Comparing UK 0% credit cards online since 2002
A question that we often see card customers asking is, what is a good credit card limit in the UK?
Another very common question that we also see often, is what is the average credit card limit in the UK?
Many UK customers are looking for a credit card with a good credit limit. This is especially true, when they first apply for a new 0% credit card.
A credit card limit, is the credit limit that a new card customer is allocated by the card company, or bank. This card limit is the maximum amount, that you are allowed to spend on your credit card.
For example:-
- You apply for a new credit card and are accepted with a £3000 credit card limit
- You can now spend up to a maximum of £3000 using your new credit card
However, if you make a purchase using your card, that takes you above your credit limit, then your card company may decline the transaction, and charge you a fee. Going over your credit limit repeatedly, may also damage your overall credit rating.
Good Credit Card Limit UK
So, what is a good credit card limit in the UK?
When you apply for a new credit card, your individual financial circumstances will decide your credit limit. The card company will look at your both your monthly income, and also your regular monthly expenses.
They will also consider any other debts you have, like personal loans, as well as the current credit limits you have on any other credit cards. Your repayment history, including any recent missed payments, is also a big factor in deciding your new credit limit.
Average Credit Card Limit UK
The average credit card limit in the UK is currently between £3000 and £4000. However, this does not mean that all UK credit card customers will get a credit limit that is within this range.
Credit card limits do vary quite a bit, from one person to another. This is due to differing financial circumstances, as well as your own individual credit history.
Some people, with a lower annual income, or who have had recent credit problems, may only get a £250, or a £500 credit limit. On the other hand, some people will get credit cards with high limits, like a credit card with a £10000 limit, for example.
What is a good credit card limit in the UK, for any one individual, may not be the best credit card limit for another person.
Over recent years, we have however often seen that some UK banks generally, tend to be more generous with their credit limits. Some other banks and card companies, tend not to be so generous with their card limits for new customers.
The featured credit cards below, in our experience, are most likely to be suitable for customers looking for a credit card with a good credit limit in the UK:-
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- 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% 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% 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 12 months on balances transferred within first 90 days
- 2.95% balance transfer fee during first 90 days, 5% fee applies afer 90 days
- 0% interest on all purchases for up to first 12 months
- Internet fraud protection and Clicksafe
- Online card servicing
- Annual Fee: None
- You do not already have a credit card from TSB
- You are not currently declared bankrupt, have CCJs or subject to IVA
- You have a regular income
- You are a UK resident
- You are aged 18 or over
- 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
Typical Credit Card Limit UK
There is no typical credit card limit in the UK. The size of your credit limit is determined by your individual financial circumstances. The credit card company you apply to, will also have an effect. You could for example, make two identical applications to two different card companies, and be offered totally different credit limits.
Due to the recent Coronavirus crisis, many of the UK credit card companies and banks are likely to be quite cautious with their personal lending. The acceptance rates and credit limits, for new customers, are now both likely to be lower.
Your choice of a Visa or Mastercard credit card also has no bearing on your credit limit.
Customers looking for a new credit card with a good credit limit, should ensure that they only apply for cards where they meet all of the application criteria. Applying for cards not suited to your financial circumstances, may lead to a declined card application. Alternatively, you may end up with a card with a lower than average UK credit card limit.
Many UK cards are now instant approval credit cards providing customers with an instant decision. This decision is available at the the end of the application process.
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