Do I make enough money to get a credit card?

Find out and compare options with low minimum income requirements.

When you apply for a credit card, your income is an important eligibility requirement that the issuer will use to assess your ability to repay. Minimum income requirements generally start at $15,000 p.a. gross (before tax), so there are some low-income options to compare. Use this guide to compare credit cards you're eligible to apply for.

What are minimum income requirements?

Minimum income requirements are the lowest amount of money you need to earn before tax per year to apply for a credit card.

Credit card income requirements help issuers reduce the risk of lending and allow them to offer you products that are appropriate for your financial circumstances. In turn, you can use these requirements to help you choose and apply for credit cards that suit your individual needs.

Compare credit cards with a low minimum income requirement

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Name	Product	Purchase rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Min credit limit	Max credit limit	Minimum Income	Product Description
ANZ Low Rate		12.49% p.a.	0% p.a. for 16 months with 2% balance transfer fee	$58 p.a.	$1,000		$15,000	Receive up to 55 days interest-free on purchases, up to 3 additional cardholders at no cost and Mastercard PayPass.	Go to site More info	Compare	loading Fetching your data...
HSBC Low Rate Credit Card		13.25% p.a.	0% p.a. for 15 months with 2% balance transfer fee	$55 p.a.	$1,000		$20,000	Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.	Go to site More info	Compare	loading Fetching your data...
ANZ First Visa Credit Card		19.74% p.a.	0% p.a. for 16 months with 2% balance transfer fee	$30 p.a.	$1,000	$15,000	$15,000	Get up to 44 interest-free days on purchases and take advantage of a low minimum credit limit.	Go to site More info	Compare	loading Fetching your data...
Coles Low Rate Mastercard		12.99% p.a.	0% p.a. for 6 months	$49 p.a.	$500		$25,000	Collect 0.5 flybuys points per $1 spent at Coles supermarkets and receive up to 62 days interest-free on purchases.	Go to site More info	Compare	loading Fetching your data...
Westpac Low Rate Card		13.49% p.a.	0% p.a. for 18 months with 2% balance transfer fee	$59 p.a.	$1,000	$25,000	$15,000	Receive up to 55 days interest-free on purchases if you pay your balance in full. Plus, the convenience of the Westpac mobile banking app.	Go to site More info	Compare	loading Fetching your data...
Woolworths Everyday Platinum Credit Card		19.99% p.a.	0% p.a. for 14 months	$0 p.a. annual fee for the first year ($49 p.a. thereafter)	$6,000		$20,000	Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.	Go to site More info	Compare	loading Fetching your data...

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How can I find out what the requirement is?

These details are listed in the ‘Application requirements’ section for individual cards.

Some issuers also include this information on their websites or product pages so you can double-check before you apply for a particular credit card.

Other lenders prefer not to outline minimum income requirements, so you won’t see this information for every credit card you look at.

If you can’t find minimum income requirements for a particular card, you can try calling the issuer to ask about your eligibility.

Why are some income requirements so much higher than others?

The relationship between income and credit cards can influence a wide range of credit card features, from the credit limit and interest rate of the card right through to complimentary extras or rewards programs. In general, cards with high minimum incomes will have a lot more features than low income credit cards, but there are still many different credit cards you can choose from if you make a relatively low income.

Comparison: High vs low minimum income requirement

The following table shows the differences between a card with a high minimum income requirement and one with a low minimum income requirement. In general, high income credit cards offer more “other features”, while low income credit cards are good for basic money management.

The examples in this table also show that high minimum income credit cards also tend to have higher minimum credit limits and higher purchase rates. These features, as well as the complimentary extras, are designed to benefit people who earn and can spend more money. In comparison, credit cards with lower minimum income requirements tend to have lower minimum credit limits and fewer features, which can make it easier to avoid overspending.

Other factors that affect your credit card application

Credit card issuers weigh up a range of other factors before approving or denying your request for credit, including:

• Age. You must be at least 18 years of age to apply for a credit card.
• Credit rating. Your credit history or credit rating outlines details of your current and previous loans, cards and other credit accounts (such as utilities). Generally you need to have at least a ‘good’ credit rating to apply for a credit card.
• Residency status. While credit card issuers generally prefer people who are citizens or permanent residents of Australia, there are some credit cards available for people with temporary residency status. These cards may have higher minimum income requirements to help meet lending standards.
• Employment status. While credit card issuers typically prefer people to have full-time employment, you could still be eligible for some cards if you work part-time or casually, are self-employed, are a student or if you have a pension.
• Income vs expenses. When you apply for a credit card, you will have to provide information about your current income, spending habits and any existing debts to help issuers determine whether or not you can manage more credit.

Credit card income requirements help issuers assess the risk of lending and give you an idea of what cards are available to you based on your financial situation. So, now that you have a better understanding of minimum income requirements, you can compare and apply for a card that fits your needs.