£5000 Balance Transfer

A £5000 balance transfer is when a customer transfers a balance of £5000 from one credit card to another credit card. This new balance transfer card often has a 0% interest rate for an introductory period. The 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 £5000 balance transfer?

£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 TransferA 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 :-

Card Offers

Balance Transfers:
0% for 28 Months
Balance Transfer Fee:
0.99%
Purchases:
0% for 6 Months
Representative APR:
19.9% APR (variable)
More Information

Card Details

M&S Transfer Plus*
  • 0% for 28 months on balance transfers made within 90 days of account opening
  • 0.99% balance transfer fee, minimum £5
  • 0% on purchases for 6 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • Preferential rates when you use your card to order M&S Travel Money
  • Manage account online
  • Annual Fee: None
More Information

Application Criteria

M&S Transfer Plus*
  • You are a UK resident
  • You have a UK bank or building society account
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within previous 12 months
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

Card Offers

Balance Transfers:
0% for 12 Months
Balance Transfer Fee:
0%
Purchases:
0% for 12 Months
Representative APR:
15.9% APR (variable)
More Information

Card Details

Nationwide Select Credit Card just for Nationwide members*
  • 0% on balance transfers for 12 months from account opening
  • 0% balance transfer fee within first 3 months, 2.4% fee applies after, minimum £5
  • 0% on purchases for 12 months from account opening
  • Unlimited commission free purchases abroad
  • Manage account online
  • Annual Fee: None
More Information

Application Criteria

Nationwide Select Credit Card just for Nationwide members*
  • Our credit cards are just for members. Youre a member when you have a current account, mortgage or savings account with us
  • Our credit card exclusively for members with a main current account
  • You have been living in the UK for the last 12 months
  • You have a gross income each year of more than £5000
  • You have a good credit history
  • You are aged 18 or over
More Information
Our credit card exclusively for members with a main current account
Representative Example: 15.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable)

Card Offers

Balance Transfers:
0% for 20 Months
Balance Transfer Fee:
2.9%
Purchases:
0% for 20 Months
Representative APR:
19.9% 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
  • Preferential rates when you use your card to order M&S Travel Money
  • Manage account online
  • Annual Fee: None
More Information

Application Criteria

M&S Shopping Plus*
  • You are a UK resident
  • You have a UK bank or building society account
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within previous 12 months
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

Card Offers

Balance Transfers:
0% for 12 Months
Balance Transfer Fee:
3%
Purchases:
No offer
Representative APR:
19.9% APR (variable)
More Information

Card Details

Asda Cashback*
  • 0% on balance transfers for 12 months
  • 3% balance transfer fee, minimum £3
  • 0% for 6 months on purchases of £200 or more at George.com
  • 1% cashback on your Asda shopping online and instore
  • 1% cashback at Asda Living, Asda petrol stations and George.com
  • 0.2% cashback everywhere else
  • Annual Fee: None
More Information

Application Criteria

Asda Cashback*
  • You are a permanent UK resident
  • You have a UK bank or building society account
  • You are able to provide at least one telephone number
  • You have a regular source of income
  • You are aged 18 or over
More Information
Unlimited cashback vouchers - 1% at Asda plus 0.2% everywhere else
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

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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