Maria Adams, Credit Cards Moderator
@m_adams
What you should put for annual income when filling out a credit card application is the total income you receive and have access to in a calendar year. This includes personal income, gifts, retirement income, income from investments, Social Security payments, and more.
What to Put for Annual Income on a Credit Card Application
- Net income: This is your income after taxes, tax deductions, wage garnishments, retirement plan contributions, etc.
- Gross income: Gross income is your annual income before taxes and deductions have been taken out. If the issuer doesn't specify the type of annual income they prefer, use your gross income as it may help secure a higher credit limit.
- Age 21+ sources of income: Accepted sources include personal income and reasonably accessible income from other household members. This can also include allowances, gifts, trust fund distributions, retirement income, investment earnings, alimony and child support, as well as Social Security income.
- Ages 18-21 sources of income: Only your personal income is accepted. However, this can include excess scholarship money that ends up in your bank account, as well as regularly deposited allowance money.
- If you are unemployed: List income you have reasonable access to, such as the income of household members (as long as you’re at least 21 years old), alimony, disability benefits, or rental income.
It's important to report your income accurately as it helps credit card companies determine the credit limit you can realistically handle. Make sure not to leave out any reliable income that can demonstrate your ability to pay. Remember that it is illegal to lie about your income on a credit card application as it is considered fraud.
People also ask
What is a good income for a credit card?
A good annual income for a credit card is more than $62,000 per year, since that puts you above the U.S. median. At the very least, you are required to have enough income to afford the monthly minimum payments on a credit card, along with your other financial obligations.
Having enough money to pay the monthly bills is the only official minimum income requirement for credit card approval in general, but individual credit card...
read full answer by WalletHub, Financial CompanyWhat does annual income mean when applying for a credit card?
Annual income on a credit card application means the total income you receive and have access to in a calendar year. That includes personal income, gifts, your spouse’s income, retirement income, income from investments, scholarships, and Social Security payments, among others.
Applicants under 21 years old, however, may only consider their personal income, which excludes someone else’s income, but can include allowances and certain scholarships if the money gets deposited in the applicant’s bank...
read full answer by WalletHub, Financial CompanyWhat do you put for income on a student credit card application?
When filling out the income field on a student credit card application, you can put wages from full-time or part-time jobs, investment dividends, and most other funds that are regularly deposited into your bank account. Excess scholarship money that ends up in your bank account typically counts as income, too.
In general, if the money is available to pay a debt you owe, and is not earmarked exclusively for education expenses, it usually...
read full answer by Christie Matherne, Credit Card WriterDid we answer your question?
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