How much income do I need to earn to get a credit card?

Information verified correct on December 5th, 2016

Discover whether you earn enough to apply for a credit card and compare low income options.

When you apply for a credit card, your income is an important eligibility requirement that the issuer will use as one way to assess your ability to repay. Minimum income requirements generally start at $15,000 p.a., so there are some low-income options to compare. Use this guide to find out how much you'll need to earn to get a credit card and to compare credit cards you're eligible to apply for.

What are minimum income requirements?

Minimum income requirements let you know the lowest amount of money you need to earn to apply for a credit card. The actual minimum income varies from card to card, with the smallest income you need to apply for a credit card starting at $15,000 p.a.

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. As long as you earn at least the minimum income listed, you will be eligible to apply for a credit card.

Compare credit cards with low minimum income

Rates last updated December 5th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.) Minimum Income
ME Bank frank Credit Card
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee. 11.99% p.a. $0 p.a. 11.99% p.a. $25,000 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
Westpac Low Rate Card
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases. 1% p.a. for 12 months (reverts to 13.49% p.a.) 0% p.a. for 16 months $59 p.a. 21.49% p.a. $15,000 Go to site More info
ANZ Low Rate
ANZ Low Rate
$100 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.) $58 p.a. 21.74% p.a. $15,000 Go to site More info
ANZ First Visa Credit Card
ANZ First Visa Credit Card
Enjoy 0% p.a. balance transfer rate for the first 18 months, a low annual fee, interest-free days on purchases and a low minimum credit limit. 19.74% p.a. 0% p.a. for 18 months with 3% balance transfer fee $30 p.a. 21.49% p.a. $15,000 Go to site More info
Coles Low Rate MasterCard
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee. 9.99% p.a. 0% p.a. for 6 months $49 p.a. 19.99% p.a. $25,000 Go to site More info
ANZ Frequent Flyer
ANZ Frequent Flyer
Receive 25,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months. Plus enjoy a waived annual fee for the first year. 19.99% p.a. $0 p.a. annual fee for the first year ($95 p.a. thereafter) 21.49% p.a. $15,000 Go to site More info
ANZ Rewards Credit Card
ANZ Rewards Credit Card
Get 25,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn 1.5 points per dollar spent. 18.79% p.a. $80 p.a. 20.99% p.a. $15,000 Go to site More info
Virgin No Annual Fee Credit Card
Virgin No Annual Fee Credit Card
No annual fee for the life of the card with $100 cashback and a 0% p.a. offer on balance transfers for 18 months. Spend criteria applies for cashback offer. Plus $100 cashback offer when spend criteria is met. 18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. 20.99% p.a. $25,000 Go to site More info

How can I find out about credit card minimum income requirements?

Credit card minimum income details are listed in the ‘Application requirements’ section for individual cards.

how-much-income-do-i-need-to-get-credit-card

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 credit card issuers prefer not to outline minimum income requirements at all, 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. It’s also a good idea to compare credit cards and look at the different application requirements, including minimum income information, to help you find a card that fits your circumstances.

Why do minimum income requirements vary?

This 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 don’t earn a lot of money.

Comparison: High minimum income requirement vs low minimum income requirement

The following table shows the differences between two cards with high minimum income requirements and two with low income requirements. 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
ANZ Frequent Flyer Black$75,000$15,00019.99% p.a.
  • Rewards program with high earn rate
  • Uncapped rewards
  • Complimentary insurances
  • Concierge service
  • Airport lounge access and more
Citi Prestige$150,000$30,00020.99% p.a.
  • Rewards program with high earn rate
  • Uncapped rewards
  • Complimentary insurances
  • Concierge service
  • Priority Pass membership
  • Complimentary hotel stay
  • Flight upgrades and more
Coles Low Rate MasterCard$25,000$5009.99% p.a.
  • Rewards program with average earn rate
  • Free Coles delivery option
  • Free Coles Mobile Wallet app
Virgin No Annual Fee$25,000$25,00018.99% p.a.
  • No annual fee
  • Free additional cardholders

The examples in this table also reveal 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, low income credit cards 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 whole 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 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 circumstances and needs.

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HSBC Platinum Credit Card
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44 Responses to How much income do I need to earn to get a credit card?

  1. Default Gravatar
    Reece | October 6, 2016

    Can i get a credit i get $14000 a year

    • Staff
      May | October 6, 2016

      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

  2. Default Gravatar
    | September 18, 2016

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

    • Staff
      May | September 18, 2016

      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

  3. Default Gravatar
    | September 14, 2016

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

    • Staff
      Anndy | September 14, 2016

      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

  4. Default Gravatar
    shainaz | February 27, 2015

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

    • Staff
      Jonathan | March 2, 2015

      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

  5. Default Gravatar
    Ajay | February 21, 2015

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

    • Staff
      Jonathan | February 23, 2015

      Hi Ajay, thanks for your inquiry!

      For a list of 0% Purchase credit cards please see this page, we also have broken down the components and features of 0% Purchase Credit Cards for you.

      Cheers,

      Jonathan

  6. Default Gravatar
    morgie | November 30, 2014

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

    • Staff
      Elizabeth | December 1, 2014

      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

  7. Default Gravatar
    Cindy | November 16, 2014

    I am stay at home Mom I have a child with Autism we get SSD and I get child support but it’s only 6600 a year. Is there a credit card I can apply for.

    • Staff
      Elizabeth | November 17, 2014

      Hi Cindy,

      Thanks for your question.

      Unfortunately I’m unaware of any cards with a minimum income requirement below $15,000. If you’re looking to get a card for the convenient shopping/spending benefits, you might want to consider a prepaid credit card. These cards don’t have a minimum income requirement, and usually only require that you verify your identity in order to be approved.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    anne | October 30, 2014

    My husband applied for a capital one venture card. We have excellent credit but his income the past few years has gone down to $25k. (we are homeowners and have savings and no debt beside a car and house) He was turned down. How much is he needing to earn before he will be accepted, and how soon before I can apply? thank you.

    • Staff
      Elizabeth | October 30, 2014

      Hi Anne,

      Thanks for your question.

      I’m not too familiar with credit cards available on the US market, but there appears to be no pre-determined minimum income when it comes to the Capital One Venture Card. It seems that Capital One use a range of lending criteria, including your credit score, to determine your eligibility for the card. You may be able to get more detailed information from Capital One directly.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    pervinder | August 29, 2014

    my salary is -13000 monthly cash in hand… i want made a credit card please help me

    • Staff
      Shirley | September 1, 2014

      Hi Pervinder,

      Thanks for your question.

      Unfortunately to be eligible for credit cards, your income needs to be taxable. This is because you’ll need to show documents and provide evidence of your income.

      If you’d like, you may want to read this article about getting credit if you’re paid in cash.

      All the best,
      Shirley

  10. Default Gravatar
    Howie | August 5, 2014

    how much should I say I earn for a crate and barrel credit card

    • Staff
      Shirley | August 6, 2014

      Hi Howie,

      Each credit card has its own minimum income criteria.

      When you click through our reviews, if you scroll to the bottom it will state what minimum income is required.

      All the best,
      Shirley

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