Credit Cards with $5,000 Limit and Guaranteed Approval
Credit Cards with $5000 Limit. Secured credit cards are simple to obtain and offer guaranteed approval after paying a security deposit. Some cards even offer a $5,000 credit card limit if you deposit an identical amount. We’ve compiled a list of the top options for you to consider.
There are credit cards with a $5,000 limit that provide guaranteed approval after completing a security deposit payment. These are secured credit cards that are easy to get approved because they do not run a credit check and have no minimum credit score criteria.
Unsecured credit cards with good limits, on the other hand, are more difficult to obtain because they require an exceptional credit score, no existing debt, and a very high salary to qualify. As a result, applying for a secured credit card is your best chance of quickly being approved for your desired credit limit. These cards can help you build credit, allowing you to acquire unsecured cards with a minimum limit of $5,000 in the future.
Can I get a credit card that has a $5,000 limit?
Talking of Credit Cards with $5000 Limit. Yes, it is feasible to obtain a $5,000 limit quickly using secured credit cards. The credit limit on a secured credit card is the same as the security deposit you make. So, if you want a $5,000 credit limit, you must make a $5,000 security deposit.
There are only a few cards that allow for such a high limit, and one of the finest possibilities for credit cards with a $5,000 limit and assured acceptance is the United States. Bank Cashplus® Secured Visa® Card. It provides excellent cash back rates and has no yearly fee. We’ve included more options for such cards, along with pertinent facts, so you may compare and select the one that best matches your specific needs.
1. U.S. Bank Cash Plus® Secured Visa® Card
You can get the United States. Bank Cash+® Secured Visa® Card is simply obtained by providing a security deposit ranging from $300 to $5,000 and meeting the basic eligibility requirements. Applicants might be accepted for a $5,000 credit limit on this card by putting an equal deposit. It also offers substantial cash back rewards, which may be redeemed in a variety of methods, including bill credit, gift cards, and direct purchases.
U.S. Bank Cash+® Secured Visa® Card provides 5% cash back on two categories of choosing, as well as on air, hotel, and card reservations made through the Rewards Travel Centre. Furthermore, cardholders receive 2% cash back on everyday transactions such as gas stations and grocery stores, as well as an unlimited 1% on all other purchases.
This card has no annual cost, however it does levy a foreign transaction fee of 3% of the purchase amount and a late and returned payment fee of up to $41. Applicants who use the card responsibly might gradually improve their credit score and be upgraded to an unsecured credit card with larger limits.
2. U.S. Bank Altitude® Go Secured Visa® Card
As we share Credit Cards with $5000 Limit. The credit limit on the US Bank Altitude® GO Secured Visa® Card is determined by the amount of the security deposit. You can deposit any amount between $300 and $5,000 to establish your chosen credit limit and be authorized for the card. This is a secured card that does not require any credit history or a minimum score to be approved.
The U.S. Bank Altitude® GO Secured Visa® Card provides generous rewards and advantages. Cardholders can earn up to 4x points on restaurant delivery, dining, and takeout. Everyday categories including grocery stores and delivery, streaming services, gas stations, and EV charging stations earn you 2x points. On all other eligible purchases, you can earn 1x point. Netflix and Spotify users can also receive a $15 streaming credit.
This card uses the Visa payment network, which is accepted all over the world, and it has no foreign transaction fees, making overseas transactions easier and cheaper. Furthermore, the card has no annual cost, but there is a charge for late and returned payments.
3. Bank of America’s Customized Cash Rewards Secured Credit Card
Bank of America® Customized Cash Rewards Secured Credit Card credit limits range from $200 to $5,000, depending on the amount of security deposit placed and the applicant’s income. To obtain the maximum credit limit of $5,000, an identical amount of deposit is required, and the applicant must have sufficient income to complete the repayments. You can apply for this card using your SSN, ITIN, or passport.
The Bank of America® Customized Cash Rewards Secured Card helps you build or rebuild credit by reporting to the main credit agencies on a monthly basis. It also provides good cash back incentives, such as 3% cash back on a certain category, 2% on grocery stores and wholesale clubs, and an unlimited 1% cash back on all other purchases. It has no yearly fee, but a foreign transaction fee of 3% of the purchase amount and a late payment penalty of up to $40.
4. Bank of America® Unlimited Cash Rewards Secured Credit Card
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers easy-to-track cash back. Its straightforward cash back rewards program allows cardholders to earn an unlimited 1.5% cash back on all transactions, regardless of category.
