Student credit cards 1 November 2023

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.

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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

LenderScholaroo ratingRegular APRMinimum Credit Score

U.S. Bank Cash+® Secured Visa® Card

Best for $5,000 credit limit

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5/529.99%N/A

U.S. Bank Altitude® GO Secured Visa® Card

Best for no foreign transaction fee

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4.9/529.99%N/A

Bank of America® Customized Cash Rewards Secured Credit Card

Best for applicants without SSN

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4.9/528.24%N/A

Bank of America® Unlimited Cash Rewards Secured Credit Card

Best for simple cash back rewards

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4.8/528.24%N/A

Applied Bank® Secured Visa® Card

Best for low fixed Interest rates

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4.7/59.99%N/A
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U.S. Bank Cash+® Secured Visa® Card

Best for $5,000 credit limit

Scholaroo rating
5/5
Regular APR
29.99%
Minimum Credit Score
N/A
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U.S. Bank Altitude® GO Secured Visa® Card

Best for no foreign transaction fee

Scholaroo rating
4.9/5
Regular APR
29.99%
Minimum Credit Score
N/A
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Bank of America® Customized Cash Rewards Secured Credit Card

Best for applicants without SSN

Scholaroo rating
4.9/5
Regular APR
28.24%
Minimum Credit Score
N/A
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Bank of America® Unlimited Cash Rewards Secured Credit Card

Best for simple cash back rewards

Scholaroo rating
4.8/5
Regular APR
28.24%
Minimum Credit Score
N/A
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Lender

Applied Bank® Secured Visa® Card

Best for low fixed Interest rates

Scholaroo rating
4.7/5
Regular APR
9.99%
Minimum Credit Score
N/A
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1. U.S. Bank Cash+® Secured Visa® Card

Best for $5,000 credit limit

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U.S. Bank Cash+® Secured Visa® Card

5
Scholaroo Rating
Regular APR29.99%
Annual Fee$0
RewardsUp to 5% cash back in limited categories, unlimited 1% on all other purchases
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsRewards & Benefits

You can get the U.S. Bank Cash+® Secured Visa® Card easily by making a security deposit of a minimum of $300 to a maximum of $5,000 and meeting the basic eligibility requirements. Applicants can get approved for a $5,000 credit limit on this card by making an equal deposit. It also comes with high cash back awards that can be redeemed in multiple ways such as in the form of statement credit, gift cards, or to make direct purchases.

U.S. Bank Cash+® Secured Visa® Card offers a 5% cash back in two categories of choice and also on air, hotel, and card reservations made through the Rewards Travel Center. Moreover, cardholders are entitled to 2% cash back on an everyday category of choice like gas stations and grocery stores, and unlimited 1% on all other purchases.

This card does not have an annual fee but it charges a foreign transaction fee of 3% of the purchase, and a late and returned payment fee of up to $41. Upon responsible use of the card, applicants can build up a good credit score over time and be upgraded to an unsecured credit card with even higher limits.

Pros

  • No minimum credit requirement
  • No annual fee
  • High cash back rewards
  • Reports to the three major bureaus
  • Allows to choose your payment due date

Cons

  • Returned and late payment penalty fees of $41
  • Foreign transaction fee of 3% of the purchase
  • Complicated cash rewards system to track
  • Must have an SSN or an ITIN
  • Must be at least 18 years old
  • Must be a U.S. citizen or permanent resident
  • Must have a physical U.S. address
  • Must pay the minimum security deposit
  • 5% cash back quarterly on combined purchases equalling $2,000 in two categories of choice
  • 5% cash back on air, hotel, and card reservations made through the Rewards Travel Center
  • 2% cash back on an everyday category of choice including gas stations, EV charging stations grocery stores, and restaurants
  • Unlimited 1% cash back on all other purchases

2. U.S. Bank Altitude® GO Secured Visa® Card

Best for no foreign transaction fee

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U.S. Bank Altitude® GO Secured Visa® Card

4.9
Scholaroo Rating
Regular APR29.99%
Annual Fee$0
Rewards4x points on restaurants, 2x points at grocery stores, 1x points on all other purchases
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsRewards & Benefits

U.S. Bank Altitude® GO Secured Visa® Card credit limit is set by the amount of security deposit made. You can deposit any amount between $300 and $5,000 to set your desired credit limit and get approved for the card. This is a secured card that does not require a credit history or a minimum score for approval.

