£5000 Credit Card Limit

A £5000 credit card limit gives the customer a credit limit of £5000 on their card. This credit limit 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.

It is important that credit card customers stay within their overall credit limit. Many UK credit card companies will charge the customer a fee, if they exceed their given credit limit.

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

A £5000 credit card limit can allow a customer to make a balance transfer of just under £5000. Many UK credit cards place a limit on balance transfers, often around 95% of the customers’s credit limit. As a result, a credit card which has a £5000 limit, will allow a balance transfer of no more than £4750.

The credit limit given to a customer, applying for a new 0% credit card, depends on their individual financial status. Not every 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”, and also more recent warnings from UK financial regulators regarding levels of consumer lending.

The banks and financial institutions that issue UK credit cards, have generally been more careful with their lending recently. 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 2020?

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

Credit Card Details

M&S Transfer Plus Credit Card*

0% for 28 months on balance transfers made within 90 days of account opening
2.85% balance transfer fee, minimum £5
0% on purchases for 6 months from account opening
Collect M&S points every time you shop anywhere in the world with your card
Preferential rates when you use your card to order M&S Travel Money
Manage account online
Annual Fee: £0

Application Criteria

M&S Transfer Plus Credit Card*

You are a UK resident
You have a UK bank or building society account
You are aged 18 or over
You have not held a credit card with M&S Bank within previous 12 months

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

Credit Card Details

HSBC Balance Transfer Credit Card*

0% interest for 25 months on balance transfers made within first 60 days of account opening
1.5% balance transfer fee (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
home&Away rewards programme giving you instant discounts from well-known brands
Online account management
Annual Fee: £0

Application Criteria

HSBC Balance Transfer Credit Card*

You have an annual income or pension before tax of £8,500 or more
You are a UK resident
You are aged 18 or over
You do not hold an HSBC Basic bank account

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

Credit Card Details

Nationwide Member Credit Card*

0% on balance transfers for 18 months if made within 90 days of account opening
1.5% balance transfer fee within first 90 days, after that 2.4% fee applies, minimum £5
0% on purchases for 3 months from date you open your account
Unlimited commission-free purchases abroad
Manage account online
Annual Fee: £0

Application Criteria

Nationwide Member Credit Card*

Must be a Member of Nationwide. This means you already have a current account, mortgage or savings account with Nationwide
You are a UK resident
You have a minimum income of £5000 per year
You have a good credit history
You are aged 18 or over

Must be a Member of Nationwide. This means you already have a current account, mortgage or savings account with Nationwide

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

Credit Card Details

M&S Shopping Plus Credit Card*

0% for 20 months on balance transfers made within 90 days of account opening
2.9% balance transfer fee, minimum £5
0% on purchases for 20 months from account opening
Collect M&S points every time you shop anywhere in the world with your card
Preferential rates when you use your card to order M&S Travel Money
Manage account online
Annual Fee: £0

Application Criteria

M&S Shopping Plus Credit Card*

You are a UK resident
You have a UK bank or building society account
You are aged 18 or over
You have not held a credit card with M&S Bank within previous 12 months

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

Credit Card Details

HSBC Purchase Plus Credit Card*

0% interest for 18 months on balance transfers made within 60 days of account opening
2.9% balance transfer fee (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
home&Away rewards programme giving you instant discounts from well-known brands
Online account management
Annual Fee: £0

Application Criteria

HSBC Purchase Plus Credit Card*

You have an annual income or pension before tax of £8,500 or more
You are a UK resident
You are aged 18 or over
You do not hold an HSBC Basic bank account

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 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.

£5000 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 the information held about the customer by 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, or even 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.

£5000 Credit Card Limit