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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.
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Most of the time when you pull out a credit card, it's just to make a payment. But what if you could get other benefits too?
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. You can use this guide to learn how much you need to earn to apply for a credit card in Australia and the other requirements you need to meet to get your application approved.
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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
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 card | Minimum income | Minimum credit limit | Purchase rate | Other features |
|---|---|---|---|---|
| Citi Prestige | $150,000 | $30,000 | 21.49% p.a. |
|
| Virgin No Annual Fee | $25,000 | $2,000 | 18.99% p.a. |
|
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.
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.
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?
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
How much do I need to apply for if I want to balance transfer $9000?
Hi Tracey,
Thanks for your inquiry
The credit limit you have to apply for to cover $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.
To know the key things you need to consider when applying for a balance transfer, please check out our short guide.
Hope this information helps
Cheers,
Arnold
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??
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.
You may refer to this page for options that 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
Are the minimum income requirements published by banks referring to gross income or net income (after tax, repayments etc.)?
Thanks in advance!
Hi Tracy,
Thanks for your question.
The minimum income requirement published by banks generally refers to Gross Income.
Cheers,
Anndy
Can i get a credit i get $14000 a year
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
My salary is 18000 per month am I able to get a credit card and how? my bank account in yes bank.
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
how much p.a. income in rupees for credit card
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
minimum salary to apply for credit card and wt is age limit
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
Hi , I want credit card for online shopping , my monthly income is 10,000 so plz help how can get
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
I earn about R3000 a month.what credit card can I get.
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