Yes, there are credit cards with a $5,000 limit for bad credit; they are secured cards that allow you to place a high security deposit. A secured credit card’s credit limit is equal to the deposit amount. While most secured cards do not allow deposits as high as $5,000, there are some that do, like the Harley-Davidson® Secured Credit Card. This card allows a $5,000 deposit, and it also has both a $0 annual fee and rewards.
There are a few other secured credit cards with $5,000 limits that you can get with bad credit. Some of your options include the First National Bank of Omaha Secured Visa® Card and the U.S. Bank Secured Visa® Card. And any of them can help you rebuild your credit and eventually qualify for an unsecured $5,000 credit card limit.
Some of the best credit cards with a $5,000 limit for bad credit:
$0 annual fee. $300 minimum deposit, $5,000 maximum ($100 increments only). 1 point per $1 on all purchases. 24.49% (V) regular APR.
$0 annual fee. $300 minimum deposit, $5,000 maximum ($50 increments only). 20.49% (V) regular APR.
$0 annual fee. $300 minimum deposit, $5,000 maximum. 25.49% (V) regular APR.
Unless your income is really high, you have no debt, and your financial problems are long behind you, you will not be able to get an unsecured credit card with a $5,000 limit with bad credit. Unsecured cards with $5,000 limits are usually available only to people with good credit. So, you’ll need to start off with a secured card.
Another way to get a credit card with a $5,000 limit with bad credit is to become an authorized user. When you’re an authorized user on someone else’s credit card, you’ll share a credit line with them. You’ll also rebuild your credit if the primary cardholder pays the bills on time.
If you go for a secured card, your credit limit is (almost always) equal to your deposit. So, depositing more money can give you a higher limit. However, the issuer will usually approve a personal maximum deposit for you. This may be below the card’s overall maximum, depending on your income and credit history.