£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 UK credit card companies will charge the customer a fee, if they go above their given credit limit.

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, this could be for several smaller purchases, which then add up to £5000 in total.

A £5000 credit card limit can 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 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.

£5000 Credit Card

The credit limit given to a customer, applying for a new 0% credit card, depends on their own 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.  

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 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

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 29 months
Balance Transfer Fee:
2.95%
Purchases:
0% for 3 months
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

TSB Platinum Balance Transfer
  • 0% interest for up to 29 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 for the first 3 months on purchases
  • Internet fraud protection and Clicksafe
  • Apple Pay and Android Pay
  • Annual Fee: None
More Information

Application Criteria

TSB Platinum Balance Transfer
  • 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)

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 up to 20 months
Balance Transfer Fee:
3%
Purchases:
0% for up to 20 months
Representative APR:
21.9% APR (variable)
More Information

Credit Card Details

Sainsbury’s Dual Offer Credit Card
  • 0% interest on balance transfers for up to 20 months
  • 3% balance transfer fee, minimum £3 on transfers made at application
  • 0% interest on purchases for up to 20 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 Dual Offer Credit Card
  • 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
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)

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.

£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 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.


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