If a credit card has a minimum income requirement of $35,000 then that's the minimum amount you need to earn in a year if you want to get the credit card.
The minimum income is based on your pre-tax income.
If you apply for a credit card with an income requirement that is higher than what you earn, your application will be rejected.
If a credit card has a minimum income requirement, you'll see it on the credit card provider's website and on the application page (before you apply).
Credit card providers don't legally need to list a minimum income requirement, as your annual earnings are only one of the factors used to assess your application. Other factors include your:
If you can't find an income requirement, check if you meet the card's other eligibility requirements. You could also try contacting the card company and asking about your eligibility.
While credit limits are subject to approval, having enough income to service the minimum limit on a card does give you an idea of how appropriate it could be for your circumstances.
If you could only afford to spend $100 a month repaying your card debt, then a credit card with a minimum limit of $6,000 would not be appropriate. If you spent $6,000 on the card and repaid $100 a month it would take over 5 years to pay off the entire balance. And that's not including interest charges.
You'd be better off looking at a card with a $1,000 credit limit. You could pay that off in 10 months (not including interest).
*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.
Cards with more perks, points and features often have higher credit limits and are aimed at customers with more spending power. These cards have higher minimum income requirements because they're not budget cards, and people with low incomes won't be able to pay them back if they spend too much.
Low rate, low fee cards with fewer perks have lower minimum incomes.
When you apply for a credit card the card company also looks at:
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I’m getting 12000 salary per month can i get any credit card
Hi Saravanan,
Thanks for your comment.
Please see eligibility and requirements if you could be able to apply for low-income cards for more information.
Cheers,
Shirley
I’m getting 12000 salary per month can i get any credit card
Hi Bhanu,
Thanks for your comment.
You will be eligible for most credit cards. Please check the eligibility requirements before apply for any credit card.
Hope this helps,
Shirley
how much do i need to have credit card in standard chartered bank?
Hi Mirundiwilliams. Thanks for your question. Please check the application requirements tab at the bottom of the review page for information on a card’s minimum income requirement. You must be earning over this amount to be eligible to apply for the card. I hope this helps. Jacob.
Hello, My name is Neha. How Much do i need to earn to get a credit card? My monthly salary is $13,000.
Hi Neha. Thanks for your question. That’s a large monthly income. Please check the application requirements table at the bottom of the review page for each card. It will list the minimum income requirement. You need to earn over this amount to be eligible to apply for the card. Some cards don’t list a minimum income requirement. This can mean that you’re assessed on whether you can service a minimum credit limit of $500. Let us know if you have any more questions.
Hi, I am a full time student and I’m working part time at a pharmacy. Ive been attempting to build my credit and I thought the “easiest” way was to get a credit card, but I only make a little over 4,000 a year…and I cant get approved anywhere, any suggestions?
Hi Reyna. Thanks for your question. Please refer to this page. It has a comparison of low rate credit cards, which have some of the lowest entry requirements out of all the cards in the market. Some of these cards have no minimum income requirement; however, generally you will need to be earning more than $15,000 p.a. to be successful in a credit card application. Jacob.