Do I make enough money to apply for a credit card? | finder.com.au

Do I make enough money to get a credit card?

The minimum income for getting a credit card varies but can be as low as $15,000 per year. Here’s how to find a card that works for you.

Get a card with low minimum income Compare cards
Find out if you can get approved See your chance of approval

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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. While minimum income requirements for credit cards generally start at $15,000 p.a. before tax, you do need to provide proof of income and meet other eligibility criteria to get approved.

What are minimum income requirements?

Minimum income requirements show you the lowest amount of money you need to earn to apply for a credit card. This amount is typically based on what you earn per year, before tax.

Credit card income criteria help banks and card issuers reduce the risk of lending. It also means that people are only approved for products that are appropriate for their financial situation. When you are looking for a credit card, the minimum income requirements can also help you choose and apply for a credit card that fits with your financial situation. If you apply for a credit card with a minimum income requirement that is higher than what you earn, you'll be declined and this can hurt your credit score.

Compare credit cards with a low minimum income requirement

Data updated regularly
Name Product Purchase rate Balance transfer rate Annual fee Min credit limit Minimum income
Qantas American Express Discovery Card
20.74% p.a.
$0
$2,000
$35,000
Earn 0.75 Qantas Points for your everyday purchases, uncapped, and pay $0 annual fee for the life of the card on this no-frills frequent flyer card.
Westpac Low Rate Card
13.74% p.a.
0% p.a. for 28 months with 1% balance transfer fee
$0 annual fee for the first year ($59 p.a. thereafter)
$500
$30,000
Save with a $0 annual fee for the first year, plus, a 0% interest rate on balance transfers for 28 months.
St.George Vertigo Classic
13.99% p.a.
0% p.a. for 28 months
$55
$500
Enjoy a 0% interest rate on balance transfers for 28 months, with no balance transfer fee.
Virgin Money No Annual Fee Credit Card
0% p.a. for 12 months, reverts to 18.99% p.a.
0% p.a. for 12 months
$0
$2,000
$25,000
Save with an ongoing $0 annual fee and 0% p.a. on balance transfers and purchases for 12 months.
humm90 Mastercard
23.99% p.a.
$99
$1,000
$25,000
Enjoy up to 110 days interest-free on purchases, 0% foreign transaction fees and flexible instalment plan options.
Bank of Melbourne Vertigo Classic
13.99% p.a.
0% p.a. for 28 months
$55
$500
Save with a 0% interest on balance transfers for 28 months, with no balance transfer fee.
NAB StraightUp Card
N/A
$0
$1,000
Save with 0% interest charges and 0% foreign transaction fees. Plus, $0 monthly fees when you don't use the card or carry a balance.
BankSA Vertigo
13.99% p.a.
0% p.a. for 28 months
$55
$500
Enjoy a 0% p.a. for 28 months on balance transfers (with no balance transfer fee), a low purchase rate and annual fee.
BankSA No Annual Fee
0% p.a. for 12 months, reverts to 20.74% p.a.
$0
$500
Offers 0% p.a. on purchases for 12 months and an ongoing $0 annual fee.
loading

Compare up to 4 providers

Credit score in the Finder app

Want to know if you can get approved for a credit card?

Get your credit score via the Finder app and take advantage of our Chance of Approval* feature Pop in your phone number below to get your download link.

*Finder's Chance of Approval feature provides an indication only. It is not a guarantee of approval. Applications for credit products are always subject to the lender's T&CS and application and lending criteria.

How can I find out what the income requirement is for a credit card?

Not all credit cards list a minimum income requirement, so you won't see this information for every card you look at. But on Finder, you can check these details by looking at the "Eligibility" section for individual card reviews.

Most credit card issuers also include any income requirements on their websites and secure application pages, so you can double-check before you apply for a particular credit card.

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.

Credit cardMinimum incomeMinimum credit limitPurchase rateOther features
Citi Prestige$150,000$30,00021.49% p.a.
  • Rewards program with high, uncapped earn rates
  • Complimentary insurances
  • Concierge service
  • Complimentary hotel stay
  • Airport lounge access
Virgin No Annual Fee$25,000$2,00018.99% p.a.
  • No annual fee
  • Free additional cardholders

The examples in this table also show that high minimum income credit cards also tend to have bigger minimum credit limits and more expensive purchase rates. These features, as well as the complimentary extras, are designed to benefit people who earn and can spend more money. They're also suited to people who regularly pay off their balance in full to avoid interest rates.

In comparison, credit cards with lower minimum income requirements tend to have smaller credit limits and fewer features as well as more competitive purchase rates and fees.

Other factors that affect your credit card application

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

  • Credit score. Your credit history or credit rating has 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. If you don't know what your credit score is, you can get a copy of your credit report for free through Finder.
  • Age. You must be at least 18 years of age 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.

If you're unsure if you'll be approved based on your income, contact the bank beforehand to discuss your options and don't risk applying for the card if you think you'll be declined.

