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£5000 Balance Transfer

A £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 often have a 0% interest rate for an introductory period. This 0% rate on the new card, can allow the customer to save money by paying less interest.

Who can make a £5000 balance transfer in the UK? Which UK credit cards are the most suitable for a balance transfer of £5000?

£5000 Balance Transfer

Many customers will look for a new credit card with a £5000 limit in order to make a £5000 balance transfer.

To make a £5000 balance transfer to a new 0% credit card there are two things that must happen first :-

  • A customer has to apply for and then be accepted for a new 0% balance transfer credit card
  • The credit limit for that new 0% balance transfer credit card needs to be higher than £5000
£5000 Balance Transfer

A customer actually needs a £5000 credit card limit, or higher, on their new balance transfer credit card. This is because all of the 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 90% or 95% of the overall credit limit. 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 as easy to get in the UK currently. 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.

However all of the following 0% balance transfer credit cards do tend to be more generous than many other cards 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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Card Offers

Balance Transfers:
0% for 29 months
Balance Transfer Fee:
2.75%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

M&S Transfer Plus*
  • 0% for 29 months on balance transfers made within 90 days of account opening
  • 2.75% 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
More Information

Application Criteria

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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 29 months
Balance Transfer Fee:
2.75%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

HSBC Balance Transfer*
  • 0% interest for 29 months on balance transfers made within first 60 days of account opening
  • 2.75% 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
More Information

Application Criteria

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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)
More Information

Card Details

Co-operative Bank Balance Transfer
  • 0% interest for 24 months for balance transfers made within 60 days
  • 3% balance transfer fee, minimum £5
  • 0% interest on purchases for 4 months from account opening
  • All successful applicants will receive this exact rate and offer
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

Co-operative Bank Balance Transfer
  • Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
  • You are a UK resident
  • You have annual income of £10,000 or more
  • You are aged 18 or over
More Information
Only available to Co-operative Bank customers
Representative Example: 20.6% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.6% p.a. (variable)
No balance transfers allowed to this card from Co-operative credit cards

Card Offers

Balance Transfers:
0% for 20 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 20 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

M&S Shopping Plus*
  • 0% for 20 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 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
More Information

Application Criteria

M&S Shopping 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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for up to 15 months
Balance Transfer Fee:
1.45%
Purchases:
0% for up to 15 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

TSB Platinum Purchase
  • 0% interest for up to the first 15 months on balances transferred within first 90 days
  • 1.45% balance transfer fee during first 90 days, 3% fee applies afer 90 days
  • 0% interest on purchases for up to the first 15 months
  • Internet fraud protection and Clicksafe
  • Online card servicing
  • Annual Fee: None
More Information

Application Criteria

TSB Platinum Purchase
  • You are an existing TSB customer
  • You are not currently declared bankrupt, have CCJs or subject to IVA
  • You have a good credit rating and regular income
  • You are a UK resident
  • You are aged 18 or over
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.95% p.a. (variable)
No balance transfers allowed to this card from TSB credit cards

Customers looking to make a £5000 balance transfer are likely to be more successful in obtaining a new credit card with a £5000 limit if they have :-

  • A very good credit rating
  • No recent history of bad debt or missed payments
  • An annual income of at least £20,000 per year
  • A low ratio of outstanding credit card or loan debt in comparison with their annual salary

£5000 balance transfer credit cards are equally suitable on both Mastercard and Visa credit credit cards.

The choice of Visa or Mastercard is only dependent on which payment network the credit card company has chosen to work with for that credit card. A £5000 credit card limit is just as possible on either type of card, depending on the customer’s credit history.


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Published: April 12, 2019, Updated: June 3, 2021 by Balance Transfer Expert

All 0% balance transfer credit card offers on this website are updated daily