What income and employment do you need to get a credit card?

As with other bank loans, the issue of the card depends on the assessment of the customer’s history and creditworthiness.

The most important factors that banks take into account when making decisions are current net income, quality, and length of employment as well as previous experience with loans (including current debt in other institutions). For some banks, age is also important.

For example, at Good Finance, which offers a large selection of credit cards with a rebate program and the possibility of receiving a one-time bonus of USD 200, the basic requirements are an income of at least USD 1,200 and employment under an employment contract at the current company for at least three months .

Differentiated bank requirements

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Importantly, banks may set different requirements for self-employed people. They are usually more restrictive. In the case of the above-mentioned Good Finance, such a client will have to prove that he has been running his business for at least two years in order to be able to count on a positive consideration of the credit card application. But this is not the only difference.

If the bank requires a person over 21 to be employed under a contract of employment, an entrepreneur who counts on access to credit at Good Finance via a card must be at least 25 years old. Can I get a credit card without income and employment?

In general, non-Polish commercial banks require their clients to documented debt repayment capacity. The more so that the credit card is not the simplest financial tool, and misunderstanding its rules can lead to the accumulation of expensive debt and fees, e.g. for late repayment or cash withdrawals from an ATM.

Banks want credit card users to have the liquidity and financial stability necessary to service a permanent credit card. However, the detailed requirements for clients differ between banks.

Some banks are very cautious about less regular forms of employment, such as civil law contracts or sole proprietorship, which rewards customers working full time or receiving public benefits (e.g. retirement or disability pensions).

Other banks are more liberal in this respect, and the key factor is the actual income you see on your account or tax return. However, most banks expect revenues to be relatively stable and predictable.

Documentation required

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What documents will the bank require to verify our credit card application? He will demand documents confirming his income and place of employment from persons employed under an employment contract.

You can use templates for the source and amount of monthly earnings from the bank’s website where we apply for a credit card. You will need a stamp and signature of the person representing the company (e.g. accountant).

People running a business will have to present documents confirming the running of the company, as well as – in many banks – documents confirming the lack of social security contributions in ZUS. Most banks will also ask for some confirmation of their income (e.g. tax returns).

In turn, retirees and pensioners will have to present the last episode of the old-age or disability pension, as well as the decision on granting it, or the ID of the pensioner. Banks may also require other formalities specific to a given financial institution from all customers.

Who can apply for a card?

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All bank customers who earn a regular income – regardless of their source or form of employment – can apply for a credit card. There is no fixed minimum income limit, but banks are serious about checking their creditworthiness.

People employed under an employment contract usually have lower requirements (e.g. age or length of employment) than entrepreneurs or clients under civil law contracts.

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