How Much Income Do I Need To Earn To Get A Credit Card?
Posted May 3rd, 2010 and last modified September 24th, 2012Learn about the minimum income requirements for applying for a credit card
There are certain credit card requirements that must be met when you apply for a credit card and one of them is a minimum income level. Credit card providers need to know that you make enough money to pay your statement at the end of the month. They do not want to take the risk of losing money, and that is why these requirements have been put in place.
Credit card requirements for income
When you make an application for a credit card you will be asked how much you earn so that the card company can make a decision about your approval. They also have to decide how much of a credit limit they will give you when your new card is issued. It just makes sense that the more you earn, the higher your limit will be.
There is no fixed income standard in the credit card industry, and you will find that the credit card requirements are different between cards. Even two cards that are very similar, but are issued by different banks, can have different requirements. Every bank can set its own terms regarding income limits.
Credit card requirements for income will also vary amongst the different types of credit cards. A Platinum card will require more income for approval than a Gold card, and a Gold card will require more than a classic card.
Featuring ANZ Low Rate credit card Mastercard
The ANZ Low Rate credit card Mastercard is a flexible credit card offer available to most working Australians. It offers a low interest rate on purchases, and is combined with a low annual fee. It is a competitive card offer that you should strongly consider.
- $58 p.a. annual fee
- 13.14% p.a. on purchases
- 0% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Here are some examples of the differences in income requirements for Platinum cards from different banks.
- $20,000 annually – HSBC Credit Card
- $50,000 annually – American Express Platinum Edge credit card
- $50,000 annually – Suncorp Platinum credit card
- $75,000 annually – HSBC Platinum credit card
For regular credit cards it is common to see a range between $15,000 and $20,000 as a minimum credit card requirement for income.
Where to find the minimum income application requirements
Most credit card providers will show you this information on the first page of the application form. If it is not apparent you can call the credit card company to find out what it is before filling out an application.
It is not a good idea to fill out a form for a credit card, based on personal finance, unless you know for sure that you will meet the income level expected. You will only be turned down for the credit card and this will show up on your credit file for many years.
Even though there is a large difference between credit card requirements for income, it is very easy to find out what they are. You can also use this guide to help you figure out which credit card you should start looking at.
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* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.
Hi, I am a full time student and I’m working part time at a pharmacy. Ive been attempting to build my credit and I thought the “easiest” way was to get a credit card, but I only make a little over 4,000 a year…and I cant get approved anywhere, any suggestions?
Hi Reyna. Thanks for your question. Please refer to this page. It has a comparison of low rate credit cards, which have some of the lowest entry requirements out of all the cards in the market. Some of these cards have no minimum income requirement; however, generally you will need to be earning more than $15,000 p.a. to be successful in a credit card application. Jacob.