Credit cards with a $35,000 minimum income requirement

Information verified correct on December 8th, 2016

Your earnings determine the type of credit card you can apply for. Here is a look at credit cards with $35,000 minimum income requirement.

Some people don’t think about the minimum income requirement on a credit card they are applying for. Instead, they look at other features such as reward programs, annual fees and interest rates. While all these features are important, the minimum income requirement is a major determinant of whether your card application will be approved or not. Banks and credit card providers want to ensure that you earn enough to pay your credit card balance each month, so they look at your earnings before approving your card application.

Finding out the minimum income requirement on a specific credit card will help you determine whether you can apply for it successfully. This, apart from ensuring that your application is not rejected, can keep your credit card file clean, as any rejected applications are documented in your credit history. This may affect your credit history later on, when you’re trying to apply for a home loan.

Credit cards with a minimum income requirement of $35,000

Rates last updated December 8th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.) Minimum Income
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend. 20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) 20.99% p.a. $35,000 Go to site More info
Citi Clear Platinum Card
Citi Clear Platinum Card
A low rate platinum credit card with a low interest rate on purchases and balance transfers. 0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. 21.74% p.a. $35,000 Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and an exclusive $129 Virgin Australia Gift Voucher every year. 0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. 20.99% p.a. $35,000 Go to site More info
American Express Qantas Discovery Card
American Express Qantas Discovery Card
Enjoy up to 7,500 bonus Qantas Frequent Flyer Points and 1 point per $1 spent, plus 0% p.a. on balance transfers for 12 months, all for a $0 annual fee. 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. $35,000 Go to site More info
ANZ Low Rate Platinum Credit Card
ANZ Low Rate Platinum Credit Card
$250 Back plus 0% p.a. for the first 6 months on purchases from approval. 0% p.a. for 6 months (reverts to 13.49% p.a.) $99 p.a. 21.74% p.a. $35,000 Go to site More info
Citi Simplicity Card
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases. 19.99% p.a. 0% p.a. for 9 months $0 p.a. 19.99% p.a. $35,000 Go to site More info
Citi Rewards Credit Card - Platinum Card
Citi Rewards Credit Card - Platinum Card
Enjoy a reduced annual fee on the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance. 20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $199 p.a. annual fee for the first year ($249 p.a. thereafter) 21.74% p.a. $35,000 Go to site More info
ANZ Frequent Flyer Platinum
ANZ Frequent Flyer Platinum
Get 50,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months. Enjoy a waived annual fee for the first year and earn up to 1.5 Qantas Points per dollar spent. 19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) 21.49% p.a. $35,000 Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance. 20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) 21.74% p.a. $35,000 Go to site More info
ANZ Rewards Travel Adventures card
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months. 20.24% p.a. $225 p.a. 21.74% p.a. $35,000 Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year. 0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) 21.49% p.a. $35,000 Go to site More info

What does a $35,000 minimum income requirement mean?

To reduce the risk of giving out credit to defaulters, banks carefully examine the income, debt and expenses of all credit card applicants so as to assess their ability to repay credit card debt. By doing so, card providers protect applicants from taking credit cards with a high credit limit that they might struggle to manage.

Credit cards with $35,000 minimum income requirements are standard credit cards that are categorised as low income cards. In order to get such a card, your annual income has to be above $35,000. Credit card providers will state whether requirement is before or after tax.

While applying for this type of credit card, it is important to be honest about your income, as your bank can easily verify that information. If you are applying for this card online, be sure to check whether you meet the minimum income requirements of that particular bank. That vital information is usually listed on most online credit card applications. If not, call the bank first to ensure the card matches your income.

How do these types of credit cards work?

These credit cards work as most other standard cards do, but they require applicants to fulfil the criteria of an annual earnings of more than $35,000. For instance, some cards with a minimum income requirement of $35,000 will offer perks such as travel and accident insurance, a reward program that allows you to earn points for shopping or flying or interest free days.

Pros and cons

Pros

  • Lower criteria. For the general public, meeting the eligibility criteria for these types of credit cards is a lot easier. This means that you may access a line of credit at your convenience.
  • Interest free days. Such cards will offer interest free days that will help you keep interest charges down.
  • Choice. There’s a range of card providers that offer these types of cards, and as such, you have a range of products to compare and choose from.

Cons

  • Interest rates and annual fees. Despite the low minimum income, some card providers may still set high rates and annual fees for these cards.
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2 Responses to Credit cards with a $35,000 minimum income requirement

  1. Default Gravatar
    steve | October 1, 2014

    can i apply for a personal loan if my income is only 31000

    • Staff
      Elizabeth | October 1, 2014

      Hi Steve,

      Thanks for your question.

      This page offers credit cards that have a minimum income requirement of $35,000, and as you mentioned your income is only $31,000 you will not be eligible. You can take a look at some of the cards on this page which have average minimum incomes of around $15,000 p.a., for which you’ll be eligible. Although if you are looking for a personal loan, you can check out your options on this page. Just remember to confirm the minimum income requirement before you apply.

      Hope this has helped.

      Thanks,

      Elizabeth

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