Comparing balance transfer credit cards online since 2002A £5000 balance transfer is when a customer transfers a balance of £5000 from one credit card to another credit card. The new balance transfer card will very often have a 0% interest rate for an introductory period. This 0% introductory rate on the new card, can allow you to save money, by paying less interest.
Who can make a £5000 balance transfer in the UK? Which cards are the most suitable for a £5000 credit card limit in the UK?
£5000 Credit Card Limit UK
Many customers will look for a new credit card with a 5000 limit, so that they can make a £5000 balance transfer. Is a £5000 credit card limit big enough to allow this size of transfer, in the UK?
To make a £5000 balance transfer to a new 0% interest credit card there are two things that must happen first :-
- You need to apply for, and then be accepted for a new 0% balance transfer credit card
- The credit limit for your new 0% transfer credit card needs to be higher than £5000
Why do you need a limit higher than a £5000 credit card limit in the UK, on your new balance transfer card? Well, this is because all of the UK credit card companies have a limit, on how much of your overall credit limit can be used for a balance transfer.
This balance transfer limit is set at either 90%, 93%, or more often 95% of your overall credit limit. As a result, a £5000 credit card limit in the UK, can be used to make a maximum transfer of £4750.
Details of these balance transfer percentage limits for popular credit cards can be found on our maximum balance transfer page.
£5000 Balance Transfer Credit Card
A credit card with a £5000 credit card limit is no longer quite as easy to get in the current UK market. Balance transfer credit cards with £5000 limits were more common, in the years before the banking credit crisis began.
In general, recently the credit card companies have tended to be less generous with their initial credit card limits. This is mainly due to warnings from the Bank of England about increasing levels of consumer deb. However the current cost of living crisis, and the recent coronavirus pandemic have also contributed to this.
However all of the following card companies do tend to be more generous than many others with their credit limits. As a result, all of these featured credit cards are more likely to be suitable for a £5000 balance transfer :-
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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% 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 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 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
Credit Card With 5000 Limit
Can I get a credit card with 5000 limit? We see this question often when customers are looking for a new 5k credit card.
A 5000 credit card limit will not be available to every customer who applies for a new UK credit card. If you are looking to make a £5000 balance transfer, then you are likely to be more successful in obtaining a new credit card with a 5000 limit if you have :-
- A very good credit rating
- No recent history of any bad debts, or missed payments
- An annual income of at least £10,000 per year
- A low ratio of outstanding credit card, or loan debt, in comparison with their annual salary
A £5000 balance transfer credit card is available on both Mastercard, and Visa issued credit cards. The choice of Visa, or Mastercard, is simply down to which payment network the card company has chosen to work with.
A £5000 credit card limit, or indeed a £8000 credit card limit, is just as possible on either type of card. Your overall credit limit is dependent on your own specific credit rating, more than the choice of card.
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