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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 larger 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 does give you the ability to spend a good sized amount on new purchases. This could be in one transaction, £5000 worth of furniture for your home, for example. Alternatively, your 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 you can balance transfer, using your card. This is very often set at around 95% of your 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 on your card. If there are, then these purchases will have already used up part of your overall £5000 limit.

£5000 Credit Card

The credit limit given to you when you apply for a new 0% credit card, depends on your own individual financial circumstances. Not every customer who makes 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 over recent years.  

This is especially true now, due to the recent Coronavirus pandemic. The UK card companies are once again, generally more cautious with their lending . 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 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
    • This means that you should have no recent bad debts, or any 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, but does include other cards and loans

Credit Card With 5000 Limit

What are the 0% credit cards best suited to a 5000 credit card limit in the UK in 2024?

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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Balance Transfers:
0% for up to 26 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
M&S Transfer Plus*
  • 0% for up to 26 months on balance transfers made within 90 days of account opening
  • 3.49% 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
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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 12 months
Balance Transfer Fee:
3.49%
Purchases:
0% for up to 20 months
Representative APR:
24.9% APR (variable)
M&S Purchase Plus*
  • 0% for up to 12 months on balance transfers made within 90 days of account opening
  • 3.49% balance transfer fee, minimum £5
  • 0% on purchases for up to 20 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
M&S Purchase 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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 24 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
HSBC Balance Transfer*
  • 0% interest for up to 24 months on balance transfers made within first 60 days of account opening
  • 3.49% 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
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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions. You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for 20 months
Balance Transfer Fee:
4.24%
Purchases:
0% for 3 months
Representative APR:
26.9% APR (variable)
Sainsbury’s Balance Transfer
  • 0% interest on balance transfers for 20 months
  • 3.24% or 4.24% balance transfer fee on transfers made within first 90 days (minimum £4)
  • 0% interest on purchases for your first 3 months
  • Collect up to 3 Nectar points per £2 in Sainsbury’s, Argos, and Habitat
  • Collect 1 Nectar point for every £5 spent on your card elsewhere
  • Online account management
  • Annual Fee: None
Sainsbury’s Balance Transfer
  • 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
Representative Example: 26.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 26.95% p.a. (variable)
No balance transfers allowed to this card from Sainsbury’s credit cards
Balance Transfers:
0% for up to 16 months
Balance Transfer Fee:
3.49%
Purchases:
0% for up to 18 months
Representative APR:
24.9% APR (variable)
HSBC Purchase Plus*
  • 0% interest for up to 16 months on balance transfers made within first 60 days of account opening
  • 3.49% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for up to 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
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
Representative Example: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions. You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards

When looking for credit cards with a £5000 limit, or indeed a £6000 credit card, you 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 new card application.

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

£5000 Credit Limit Good Or Bad?

Is a £5000 credit limit good or bad?

The average credit card limit in the UK is currently between £3000 and £4000. As a result, many UK card customers would see a 5000 credit card limit as good.

Of course, you may have been hoping to get a £10000 credit card limit on your new UK card. In that case, then a £5000 limit may not be such a good credit card limit, for your own individual needs.

£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 down to the individual card company.

The credit card companies will use the information supplied by the customer on their application form. They will also use the information held 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 MasterCard, or Visa branded cards. The choice of Visa or MasterCard, has no influence on the credit card limit given to you.

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


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Published: January 25, 2024, Updated: February 27, 2024 by 0% Credit Card Expert

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