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 which UK credit cards are the most suitable for a £7000 credit card limit?
A credit card with a 7000 limit allows a customer to spend up to £7000 on their card. This could be one large purchase, a luxury family holiday for example, or several smaller purchases.
Customers with a £7000 credit card limit can also make larger balance transfers. This could be one large balance transfer from one existing credit card. Alternatively, a customer could make several smaller balance transfers, from a number of their existing credit cards.
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 current Coronavirus pandemic is also making 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 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 their 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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Card Offers
Card Details
- 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
- 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
Card Offers
Card Details
- 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
- 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
Card Offers
Card Details
- 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
- 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
Card Offers
Card Details
- 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
- 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
Card Offers
Card Details
- 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
- 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
£7000 Balance Transfer Credit 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 bank, or 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% 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 small number of no fee balance transfer credit cards available in the UK.
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 credit 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 the customer.
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