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£5000 Credit Card Limit

A £5000 credit card limit in the UK, 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 one, or more, of your existing credit cards.

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 over, and above, the credit limit they have been given.

A 5k credit card limit on a new credit card gives you 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 to make multiple smaller purchases, which then collectively add up to the £5000 limit.

A 5000 credit card limit can also allow you 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 overall credit limit.

As a result, a credit card which has a £5000 limit, will allow a balance transfer of no more than £4750. This does assume that there are no currently outstanding purchases, which 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 recent Coronavirus pandemic. The UK card companies are once again, generally more cautious . 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 credit limit credit cards, 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 at least £10,000, and ideally £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 2022?

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 customer looking for a £5000 credit card limit in UK:-


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0% Credit Card Offers

Balance Transfers:
0% for 32 months
Balance Transfer Fee:
1.99%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Credit Card Details

M&S Transfer Plus*
  • 0% for 32 months on balance transfers made within 90 days of account opening
  • 1.99% 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
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)

0% Credit Card Offers

Balance Transfers:
0% for 20 months
Balance Transfer Fee:
0%
Purchases:
N/A
Representative APR:
21.9% APR (variable)

Credit Card Details

HSBC Balance Transfer No Fee*
  • 0% interest for 20 months on balance transfers made within first 60 days of account opening
  • No balance transfer fee applies
  • No purchases offer with this card
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Contactless payments to quickly and securely pay for purchases under £100
  • Manage your card online
  • Annual Fee: None

Application Criteria

HSBC Balance Transfer No Fee*
  • 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 have not held a credit card with HSBC Bank in the last 6 months
No Balance Transfer Fee
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% for 24 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 24 months
Representative APR:
21.9% APR (variable)

Credit Card Details

M&S Shopping Plus*
  • 0% for 24 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 24 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
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)

0% Credit Card Offers

Balance Transfers:
0% for 33 months
Balance Transfer Fee:
2.84%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Credit Card Details

HSBC Balance Transfer*
  • 0% interest for 33 months on balance transfers made within first 60 days of account opening
  • 2.84% 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
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% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)

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

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
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)

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 unused 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 assessment of the credit rating of the customer. As a part of this, the card companies own policies on credit limits, will be part of the decision.

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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Published: July 8, 2022, Updated: July 8, 2022 by 0% Credit Card Expert

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