Comparing balance transfer credit cards online since 2002Are you applying for a new 0% card and looking for a £7000 credit card limit? If you are, then what are the UK credit cards which are most suitable for a 7000 credit card limit?
A credit card with a 7000 limit allows you to spend up to £7000 on your card. This could be one large purchase, a luxury family holiday for example, or several smaller purchases.
If you have a £7000 credit card limit, then you can also make larger balance transfers. This could be one large balance transfer from your existing credit card. Alternatively, you could make several smaller balance transfers, if you have more than one credit card with an existing balance.
New credit cards with larger credit card limits, are now often harder to get than in the years before the banking crisis, back in 2008. All of the credit card issuers in UK, do now generally tend to offer lower credit limits, than they did before this credit crunch began.
The recent Coronavirus pandemic has also made the UK credit card companies, more cautious with their lending. This has had the effect of reducing the number of customers accepted for a new card, as well as generally reducing credit limits.
Credit Card 7000 Limit
Customers looking for a 7000 credit card limit are likely to be more successful in obtaining a new card with a higher credit limit if they have the following :-
- A very good or excellent credit history, with no history of bad debts
- An annual income of at least £20,000 per year
- A low ratio of outstanding credit card, or loan debts, compared to your annual income
Some UK credit cards companies do tend to be more generous than many other card issuers with their initial credit limits. As a result, all of the following featured cards are more likely to be suitable for a £7000 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% 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% on balance transfers for 12 months from the date your account is opened
- 3% balance transfer fee in first 60 days, 5% fee applies after 60 days
- 0% on purchases for 3 months from the date your account is opened
- Discounts on Virgin holidays, Virgin trains and Virgin experience days
- Contactless payments to quickly and securely pay for purchases up to £100
- Online card servicing
- Annual Fee: None
- You are a UK resident
- You have a bank or building society account
- You have a good credit history
- You are aged 18 or over
- 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
£7000 Balance Transfer Cards
Customers looking to make a £7000 balance transfer will need to apply for a new card with an introductory 0% balance transfer offer. The credit limit given to you by, the card company, for that new 0% balance transfer card, will also need to be higher.
A 7000 credit card limit is not high enough to make a £7000 balance transfer, although it would allow a £6000 balance transfer. This is because all UK credit card companies have a limit, on how much of the customer’s overall credit limit, can be used for a balance transfer.
This balance transfer limit is usually set at 95%, although it can be slightly lower, of the overall credit limit given to you. So, in effect to make the full £7000 balance transfer onto a new card, you will need a limit of at least £7370.
The transfer limit is in place to allow the customer to pay any balance transfer fee, without exceeding their given credit limit. There are currently, only a very small number of no fee balance transfer credit cards available in the UK.
Credit Card With 7000 Limit
If your initial credit card limit is not high enough, then you may need to apply for another 0% balance transfer credit card. This will then allow you to make a £7000 balance transfer, by splitting the balance transfer over the two new 0% credit cards.
A customer is just as likely to be able to get a 7000 limit with a new MasterCard, or a new Visa card. The choice of payment network, used by the card company for the new 0% credit card has no influence on the credit limit allocated to you as as a customer. Your given credit limit is largely dependant on your own financial circumstances.
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