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.
| Response | Female | Male |
|---|---|---|
| 1 | 36.03% | 32.71% |
| 0 | 25.34% | 16.73% |
| 2 | 19.83% | 23.5% |
| 3 | 9.66% | 11.84% |
| 4 | 3.28% | 5.83% |
| 5 | 3.28% | 4.7% |
| 7 or more | 2.07% | 3.76% |
| 6 | 0.52% | 0.94% |
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 spent $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:
Every month, Finder's experts examine over 250 cards in our database to determine our best credit cards for different categories.
Virtual credit cards are finally here, with options for everyday use and business spending – so how do they work and how secure are they?
Discover exactly how the average Australian uses their credit card.
Shop online with international retailers and pay no foreign currency conversion fees.
Compare credit cards for temporary residents and learn what details you need to provide to successfully apply when you're living in Australia.
Compare the best Qantas frequent flyer credit cards based on bonus point offers, points per $1 spent, rates, fees and other features so you can find a card that works for you.
Check out bonus point offers and travel perks such as lounge access and complimentary insurance with these Velocity Frequent Flyer credit cards.
Whether you're ditching your card or conducting a balance transfer, here are the steps you need to take close your credit card account.
A step-by-step guide on how to apply for a credit limit increase with ANZ, Commonwealth Bank, NAB, Westpac and other major Australian credit card issuers.
Here's how you can save on interest charges, avoid debt and even improve your credit score when you pay the closing balance on your credit card.
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 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
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.
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
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