£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 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 credit card companies in the UK, will charge the customer a fee, if they go above the credit limit they have been allowed.

A 5k credit card limit on a new credit card gives a card customer the ability to spend a good sized amount on new purchases. This could be in one transaction, a new £5000 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 an additional limit on how much the customer can balance transfer, using the card. 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 customer making a new UK credit card application 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 the current levels of consumer lending, have also had an effect.

As a result, 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 current Coronavirus pandemic. The UK card companies are now much more cautious once 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 cards are more likely to be suitable for a UK customer looking for a £5000 credit card limit:-

0% Credit Card Offers

M&S Transfer Plus*

Balance Transfers:

0% for 29 months

Balance Transfer Fee:

2.75%

Purchases:

0% for 3 months

Representative APR:

21.9% APR (variable)

Credit Card Details

M&S Transfer Plus*

• 0% for 29 months on balance transfers made within 90 days of account opening
• 2.75% balance transfer fee, minimum £5
• 0% on purchases for 3 months from account opening
• Collect M&S points every time you shop anywhere in the world with your card
• One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
• Manage account online
• Annual Fee: None

Application Criteria

M&S Transfer Plus*

• You are a UK resident
• You have an annual income or pension of at least £6,800
• You are aged 18 or over
• You have not held a credit card with M&S Bank within the previous 12 months

0% Credit Card Offers

HSBC Balance Transfer*

Balance Transfers:

0% for 29 months

Balance Transfer Fee:

2.75%

Purchases:

0% for 3 months

Representative APR:

21.9% APR (variable)

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

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

0% Credit Card Offers

M&S Shopping Plus*

Balance Transfers:

0% for 22 months

Balance Transfer Fee:

2.9%

Purchases:

0% for 22 months

Representative APR:

21.9% APR (variable)

Credit Card Details

M&S Shopping Plus*

• 0% for 22 months on balance transfers made within 90 days of account opening
• 2.9% balance transfer fee, minimum £5
• 0% on purchases for 22 months from account opening
• Collect M&S points every time you shop anywhere in the world with your card
• One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
• Manage account online
• Annual Fee: None

Application Criteria

M&S Shopping Plus*

• You are a UK resident
• You have an annual income or pension of at least £6,800
• You are aged 18 or over
• You have not held a credit card with M&S Bank within the previous 12 months

0% Credit Card Offers

TSB Platinum Purchase Credit Card

Balance Transfers:

0% for up to 15 months

Balance Transfer Fee:

1.45%

Purchases:

0% for up to 15 months

Representative APR:

21.9% APR (variable)

Credit Card Details

TSB Platinum Purchase Credit Card

• 0% interest for up to the first 15 months on balances transferred within first 90 days
• 1.45% balance transfer fee during first 90 days, 3% fee applies afer 90 days
• 0% interest on purchases for up to the first 15 months
• Internet fraud protection and Clicksafe
• Online card servicing
• Annual Fee: None

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

0% Credit Card Offers

HSBC Purchase Plus*

Balance Transfers:

0% for 18 months

Balance Transfer Fee:

2.9%

Purchases:

0% for 18 months

Representative APR:

22.9% APR (variable)

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

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

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 adversely affect your application.

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

£4000 or £7000 Credit Card Limit?

The decision on whether to give a new customer a 5k credit card limit, or indeed a £7000 credit card limit, is solely due to the individual card company.

The credit card companies will use the information supplied by the customer on the application form. They will also use the information about the customer which they can obtain from a credit reference agency.

The card company will then base the decision on their own credit limit criteria, 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.

Credit cards with a £5000 limit in the UK can be obtained as either as MasterCard or Visa branded cards. 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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