The U.S. Bank Altitude® GO Secured Visa® Card comes with high rewards and benefits. Cardholders can earn up to 4x points on restaurant delivery, dining, and also takeout. 2x points are awarded on everyday categories including grocery stores and delivery, streaming services, gas stations, and EV charging stations. On all other eligible purchases, you can earn 1x points. There is also a $15 streaming credit offered for Netflix and Spotify.

This card uses Visa as its payment network which is accepted worldwide and it also charges no foreign transaction fees which can make international transactions easier and cheaper. Moreover, there is no annual fee associated with the card but there is a charge for late and returned payments.

Pros

  • No foreign transaction fee
  • No annual fee
  • Reports to the major bureaus
  • No minimum credit requirement
  • Environmentally friendly card as it is made with recycled plastic

Cons

  • Charges up to $41 for late and returned payments
  • Complicated cash rewards system to track
  • Must have an SSN or an ITIN
  • Must be at least 18 years old
  • Must be a U.S. citizen or permanent resident
  • Must have a physical U.S. address
  • Must pay the minimum security deposit
  • 4x points on restaurant delivery, dining, and take out
  • 2x points at grocery stores, grocery delivery, streaming services, gas stations, and EV charging
  • Unlimited 1x points on all other purchases
  • $15 streaming credit annually for Netflix and Spotify

3. Bank of America® Customized Cash Rewards Secured Credit Card

Best for applicants without SSN

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Bank of America® Customized Cash Rewards Secured Credit Card

4.9
Scholaroo Rating
Regular APR28.24%
Annual Fee$0
RewardsUp to 3% in selected categories, and 1% cash back on all other purchases
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsRewards & Benefits

Bank of America® Customized Cash Rewards Secured Credit Card credit limit starts from $200 to $5,000 and depends on the amount of security deposit made and the income of the applicant. To get the maximum credit limit of $5,000, an equal amount of deposit must be made and the applicant must have enough income to be able to make the repayments. You can apply for this card with an SSN, an ITIN, or a passport.

Bank of America® Customized Cash Rewards Secured Card helps to build or rebuild credit as it reports to the major bureaus monthly. It also offers good cash back rewards including a 3% cash back on a category of choice, 2% on grocery stores and wholesale clubs, and an unlimited of 1% cash back on all other purchases. It charges no annual fee but a foreign transaction fee of 3% of the purchase made, and a late payment penalty of up to $40.

Pros

  • No annual fee
  • Helps in building credit with responsible use
  • Good cash back rewards
  • Allows to choose a category for a higher cash back percentage
  • Approves applications without SSN
  • No minimum credit score requirement

Cons

  • Charges a foreign transaction fee of 3%
  • Late payment fee of up to $40
  • Must apply with an SSN, ITIN, or a passport
  • Must be at least 18 years old
  • Must have a physical U.S. address
  • Must pay the minimum security deposit
  • 3% cash back quarterly on spending the first $2,500 on a category of choice. Choices include: gas stations, EV charging stations, online shopping, phone plans, internet plans, streaming services, dining, travel, drug stores and pharmacies, and home improvement and furnishings
  • 2% cash back at grocery stores and wholesale clubs quarterly on the first $2,500 in combined purcahses
  • Unlimited 1% cash back on all other purchases

4. Bank of America® Unlimited Cash Rewards Secured Credit Card

Best for simple cash back rewards

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Bank of America® Unlimited Cash Rewards Secured Credit Card

4.8
Scholaroo Rating
Regular APR28.24%
Annual Fee$0
Rewards1.5% cash back on all purchases
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsRewards & Benefits

Bank of America® Unlimited Cash Rewards Secured Credit Card has easy-to-track cash back. Its simple cash back rewards allow the cardholders to earn an unlimited 1.5% cash back on all purchases regardless of the category.

This card is helpful in building credit and applicants with no or poor credit score can also get this card by making a security deposit of a minimum of $200. You can choose the credit limit of choice as the credit line you get is equal to the deposit made. Moreover, there is no annual fee associated with the card. It does, however, charge a penalty on late payments. There is also a foreign transaction fee associated with the card which may make international purchases more expensive.

