Credit Cards With $5,000 Limit and Guaranteed Approval
Secured credit cards are easy to get and allow guaranteed approval upon paying a security deposit. You can even get a credit card limit of $5,000 on some cards by depositing an equal amount for the card. We have listed the best options for you to consider.
There are credit cards available with a $5,000 limit that offer guaranteed approval upon making a security deposit payment. These are secured credit cards that allow easy approval as they generally do not carry out a credit check and have no minimum credit score requirement for approval.
Unsecured credit cards with good limits, on the contrary, are harder to get as they require an excellent credit score, no current debt, and a very high income for approval. Therefore, the closest chance you have of getting easily approved for your desired credit limit is by applying for a secured credit card. These cards can help you build credit which will help you access unsecured cards with at least a $5,000 limit in the future.
Can I Get a Credit Card with a $5,000 Limit?
Yes, it is possible to get a $5,000 limit easily with secured credit cards. The credit limit on a secured credit card is equal to the security deposit you make. So, to get a credit limit of $5,000, you will be required to make a security deposit equal to that amount.
There are a few cards that allow such a high limit and one of the best options for credit cards with a $5,000 limit and guaranteed approval is the U.S. Bank Cash+® Secured Visa® Card. It offers great cash back rewards and charges a $0 annual fee. We’ve provided more options for such cards along with their relevant details so you can compare and choose the one that meets your particular needs the best.
Best Secured Credit Cards with a $5,000 limit and Easy Approval
Lender | Scholaroo rating | Regular APR | Minimum Credit Score |
---|---|---|---|
U.S. Bank Cash+® Secured Visa® Card Best for $5,000 credit limit Visit website | 29.99% | N/A | |
U.S. Bank Altitude® GO Secured Visa® Card Best for no foreign transaction fee Visit website | 29.99% | N/A | |
Bank of America® Customized Cash Rewards Secured Credit Card Best for applicants without SSN Visit website | 28.24% | N/A | |
Bank of America® Unlimited Cash Rewards Secured Credit Card Best for simple cash back rewards Visit website | 28.24% | N/A | |
Applied Bank® Secured Visa® Card Best for low fixed Interest rates Visit website | 9.99% | N/A |
U.S. Bank Cash+® Secured Visa® Card
Best for $5,000 credit limit
U.S. Bank Altitude® GO Secured Visa® Card
Best for no foreign transaction fee
Bank of America® Customized Cash Rewards Secured Credit Card
Best for applicants without SSN
Bank of America® Unlimited Cash Rewards Secured Credit Card
Best for simple cash back rewards
Applied Bank® Secured Visa® Card
Best for low fixed Interest rates
1. U.S. Bank Cash+® Secured Visa® Card
2. U.S. Bank Altitude® GO Secured Visa® Card
3. Bank of America® Customized Cash Rewards Secured Credit Card
4. Bank of America® Unlimited Cash Rewards Secured Credit Card
5. Applied Bank® Secured Visa® Card
Unsecured Credit Cards With $5000 Limit
There are various other credit cards that offer a starting credit limit of $5,000 but they are harder to get as they require a high credit score, high income, and no debt for approval. There are some credit cards that approve applicants with bad credit and no deposit, like the Petal 2 Visa, but they will have a lower starting credit limit. With responsible card use, you will be able to increase your limit to $5,000 or above due to an improved credit score.
Following are the best unsecured cards that can get you a $5,000 limit.
Lender | Scholaroo rating | Regular APR | Minimum Credit Score |
---|---|---|---|
Petal® 2 Visa® Credit Card Best for no fees Visit website | 18.24% – 32.24% | N/A | |
Chase Sapphire Preferred® credit card Best for applicants with good credit score Visit website | 21.49%–28.49% | 700+ | |
Capital One Venture Rewards Credit Card Best for travel Visit website | 21.24% - 29.24% | 800+ |
Petal® 2 Visa® Credit Card
Best for no fees
Chase Sapphire Preferred® credit card
Best for applicants with good credit score
Capital One Venture Rewards Credit Card
Best for travel
1. Petal® 2 Visa® Credit Card
2. Chase Sapphire Preferred® credit card
3. Capital One Venture Rewards Credit Card
How To Qualify for $5,000 Credit Limit?
Following are a few ways to access a higher credit limit.
- Good to excellent credit score: Credit card limit is generally determined by the applicant’s credit score, credit history, and income. Therefore, having a good credit score is important to get a higher credit line on unsecured credit cards.
