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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 very often have a 0% interest rate for an introductory period. This 0% rate on the customer’s new card, can allow the customer 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 in order to make a £5000 balance transfer. Is a £5000 credit card limit in the UK, big enough to allow this size of 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% transfer credit card needs to be higher than £5000
£5000 Balance Transfer

Why does a customer need a limit higher than a £5000 credit card limit in the UK, on their new balance transfer card? Well, this is because all of the UK’s 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 set at either 90%, or more often 95%, of the customer’s 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 UK, currently. 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. Warnings from the Bank of England about levels of consumer debt, and the recent coronavirus pandemic have 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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Card Offers

Balance Transfers:
0% for 33 months
Balance Transfer Fee:
2.7%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Card Details

HSBC Balance Transfer*
  • 0% interest for 33 months on balance transfers made within first 60 days of account opening
  • 2.7% 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

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
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 32 months
Balance Transfer Fee:
1.99%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Card Details

M&S Transfer Plus*
  • 0% for 32 months on balance transfers made within 90 days of account opening
  • 1.99% 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

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
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 28 months
Balance Transfer Fee:
1%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Card Details

HSBC Balance Transfer Low Fee*
  • 0% interest for 28 months on balance transfers made within first 60 days of account opening
  • 1% 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
  • Contactless payments to quickly and securely pay for purchases under £100
  • Manage your card online
  • Annual Fee: None

Application Criteria

HSBC Balance Transfer Low Fee*
  • 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 have not held a credit card with HSBC Bank in the last 6 months
Low Balance Transfer Fee
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:
2.9%
Purchases:
0% for 24 months
Representative APR:
21.9% APR (variable)

Card Details

M&S Shopping Plus*
  • 0% for 24 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 24 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

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

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

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
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

Credit Card With 5000 Limit

A 5000 credit card limit will not be available to every customer who applies for a new UK credit card. 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 any 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

A £5000 balance transfer credit card is available on both Mastercard and Visa issued credit cards. The choice of Visa, or Mastercard, is 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. The customer’s credit limit is dependant on the customer’s credit rating, more than the choice of card.


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Published: May 3, 2022, Updated: May 3, 2022 by Balance Transfer Expert

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