Picture: Shutterstock [/single_call_shortcode]

More guides on Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

50 Responses

    Default Gravatar
    jacksonAugust 12, 2019

    If I earn $70,000 that is $5000 less than the min salary requirement – min $75,000, would I be declined straight away or could I still probably get a card?

      Avatarfinder Customer Care
      JeniAugust 13, 2019Staff

      Hi Jackson,

      Thank you for getting in touch with Finder.

      Basically, card issuers check your income to figure out how much you can afford to spend on your card and still be able to pay off your debt. Based on this information and other factors, the card issuer can determine the size of your credit line/limit. Therefore, not meeting the income requirement might end up with declined credit card application. If you have other source of income which could add up to what you’re earning, that can help you with your credit card application.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    TraceyJune 22, 2018

    How much do I need to apply for if I want to balance transfer $9000?

      Default Gravatar
      ArnoldJune 22, 2018

      Hi Tracey,

      Thanks for your inquiry.

      The credit limit you have to apply for to cover the $9000 balance will depend on the institution you apply for. Some institutions don’t put a maximum on how much you can transfer, though this can sometimes sit between 75%-100% of your approved credit limit. It would be good to check the balance transfer limit first, before applying for a balance transfer.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    KazAugust 2, 2017

    I want to know if I can get a credit card for 16,000 for an operation that is not covered by private health insurance. A personal loan is asking 80.00 per week to pay it back. I was thinking this would be a better option. Im self employed and have a profit and loss statement from an accountant. I still receive new start allowance as well.. can you help??

      Default Gravatar
      DanielleAugust 3, 2017

      Hi Kaz,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      Please feel free to check low-income credit cards and see which one may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

      I hope this helps.

      Cheers,
      Danielle

    Default Gravatar
    TracyMay 1, 2017

    Are the minimum income requirements published by banks referring to gross income or net income (after tax, repayments etc.)?

    Thanks in advance!

      Avatarfinder Customer Care
      DeeMay 2, 2017Staff

      Hi Tracy,

      Thanks for your question.

      The minimum income requirement published by banks generally refers to Gross Income.

      Cheers,
      Anndy

    Default Gravatar
    ReeceOctober 6, 2016

    Can i get a credit i get $14000 a year

      Avatarfinder Customer Care
      MayOctober 6, 2016Staff

      Hi Reece,

      Thanks for your inquiry.

      Generally, credit card companies in Australia would require their applicants to have a minimum income of at least AU$15,000 p.a. Nevertheless, you might want to reconsider a prepaid card, which is also convenient to use and does not have a minimum income requirement.

      Hope that helps.

      Cheers,
      May

    Default Gravatar
    GulshanSeptember 18, 2016

    My salary is 18000 per month am I able to get a credit card and how? my bank account in yes bank.

      Avatarfinder Customer Care
      MaySeptember 18, 2016Staff

      Hi Gulshan,

      Thanks for your question.

      Aside from your income source, there are also other eligibility requirements that you have to meet to be approved for a credit card such as but not limited to employment stability and credit rating. However, these criteria/requirements differ from bank to bank and the type of credit card, so you may need to check the details of the card first or contact the issuer before applying to verify if you meet them.

      Hope this helps.

      Cheers,
      May

    Default Gravatar
    akbarSeptember 14, 2016

    how much p.a. income in rupees for credit card

      Avatarfinder Customer Care
      DeeSeptember 14, 2016Staff

      Hi Akbar,

      Thanks for your question.

      The income requirement for the credit cards we feature on finder.com.au are only in AUD and these credit cards are also available for Australian residents.

      Cheers,
      Anndy

    Default Gravatar
    shainazFebruary 27, 2015

    minimum salary to apply for credit card and wt is age limit

      Avatarfinder Customer Care
      JonathanMarch 2, 2015Staff

      Hi Shainaz, thanks for your inquiry!

      The minimum income requirements for a credit card vary depending on the lender but is generally around the $15,000 mark. The minimum age for a credit card in Australia is 18 years old.

      Cheers,

      Jonathan

    Default Gravatar
    AjayFebruary 21, 2015

    Hi , I want credit card for online shopping , my monthly income is 10,000 so plz help how can get

      Avatarfinder Customer Care
      JonathanFebruary 23, 2015Staff

      Hi Ajay,

      Thanks for your inquiry.

      You may refer to a range of 0% Purchase credit cards and take advantage of the interest-free offer. We also have broken down the components and features of 0% Purchase Credit Cards for you. You can press the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

      Cheers,
      Jonathan

    Default Gravatar
    morgieNovember 30, 2014

    I earn about R3000 a month.what credit card can I get.

      Avatarfinder Customer Care
      ElizabethDecember 1, 2014Staff

      Hi Morgie,

      Thanks for your question.

      From the Australian credit cards available on finder.com.au, you’ll need to be earning a minimum income of about $15,000 AUD which is about R11731.16 a month. You might want to consider a prepaid card, but keep in mind you’ll only be able to load Australian dollars onto this.

      I hope this has helped.

      Thanks,

      Elizabeth

Go to site