Apply for a credit card (2024)

FAQs

Should you tell credit card companies how much you make? ›

The 2009 Credit CARD Act mandates issuers to assess borrowers' means to repay their debts before issuing a card or increasing a credit limit. You aren't obligated to provide information about your income to a credit card issuer unless you are applying for a new card or requesting a credit limit increase.

A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more. However, there are plenty of cards you can get with a score lower than this (more on that later).

Lying about your income on a credit application is fraud, which has potential legal implications. Even if you avoid legal trouble, however, the credit card issuer may close your account, forfeit any rewards you've earned and have you repay the outstanding balance.

Will a credit card company verify your income? Although a credit card company could ask you to provide income verification, this doesn't happen often. In most cases, the credit card company will take your word for it and use your reported income.

A good annual income for a credit card is more than $39,000 for a single individual or $63,000 for a household. Anything lower than that is below the median yearly earnings for Americans. However, there's no official minimum income amount required for credit card approval in general.

Technically there is no minimum income, although credit card companies are legally required to ensure the applicant's income will be sufficient to support the card's monthly payments. They will also look at other factors like your credit score. Can you lie about your income on a credit card application?

If you want a rewards credit card, for example, you will need good or excellent credit, says the credit bureau Experian. You will also need a top credit score for a card with perks such as sign-up bonuses. That likely means a score of at least 670 on the FICO scale and more than 660 on the VantageScore scale.

Is there a credit card that approves everyone? ›

First Progress Platinum Elite Secured Mastercard: The First Progress Platinum Elite Secured Mastercard requires no credit history or minimum credit score for approval. Your security deposit is refundable, and the card is accepted nationwide.

The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card in 2024 gives about 1% back. Cardholders can also earn an initial bonus of $200 cash rewards after spending $500...

If you don't have a substantial source of income — or none at all — you may struggle to be approved for a credit card. Having poor payment history is an indicator that you may not be able to repay the credit lenders extend. Lenders may not look favorably upon applicants who are carrying debt.

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

When you apply for a new card, the credit company may perform a hard pull of your credit report for review as part of the approval process. The inquiry on your credit history may lower your FICO Score but generally the impact is low (for most, this means fewer than 5 points).

The only time that you're required to provide your income is during the credit card application process. Providing accurate income information is part of getting approved for a credit card. From then on, it's up to you to keep the card issuer in the loop in regard to your income.

Your salary history — specifically the salary you earned in your most recent position — is one factor an employer can use to gauge your level of experience and the value you'll bring as an employee. They want to ensure your expectations are aligned with their budget for the role.

Your salary is not on your credit report. It has been more than 20 years since credit reports included salaries. Credit bureaus stopped collecting salary information because the data was self-reported and usually inaccurate.

Technically there is no minimum income, although credit card companies are legally required to ensure the applicant's income will be sufficient to support the card's monthly payments. They will also look at other factors like your credit score.