.

The banks and financial institutions that issue UK credit cards, have generally been more careful with their lending recently.  

This is especially true now, due to the Coronavirus pandemic. The UK card companies are now much more cautious again. As a result, the number of customers being accepted, and the size of credit limits, have both been reduced. As a result, getting a credit card with a £5000 limit has become harder for many more customers.

A customer is now more likely to obtain a higher limit credit card, such as a credit card with a £5000 limit, when they closely match the profile that the credit card company is looking for.

All of the credit card companies have different requirements when assessing a credit card customer. A customer is more likely to be accepted for credit cards with a £5000 limit if they meet the following criteria:-

  • You have a good credit history or rating
    • You should have no recent bad debts or missed payments
  • An income of £20,000 or more a year
  • You have low levels of other outstanding debt, in relation to your overall annual income
    • This does not include your mortgage, if you have one

Credit Card With 5000 Limit

What are the 0% credit cards best suited to a £5000 credit card limit in the UK in 2021?

Credit card limits for UK customers will vary depending on the individual and also the credit card company. In our experience, some of the credit card companies are more generous with their credit card limits, than others.

The following featured credit cards are more likely to be suitable for a UK customer looking for a £5000 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% interest for up to 22 months
Balance Transfer Fee:
2.99%
Purchases:
0% interest for 3 months
Representative APR:
20.9% APR (variable)
More Information

Credit Card Details

Tesco Clubcard Credit Card for Balance Transfers
  • 0% interest for up to 22 months on balance transfers made within the first 90 days of opening your account
  • 2.99% balance transfer fee in first 90 days, 3.99% fee after 90 days
  • 0% interest for 3 months on purchases from account opening
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • You can transfer up to 95% of your available credit limit
  • Apply online and get a decision within 60 seconds
  • Annual Fee: None
More Information

Application Criteria

Tesco Clubcard Credit Card for Balance Transfers
  • You have an annual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You don't currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
Representative Example: 20.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)

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

When looking for credit cards with a £5000 limit, or indeed a £6000 credit card, customers should consider cancelling any unused cards. Having large credit limits on other existing credit cards that you are no longer using, may affect your application.

After cancelling any old credit cards, any reduction in your available credit may take several weeks to show in your credit history.

£4000 or £7000 Credit Card Limit?

The decision on whether to give a new customer a £5000 credit card limit, or indeed a £7000 credit card limit, is solely due to the individual card company.

The card issuer will use the information supplied by the customer on the application form. They will also use the information held about the customer from a credit reference agency.

The card company will then base the decision on their own credit limit criteria and and their assessment of the credit rating of the customer.

On any given day, one customer may get a credit card with a £5000 limit. However another similar customer applying for the same card may get a £4000 credit card limit. Other similar customers may even be given a £7000 credit card limit.

A credit card with a £5000 limit in the UK can be obtained as either as MasterCard or a Visa branded credit card. The choice of Visa or MasterCard, has no influence on the credit card limit given to the customer.

UK credit limits, simply are very dependant on your own individual financial circumstances.


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Published: April 16, 2021, Updated: April 16, 2021 by 0% Credit Card Expert

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