Learn 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.
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.
Credit cards with a lower income requirement
If you need to know more about the minimum income for the requirements for each card, you can find more information by clicking the card you want.
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.
You’ll also find this information on the majority of credit cards compared on this site. At the bottom of each review page you will find the income requirements for application. This will vary from card to card – below is an example.
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.