The best way to get a credit card with a $5,000 limit with bad credit is to apply for the Harley-Davidson Secured Card and place a $5,000 security deposit. A secured credit card’s credit limit is equal to the deposit amount. But most secured cards do not allow deposits as high as $5,000. The Harley Card does allow a $5K deposit, and it also has both a $0 annual fee and rewards.
There are several other secured credit cards with $5,000 limits that you can get with bad credit, including the Wells Fargo Secured Card. It’s possible to deposit as much as $10,000 with the Wells Fargo Secured Card, but you will have to pay a $25 annual fee. Some of your other options include the Aeromexico Secured and First National Secured credit cards. And of them can help you rebuild your credit and eventually qualify for an unsecured $5,000 credit card limit.
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 (700+ credit score). So you’ll need to start off with a secured card.
Here are the best credit cards you can get with a $5,000 limit with bad credit:
Wells Fargo Secured: $25 annual fee. $300 minimum deposit, $10,000 maximum. 20.99% (V) regular APR.
Aeromexico Secured: $25 annual fee. $300 minimum deposit, $5,000 maximum. 3,500 miles and companion flight after paying annual fee/making purchase. 2 miles per $1 on gas and groceries. 1 on all other purchases. 24.99% (V) regular APR.
Harley-Davidson Secured: $0 annual fee. $300 minimum deposit, $5,000 maximum ($100 increments only). 1 point per $1 on all purchases. 24.99% (V) regular APR.
First National Bank of Omaha Secured: $0 annual fee. $300 minimum deposit, $5,000 maximum ($50 increments only). 20.24% (V) regular APR.
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 credit. But if you’re approved to deposit up to $5,000, and you have enough money to make such a deposit, there are several good card options.
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