Pros

  • Simple cash back rewards that are easy to track
  • Helps in credit building
  • No annual fee
  • Can apply with an SSN, ITIN, or passport

Cons

  • Foreign transaction fee of 3%
  • Up to $40 charged on late payments
  • Must provide an SSN, ITIN, or a passport
  • Must be at least 18 years old
  • Must have a physical U.S. address
  • Must pay the minimum security deposit
  • Unlimited 1.5% cash back on all purchases

5. Applied Bank® Secured Visa® Card

Best for low fixed Interest rates

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Applied Bank® Secured Visa® Card

4.7
Scholaroo Rating
Regular APR9.99%
Annual Fee$48
RewardsN/A
Credit ScoreN/A
Why We Like ItPros and ConsEligibility Requirements

Applied Bank® Secured Visa® Card advertises guaranteed approval without a credit check upon paying the minimum security deposit and meeting the age and residency requirements. The credit limit on this card is equal to the security deposit made which at the time of application starts at $200 and can go up to $1,000. You can increase your credit limit to a maximum of $5,000 by making additional deposits after the application is approved.

You can also build credit by responsibly using the Applied Bank® Secured Visa® Credit Card as it reports to the three credit bureaus. This card does not offer any rewards but its low fixed interest rates may help individuals save more compared to other cards with higher rates. However, there is an annual fee of $48 charged. This card also charges a foreign transaction fee of 3% and a penalty of up to $38 on late or returned payments.

Pros

  • Low fixed APR
  • No credit check and easy approval
  • Reports to the major credit bureaus

Cons

  • No rewards
  • Annual fee of $48
  • Foreign transaction fee of 3%
  • Late and returned payment fee of up to $38
  • Must be at least 18 years old
  • Must have a physical U.S. address
  • Must pay the minimum security deposit
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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.

LenderScholaroo ratingRegular APRMinimum Credit Score

Petal® 2 Visa® Credit Card

Best for no fees

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4.7/518.24% – 32.24%N/A

Chase Sapphire Preferred® credit card

Best for applicants with good credit score

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4.6/521.49%–28.49%700+

Capital One Venture Rewards Credit Card

Best for travel

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4.5/521.24% - 29.24%800+
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Petal® 2 Visa® Credit Card

Best for no fees

Scholaroo rating
4.7/5
Regular APR
18.24% – 32.24%
Minimum Credit Score
N/A
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Chase Sapphire Preferred® credit card

Best for applicants with good credit score

Scholaroo rating
4.6/5
Regular APR
21.49%–28.49%
Minimum Credit Score
700+
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Capital One Venture Rewards Credit Card

Best for travel

Scholaroo rating
4.5/5
Regular APR
21.24% - 29.24%
Minimum Credit Score
800+
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1. Petal® 2 Visa® Credit Card

Best for no fees

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Petal® 2 Visa® Credit Card

4.7
Scholaroo Rating
Regular APR18.24% – 32.24%
Annual Fee$0
Rewards1% to 1.5% cash back on everyday purchases
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsRewards & Benefits

With Petal® 2 Visa® Credit Card, you can get a credit limit between $300 and $10,000 depending on your creditworthiness and income. This card is easier to get compared to other unsecured credit cards as it does not have a minimum credit score requirement. Applicants with all levels of credit or no credit can apply for this card and also get approved as long as they have a strong verifiable cash flow to make the repayments and have the required debt-to-income ratio. However, applicants with lower credit scores will have to pay a higher interest rate.

Petal® 2 Visa® Credit Card can be cheaper to manage comparatively due to its no-fee policy. This card charges no annual fees, foreign exchange fees, late payment fees, or returned payment fees. Cardholders are also entitled to a cash back of 1% to 1.5% on all purchases. New card members start by earning 1% cash back and with time, the percentage increases to a maximum of 1.5% after 12 months of making on-time payments. You can also build credit with this card and track it for free via their app.

