The best credit card that offers a credit limit of at least $5,000 is the Chase Sapphire Preferred® Card. The Chase Sapphire Preferred® Card requires good credit for approval, has great rewards, and gives cardholders a spending limit of $5,000 or more, depending on their creditworthiness. A starting credit limit of $5,000 or more is common for credit cards like Chase Sapphire Preferred that are branded Visa Signature or Visa Infinite.
Best Credit Cards that Offer a Credit Limit of at Least $5,000
A minimum credit limit of $5,000 or more is guaranteed with these cards, but the exact credit limit you ultimately get will depend on your creditworthiness, with an emphasis on your credit score and income. In general, the better your credit and the higher your income, the higher your credit limit will be.
The minimum payment on a $5,000 credit card balance is at least $50, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment. The exact formula your credit card’s issuer uses to calculate minimum payments is available in the card’s terms and conditions.… read full answer
Minimum Payment on a $5,000 Credit Card Balance by Issuer
Note: Amounts above do not include interest and fees, which may be applied.
Key Things to Know About Credit Card Minimum Payments
The minimum payment is the smallest amount you’re required to pay by the due date for your account to be in good standing.
Late or missed payments will not only raise your minimum payment amount, but they can also cause significant damage to your credit score.
Your minimum payment will be listed on your monthly credit card statement and online account summary.
Credit card issuers are required by law to publish a chart on your credit card statement that projects how long it will take you to pay off your credit card balance just by making the minimum payment, and how much that will cost you in interest charges.
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 of these cards don't allow deposits as high as $5,000, there are some that do. A good example is the Harley-Davidson® Secured Credit Card, which allows a $5,000 deposit. The card also offers 1 point per $1 spent and has a $0 annual fee.… read full answer
There are also a few other secured credit cards with $5,000 limits that you can get with bad credit. These cards can help you rebuild your credit and eventually qualify for an unsecured $5,000 credit card limit.
Some of the Best $5,000 Limit Credit Cards for Bad Credit
The Harley-Davidson® Secured Credit Card offers 1 point per $1 spent on all purchases. This card has a $0 annual fee. The Harley-Davidson® Secured Credit Card card requires a $300 minimum deposit, $5,000 maximum ($100 increments only). The card has a 26.74% (V) regular APR.
The U.S. Bank Secured Visa® Card has a $0 annual fee. This card requires a $300 minimum deposit, $5,000 maximum. The card has a 27.74% (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.
Other Ways to Get a $5,000 Limit Credit 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.
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