This card can help you develop credit, and candidates with no or poor credit can receive it by posting a minimum security deposit of $200. You can select your preferred credit limit because the credit line you receive is equivalent to the deposit you make. Furthermore, there is no annual charge associated with this card. It does, however, levy a penalty for late payments. The card also carries a foreign transaction fee, which may increase the cost of international purchases.
5. Applied Bank® Secured Visa® Card
The Applied Bank® Secured Visa® Card claims guaranteed approval without a credit check after paying the required security deposit and meeting the age and residency conditions. The credit limit on this card is equivalent to the security deposit submitted at the time of application, which ranges from $200 to $1,000. You can raise your credit limit to a maximum of $5,000 by making additional payments after your application is accepted.
You can also establish credit by carefully using the Applied Bank® Secured Visa® Credit Card, which reports to all three credit bureaus. This card does not provide any benefits, but its low fixed interest rates may allow consumers to save more than other cards with higher rates. However, an annual fee of $48 is imposed. This card also has a 3% foreign transaction fee and a penalty of up to $38 for late or returned payments.
Unsecured Credit Cards with a $5000 Limit
Our list offers several options for Credit Cards with $5000 Limit. There are other credit cards that have a $5,000 starting credit limit, but they are more difficult to obtain because they require a good credit score, high income, and no debt for acceptance. There are some credit cards that accept applicants with weak credit and no deposit, such as the Petal 2 Visa, but they have a lower starting credit limit. Because of your improved credit score, you will be eligible to increase your card limit to $5,000 or higher with responsible use.
The following are the finest unsecured cards with $5,000 limits.
1. Petal 2 Visa® Credit Card
Depending on your creditworthiness and income, the Petal® 2 Visa® Credit Card can provide you with a credit limit of $300 to $10,000. This card is easier to get than other unsecured credit cards because there is no minimum credit score criteria. Applicants with all levels of credit, including no credit, can apply for this card and be approved as long as they have a solid verifiable cash flow to make the repayments and meet the debt-to-income ratio requirements. However, individuals with poorer credit ratings will be required to pay a higher interest rate.
Due to its no-fee policy, the Petal® 2 Visa® Credit Card may be more cost-effective to operate. This card has no annual, foreign exchange, late, or returned payment penalties. Cardholders also receive cash back of 1% to 1.5% on all purchases. New cardholders earn 1% cash back, which grows to a maximum of 1.5% after 12 months of on-time payments. You may also accumulate credit with this card and track it for free using their app.
2. Chase Sapphire Preferred® Credit Card
Applicants with a decent credit score or higher, a strong income, and no current debt can be approved for a minimum credit limit of $5,000 with the Chase Sapphire Preferred® card. Some persons with high salaries and great test results may be eligible for higher limitations.
Chase Sapphire Preferred® credit card offers numerous rewards, the majority of them are geared towards travel. New members can receive 60,000 bonus points for spending $4,000 within the first three months after account opening. These points are worth $750 and may be redeemed for travel using Chase Ultimate Rewards®.
Furthermore, this card earns 5x points on travel booked through their rewards app and 2x points on all other travel expenditures. You can also get triple points for groceries, streaming services, restaurants, delivery, and takeaway. On all other purchases, you can get one point for every dollar spent. However, the Chase Sapphire Preferred® credit card carries an annual fee of $95 and a penalty for late and returned payments.
3. Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card has a credit limit of $5,000, but applicants must have a great credit score, a high income, and a clean credit history for acceptance. It is an excellent travel card because of the travel-related incentives and bonuses that it provides.
It provides incentives in the form of miles, which may be redeemed for travel purchases, PayPal, and Amazon. Every purchase earns two points, while hotels and rental cars booked through Capital One Travel earn five miles. New cardholders earn 75,000 extra miles after spending $4,000 on transactions within the first quarter. This card also has no foreign transaction fees. This card also offers travel accident insurance, 24-hour travel assistance services, an auto rental collision damage waiver, and access to the Capital One Lounge at airports.
However, the Capital One Venture Rewards Credit Card has an annual fee of $95 and a late payment cost of up to $40.
How Do I Qualify for A $5,000 Credit Limit?
Credit Cards with $5000 Limit. Here are some strategies to get a greater credit limit:
- Good to excellent credit score: The credit card limit is often determined by the applicant’s credit score, credit history, and income. As a result, having a good credit score is necessary to obtain a greater credit limit on unsecured credit cards.