- Strong Credit History: It is important to maintain good credit habits and keep your credit history clean to get higher borrowing limits on your card. This is because credit card issuers carry out credit checks to see if there has been any adverse credit history like high present debt, frequent late or missed payments, or bankruptcy in the past.
- Good Regular Income: Income and debt-to-income ratio are other important factors that credit card companies consider before offering an appropriate credit limit. A source of regular income that is of a reasonable amount is important in securing a higher credit line. The minimum credit income requirement varies from one company to another. You can either check on the company’s website or contact them directly for the minimum requirement.
- Get a Secured Credit Card: Secured credit cards are the easiest to get approved for higher limits even without good credit or income. This is because they charge a security deposit as collateral which reduces the risk of lending. To qualify for a $5,000 credit limit, applicants have to make a security deposit equal to that amount and meet the minimum age and residency requirements of the company in consideration.
- Become an Authorized User: Those who are unable to get a credit card in their own name with high limits can become an authorized user on someone else’s card. Authorized users can enjoy the same limit on the card as primary cardholders. However, some banks allow the original cardmembers to set a maximum spending limit for the authorized user too.
- Consider debit or prepaid cards: Debit or prepaid cards allow you to spend an amount equal to how much you deposit in your card account. It does not involve borrowing money and you are simply using what you have put in the account yourself. Since there is no credit or lending involved, these cards cannot help you build credit.
How Can I Increase My Credit Limit?
There are a few ways that can help you increase your existing credit limit.
- Request for an increase online: Many banks allow existing card members to request a credit limit increase online through their websites or apps. It is the easiest way to increase your card limit providing that you meet the conditions for an increase such as higher income or a better credit score.
- Call your card issuer: You can call your credit card issuer to find out if you are eligible for an increase and to request it. You may be asked a few questions relating to your employment before they are able to approve your request on call.
- Wait for an automatic increase: Some credit cards automatically increase their customers’ credit limit by upgrading them to a new card after they have built enough credit by using the card they had responsibly. To build a good credit score for an upgrade, it is best to practice good credit habits by making on-time payments and never missing one. It is also suggested to keep a low credit utilization rate at that is at 30% or lower.
- Upgrade Income: You can try and get a part-time job to increase the total amount of income you earn. This can help you access higher credit limits. Some banks also accept the income of others present within your household if you have access to their income.
- Rent reporting: You can report your rent payments to the credit bureaus. By making on-time rent payments, you can build a positive credit history and increase your credit fast and improved credit can get you higher card limits. You can also report your utility bill payments.
- Apply for a new card: You can apply for another card altogether to increase the total amount of credit you can borrow. So, if your current card allows you to borrow up to a maximum of $2,500 only, you can get another card that offers a similar credit line to increase the total amount that is available to you to up to $5,000.
- Become an authorized user: You can become an authorized user on someone else’s card. This way, you will have access to the credit limit on your own card plus the limit on the other card that you have been added to.
How Much Should You Spend on a $5,000 limit card?
To maintain a positive credit history and a good score, a credit utilization rate of 30% or lower is recommended. This means that on a card that has a $5,000 credit limit, you should spend $1,500 at the most on a monthly basis.
Maintaining a low credit utilization will help you access better borrowing opportunities in the future as lenders consider such individuals less risky. You will be seen as someone who is able to manage their expenses well without overspending.
FAQs
What is the easiest card to get approved?
The easiest cards to get approved for, regardless of the credit score, are secured credit cards. Some of the best options include U.S. Bank Cash+® Secured Visa® Card, U.S. Bank Altitude® GO Secured Visa® Card, Bank of America® Customized Cash Rewards Secured Credit Card, Bank of America® Unlimited Cash Rewards Secured Credit Card, and Applied Bank® Secured Visa® Card.
What is the best guaranteed approval credit card with $5,000 limit with bad credit?
U.S. Bank Cash+® Secured Visa® Card is one of the best guaranteed approval credit cards with a $5,000 limit with bad credit. This is because of the high rewards it offers including up to 5% cash back on limited categories and unlimited 1% on all other purchases. Moreover, its interest rate is also comparatively lower than some of the other popular choices in the market. There is also no annual fee associated with the card and the is no minimum credit score required for approval.
Which credit card starts with the highest limit?
Capital One Venture Rewards Credit Card and Chase Sapphire Preferred® credit card start with the highest limit which is equal to $5,000 at minimum. However, these are unsecured cards that require good credit for approval.
How to qualify for $5,000 credit limit?
Applicants with a good to excellent credit score and income can get approved for a credit limit of $5,000 and higher on unsecured credit cards. Others can apply for a secured card and pay a security deposit equal to $5,000 to get a credit limit of the same amount.