Can I Get a Credit Card With a $5,000 Limit? (2024)

FAQs

Can I Get a Credit Card With a $5,000 Limit? ›

You can get a credit card with a $5,000 limit if you have good to excellent credit, a high income and minimal debt. For example, the Chase Sapphire Preferred® Card is one card that offers a credit limit of $5,000 or higher. Even if your credit score is at the low end, there still is a possibility to get a $5,000 limit.

Some credit card issuers offer credit cards with predetermined credit limits. A starter credit card might come with a $500 limit, for example, while a premium credit card could come with a $5,000 limit.

Maria Adams, Credit Cards Moderator

A credit score of 700 or better is typically needed for a card that offers a $5,000 credit limit.

If you're just starting out, a good credit limit for your first card might be around $1,000. If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.

This means that the best way to secure a card with a high credit limit is to maintain good stats as a borrower, including credit score, debt-to-income ratio and credit utilization ratio. Perhaps most important is simply having a sufficient credit history and a good relationship with the lender.

The Discover it^® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited / poor credit.

If you have a credit score below 580, you'll probably have to start with a secured credit card that requires collateral. In this case, you'll likely have a starting limit of around $200, though you may be able to put down more collateral to secure a higher limit.

The minimum payment on a $5,000 credit card balance is $50, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment.

If your credit score lands around 500 or lower, your chances of getting the credit card of your choice is significantly reduced. You may want to consider improving your score so you can have better chances of getting the card of your choice.

What is a realistic credit limit? ›

Adam McCann, Financial Writer

A good credit limit is around $30,000, as that is the average credit card limit, according to Experian.

Do Discover credit card limits run high or low? Discover credit card limits will always be at least $500, and there's no disclosed maximum. How much you get is determined by your creditworthiness. The only exception is if you have Discover it® Secured Credit Card.

How Much You Should Spend With a $5,000 Credit Limit. Spending between $50 and $500 per month is best for your credit score. You should avoid having a balance above $1,500 when your monthly statement gets generated. Even if you spend $0, your credit score will still improve just by having the account open.

You can get a credit card with a $5,000 limit if you have good to excellent credit, a high income and minimal debt. For example, the Chase Sapphire Preferred® Card is one card that offers a credit limit of $5,000 or higher. Even if your credit score is at the low end, there still is a possibility to get a $5,000 limit.

One of the easiest high limit credit cards to get is the Citi Double Cash® Card. This card offers a minimum credit limit of $500 and cardholders report getting a starting credit limit as high as $11,500. The Citi Double Cash Card has a $0 annual fee and requires at least fair credit for approval.

The starting Chase credit card credit limit varies by card and it could be as low as $500 or as high as $35,000+, depending on the card and your overall credit standing. The issuer, though, only discloses the minimum credit limits for each of their cards.

The highest credit card limit you can get is over $100,000 according to reports from credit card holders. But like most credit cards in general, even the highest-limit credit cards will only list minimum spending limits in their terms.

It's not uncommon for different credit cards to have varying minimum and maximum credit limits. The minimum credit limit is often between $1,000 and $2,000, while some cards have a maximum of up to $100,000. However, not every credit card has a maximum.

Credit One Platinum's maximum credit limit is around $2,000, according to customer reviews. Some people report being approved for this amount right away, while others have worked up to it over years of responsible card use. The minimum credit limit for Credit One Platinum is just $300.