Pros

  • No extra fees including annual fee, foreign exchange fee, late and retuned payment fee.
  • Simple cash back rewards
  • Bonus cash back at select merchants
  • Helps in building credit with responsible use
  • No minimum credit score requirement

Cons

  • Higher interest rates for applicants with lower credit scores
  • Requires a minimum income to qualify
  • Must be at least 18 years old
  • Must have an SSN or ITIN
  • Must have a physical U.S. address and valid U.S. telephone number
  • Must meet the minimum income and debt-to-income ratio requirements
  • 1% to 1.5% cash back on everyday purchases
  • Bonus cash back of 2% to 10% at select merchants

2. Chase Sapphire Preferred® credit card

Best for applicants with good credit score

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Chase Sapphire Preferred® credit card

4.6
Scholaroo Rating
Regular APR21.49%–28.49%
Annual Fee$95
Rewards5x points on travel, 3x points on grocery, 1x on all other purchases
Credit Score700+
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

Applicants who have a good credit score and above, good income, and no current debt can qualify for a minimum of $5,000 credit limit with the Chase Sapphire Preferred® credit card. Some people may be approved for higher limits with excellent scores and high incomes.

Chase Sapphire Preferred® credit card comes with high benefits, most of which are directed towards travel. New members can earn 60,000 bonus points on spending $4,000 in the first 3 months from account opening. These points are equal to $750 that can be redeemed through Chase Ultimate Rewards® for travel.

Moreover, this card offers 5x points on travel purchased through their rewards app, and 2x points are awarded on all other travel purchases. You can also earn 3x points on grocery, streaming services, dining, delivery, and takeout. On all other purchases, you can earn 1x point on every dollar spent. However, there is an annual fee of $95 associated with the Chase Sapphire Preferred® credit card and it charges a penalty on late and returned payments.

Pros

  • Premium travel and dining rewards
  • New cardmember offer
  • No foreign transaction fee

Cons

  • Annual fee of $95
  • Returned and late payment penalty of up to $40
  • Good credit score and income required to qualify
  • Must be at least 18 years old
  • Must have an SSN or ITIN
  • Must have a physical U.S. address
  • Must meet the minimum income requirements
  • Must have a good credit score
  • 60,000 bonus points on spending $4,000 in the first 3 months from account opening
  • 5x points on travel purchased through Chase Ultimate Rewards®, and 2x points on all other travel purchases
  • 3x points on grocery, streaming services, dining, delivery and takeout
  • 1x point per dollar on all other purchases

3. Capital One Venture Rewards Credit Card

Best for travel

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Capital One Venture Rewards Credit Card

4.5
Scholaroo Rating
Regular APR21.24% - 29.24%
Annual Fee$95
Rewards5x miles on hotels and rental cars, 2x miles on all other purchases
Credit Score800+
Why We Like ItPros and ConsEligibility RequirementsRewards & Benefits

Capital One Venture Rewards Credit Card allows a credit limit of a minimum of $5,000 but it requires the applicant to have an excellent credit score, high income, and a clean credit history for approval. It is a great travel card due to the travel-related rewards and benefits it offers.

It offers rewards in the form of miles that can be redeemed in the form of travel purchases, through PayPal, and on Amazon.com. There is a 2x miles awarded on every purchase and 5x on hotels and rental cars booked through Capital One Travel. New card members get 75,000 bonus miles on spending $4,000 on purchases within the first quarter. This card also charges no foreign transaction fee. Other travel-related benefits associated with this card include travel accident insurance, 24-hour travel assistance services, auto rental collision damage waiver, and access to Capital One Lounge at airports.

Capital One Venture Rewards Credit Card, however, charges an annual fee of $95 and a late payment fee of up to $40.

Pros

  • Great travel-related benefits and rewards
  • No foreign transaction fee
  • High credit limit (depends on the applicant’s creditworthiness)

Cons

  • Annual fee of $95
  • Late payment fee of up to $40
  • High minimum credit and income requirement
  • Must be at least 18 years old
  • Must have an SSN or ITIN
  • Must have a physical U.S. address
  • Must meet the minimum income requirements
  • Must have an excellent credit score
  • Unlimited 2x miles on every purchase
  • Unlimited 5x miles on hotels and rental cars booked through Capital One Travel
  • 75,000 bonus miles on spending $4,000 on purchases within the first quarter for new card members

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.

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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.