- Strong Credit History: Maintaining good credit habits and keeping your credit history clean will help you achieve larger borrowing limits on your card. Credit card companies conduct credit checks to see if the applicant has a history of bad credit, such as significant current debt, frequent late or missed payments, or bankruptcy.
- Good Regular Income: Credit card issuers analyze income and debt-to-income ratios when determining an adequate credit limit. A source of consistent, decent income is essential for obtaining a larger credit limit. The minimum credit income requirement varies each company. You can find out the minimum need on the company’s website or by contacting them.
- Get a Secured Credit Card: Secured credit cards make it easier to get approved for higher limits, even if you don’t have good credit or income. This is because they require a security deposit as collateral, lowering the risk of lending. To qualify for a $5,000 credit limit, applicants must make a $5,000 security deposit and meet the company’s minimum age and residence requirements.
- Become an Authorized User: If you are unable to obtain a credit card in your own name with high limits, you can become an authorized user on another person’s card. Authorized users can use the card with the same limit as primary cardholders. However, some banks allow the original cardholders to set a maximum spending restriction for the authorized user.
- Consider debit or prepaid cards: These cards allow you to spend up to the amount you deposit into your card account. It does not entail borrowing money; you simply use what you have put into the account. Because there is no credit or lending involved, these cards will not help you develop credit.
How Do I Increase My Credit Limit?
There are a few ways to boost your existing credit limit:
- Seek an increase online: Many banks allow existing cardholders to seek credit limit increases via their websites or applications. It is the simplest way to increase your card limit if you satisfy the criteria for an increase, such as a higher income or a better credit score.
- Call your card issuer: You can contact your credit card provider to see whether you are eligible for an increase and to request one. Before they can approve your request over the phone, they may ask you a few questions about your employment.
- Wait for an automatic upgrade: Some credit cards automatically boost their clients’ credit limits by upgrading them to a new card after they have earned enough credit by responsibly using the previous card. To improve your credit score for an upgrade, make on-time payments and never miss one. It is also recommended to have a modest credit usage rate of 30% or lower.
- Increase Your Income: You can try to find a part-time work to supplement your current income. This can help you obtain larger credit limits. Some banks will take the income of people in your family if you have access to it.
- Rent reporting: You can record your rent payments to credit bureaus. Making on-time rent payments allows you to develop a favorable credit history and quickly enhance your credit score, which can lead to greater card limits. You can also report utility bill payments.
- Apply for a new card: You can apply for a new card in order to raise the total amount of credit you can borrow. So, if your current card only allows you to borrow up to $2,500, you can get another card with a similar credit line and increase your total accessible amount to $5,000.
- Become an authorized user: You can become an authorized user on another person’s card. This allows you to access both your own credit limit and the credit limit of the other card to which you have been attached.
How Much Should You Spend on a $5,000 credit card?
To preserve a positive credit history and score, a credit utilization rate of 30% or lower is advised. This means that on a credit card with a $5,000 limit, you should spend no more than $1,500 per month.
Maintaining a low credit utilization rate can allow you to access better borrowing opportunities in the future, since lenders view such persons as less dangerous. You will be viewed as someone who can handle their expenses effectively without overpaying.
FAQs
Which card is the easiest to be approved for Credit Cards with $5000 Limit?
Secured credit cards are the easiest to get approved for, regardless of your credit score. Some of the top possibilities are the United States. Bank Cash+® Secured Visa® Card, U.S. Bank Altitude® GO Secured Visa® Card, Bank of America® Unlimited Cash Rewards Secured Credit Card, and Applied Bank® Secured Visa® Card.
What is the greatest guaranteed acceptance credit card with a $5,000 limit and low credit?
U.S. Bank Cash+® Secured Visa® Card is one of the greatest guaranteed approved credit cards for weak credit, with a $5,000 limit. This is due to the substantial incentives it provides, which include up to 5% cash back on specific categories and an unlimited 1% on all other transactions. Furthermore, it has a cheaper interest rate than some of the other popular options on the market. There is no annual charge associated with the card, and no minimum credit score is required for approval.
Which credit card begins with the greatest limit?
Capital One Venture Rewards Credit Card and Chase Sapphire Preferred® credit card begin with the highest limit, which is $5,000 at a minimum. These are unsecured cards, which require good credit to be approved.
How can I qualify for a $5,000 credit limit?
Applicants with a decent to excellent credit score and income can be approved for unsecured credit cards with credit limits of $5,000 or higher. Others can apply for a secured card and pay a $5,000 security deposit to receive the same credit limit.
