If you want a new credit card, you have to apply. To have your application approved, you must meet certain credit requirements. One of those is a minimum income requirement. Credit card companies need to know that you earn enough to be able to pay your bills. Not only that, but your income determines the exact credit limit you can be approved for (the more you earn, the more a credit card company is generally willing to lend you).

Exactly how much do you have to earn to be approved for a credit card though?

Credit Card Income Requirements: It’s All Relative

There’s no single answer to that question. Credit card income requirements vary from one card to the next. Similar cards from two different issuing banks might even have very different income requirements. They each get to set their own terms.

Another thing to consider is the type of credit card you’re applying for — or the “level.” Some credit cards come in multiple levels. For example, you might have a classic, gold, and platinum card like with the ANZ Frequent Flyer credit cards. Higher status cards like platinum cards come with higher balances and often more perks, so you’re expected to have a higher income than someone applying for a standard or classic version of the card.

Examples of Minimum Income Requirements

Here are a few examples to show you how different income requirements can be:

•    HSBC Platinum credit card – $75,000 p.a.
•    Suncorp Platinum credit card – $50,000 p.a.
•    American Express Platinum MoneyBack credit card – $40,000 p.a.

As you can see, even among the platinum credit card group the minimum income requirements can vary drastically. For classic cards it’s not unusual to have minimum income requirements in the $15,000 – 20,000 range.

How to Find out a Card’s Minimum Income Requirements

Fortunately most credit card issuers make it easy to find this information before you apply for a credit card. It’s often included right on the first page of the credit card application (or the online application page). Sometimes the information isn’t that easy to find. In that case, call the credit card company before applying to make sure you meet the requirements.

There’s no point in applying for a credit card if you don’t meet the income requirements anyway. Doing so would just lead to an application denial, but you would still have an enquiry from that application on your credit file for years to come. Even in a worst case scenario when the income requirement isn’t publicly listed on the application page, that fact alone makes it worth calling the credit card company first.