Comparing UK 0% credit cards online since 2002
Can you get a £10000 credit card limit when applying for a new credit card, in the UK? Is a 10k credit card limit quite common? Or is a lower £8000 credit card limit, perhaps the more likely outcome, in 2024?
Over recent months and years, we have seen many UK card customers looking for answers, to questions about a £10000 credit card limit.
As many people will know, due to the recent Coronavirus pandemic, as well as the current cost of living crisis, borrowing has generally been more difficult.
The UK banks and credit card companies have overall, tended to be more cautious with their lending to customers. As a result, obtaining a large limit, like a 10k credit card limit, has often been much more difficult, than in it has been in the past.
Today, the UK credit card companies are once again being more cautious with their lending. This is largely due to the current economic uncertainty. The number of customers who are accepted for a new card, and their credit limits, are both likely to be lower, than before.
Customers will often look for credit cards with a £10000 limit, so that they can make a bigger balance transfer. This is because they already have a large balance on one, or perhaps several, of their existing credit cards.
With a new 0% credit card with a £10000 limit, you can save money by paying less interest on your outstanding debts. A new 0% balance transfer card, like the Marks and Spencer credit card for example, can allow the customer to make one large, or several smaller balance transfers.
Credit Card 10000 Limit
Credit card limits are determined by the credit card companies. They use the information provided by you during the application process. The card companies will also use the information available to them from the UK’s credit reference agencies.
The main criteria used in deciding what credit card limit to give you, as a new customer are as follows:-
- Your monthly income and outgoings
- Your credit history including any recent late, or missed payments
- The total amount of credit, such as loans and other cards, that you already have available to yourself
Do you already have a number of credit cards with high limits available to you? If so, then this may reduce your new card’s credit limit. A 10000 credit card limit on a new 0% card can be hard to get for many customers. If you already have a number of other cards, a larger credit limit may also be harder to get.
Over recent years, we have seen that a small number of the credit card companies tend to be more generous with their credit limits. As a result, the following featured cards are more likely to be suitable for customers looking for a £10000 credit card limit:-
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- 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
- 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% 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
- 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% 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
- 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% interest for up to 26 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
- 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% 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
- 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
£8000 Credit Card Limit
Only a very small number of UK customers who apply for a new 0% credit card, are now likely to get a credit card with a £10000 limit straight away. 0% credit cards with large limits, like a £8000 credit card limit, or a £9000 credit card, are much rarer today, than in the previous days of easy credit.
These large credit limits are now more likely to be given to a customer over an extended period of time. This will probably also require one, or more, increases in your credit limit.
If the card limit you receive, for example a credit card with a £8000 limit, is lower than you would like, all is not lost. You can still save money by making purchases, or a balance transfer, up to your given credit limit. This will allow you to benefit from the 0% introductory rates on your new card.
However, do not immediately cancel any new credit card, which has a lower credit limit than you would like, such as a £5000 credit card limit for example.. If you immediately apply again for a different card, this is unlikely to result in a larger credit card limit. Making repeated card applications, within a short period of time, is not recommended. This is likely to suggest to the card companies that you are actually desperate for credit.
Credit Cards With £10000 Limit
A card with a £10k credit card limit can also be obtained over time, when a customer uses their credit card responsibly. This is when you stay within your given credit limit, and make the required monthly payments on time, every month. Over time, you can then ask to increase your initial credit limit. If this request is successful, you may then obtain your desired £10k credit card limit.
A £10000 credit card limit, or a £8000 credit card, is just as likely on either MasterCard or Visa credit cards. The customer’s credit card limit is based only on the information available to the credit card company. The credit limit is not based on the choice of payment network used by any particular credit card.
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