What is the minimum salary for a credit card? This question is about Credit Cards

What is the minimum salary for a credit card?

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This question is about Credit Cards

Chip Lupo, Credit Card Writer

@CLoop • 03/07/22 This answer was first published on 03/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The minimum salary for a credit card depends on the specific card, but you may be able to get approved for a credit card with an annual salary as low as $10,000 or so. While there is no official minimum salary requirement for a credit card, issuers are still required to ensure that applicants can afford monthly payments. As a result, your chances of approval are better with a higher income.

Credit card issuers’ minimum annual income thresholds are often hard to find, as most major issuers do not publicly disclose their requirements. Some do, however. For example, Capital One states in its application terms that a monthly income of at least $425 more than your monthly home payment is required to qualify for its credit cards.

Key Things to Know About the Minimum Salary for Credit Cards

Annual income is not limited to salary from a job

Your annual income may include salary from a job, along with things like retirement benefits, rental income and investment returns. It’s imperative that the income you report on the application is accurate. If you knowingly enter false or misleading information on a credit card application, you are committing credit card fraud, which is a federal crime.

Your age determines what you can report as annual income

Applicants under 21 years old can only report independent sources of income on a credit card application. Employment compensation, investment income, and even a regular allowance qualify, but a parent’s income does not.

If you’re over 21, you may include another household member’s income on the application, such as a spouse’s salary and other compensation if you have reasonable access to those funds.

Credit card requirements extend beyond salary and income

While salary and income requirements are a key consideration when you apply for a credit card, they’re just part of the equation. Credit card issuers will also look at your credit history, credit utilization, any recent inquiries and more when they review your application.

Answer Question

Can I get credit card with 15000 salary?

Is a $10,000 credit limit good?

Yes a $10,000 credit limit is good for a credit card. Most credit card offers have much lower minimum credit limits than that, since $10,000 credit limits are generally for people with excellent credit scores and high income.

Your credit score is not the only factor that's taken into consideration when a lender determines your credit limit. Your income, assets and existing debt all contribute to this decision.… read full answer

If you need suggestions for high limit credit cards, click here.

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Are there any credit cards with a $5,000 limit for bad credit?

Yes, there are credit cards with a $5,000 limit for bad credit. They are secured cards that allow you to place a high security deposit. A secured credit card’s credit limit is equal to the deposit amount. While most of these cards don't allow deposits as high as $5,000, there are some that do. A good example is the Harley-Davidson® Secured Credit Card, which allows a $5,000 deposit. The card also offers 1 point per $1 spent and has a $0 annual fee.… read full answer

There are also a few other secured credit cards with $5,000 limits that you can get with bad credit. These cards can help you rebuild your credit and eventually qualify for an unsecured $5,000 credit card limit.

Some of the Best $5,000 Limit Credit Cards for Bad Credit

Rewards: Harley-Davidson® Secured Credit CardHarley-Davidson® Secured Credit CardLearn MoreLearn More

The Harley-Davidson® Secured Credit Card offers 1 point per $1 spent on all purchases. This card has a $0 annual fee. The Harley-Davidson® Secured Credit Card card requires a $300 minimum deposit, $5,000 maximum ($100 increments only). The card has a 27.24% (V) regular APR.

Easy Graduation: First National Bank of Omaha Secured Visa® CardFirst National Bank of Omaha Secured Visa® CardLearn MoreLearn More

The First National Bank of Omaha Secured Card has a $0 annual fee. The card requires a $300 minimum deposit, $5,000 maximum ($50 increments only). This card has a 23.99% (V) regular APR.

Rebuild Credit: U.S. Bank Secured Visa® CardU.S. Bank Secured Visa® CardLearn MoreLearn More

The U.S. Bank Secured Visa® Card has a $0 annual fee. This card requires a $300 minimum deposit, $5,000 maximum. The card has a 28.24% (V) regular APR.

Unless your income is really high, you have no debt, and your financial problems are long behind you, you will not be able to get an unsecured credit card with a $5,000 limit with bad credit. Unsecured cards with $5,000 limits are usually available only to people with good credit. So, you’ll need to start off with a secured card.

Other Ways to Get a $5,000 Limit Credit Card

Another way to get a credit card with a $5,000 limit with bad credit is to become an authorized user. When you’re an authorized user on someone else’s credit card, you’ll share a credit line with them. You’ll also rebuild your credit if the primary cardholder pays the bills on time.

If you go for a secured card, your credit limit is (almost always) equal to your deposit. So, depositing more money can give you a higher limit. However, the issuer will usually approve a personal maximum deposit for you. This may be below the card’s overall maximum, depending on your income and credit history.

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