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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: katleho Seisa/Getty Images December 20, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
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Generally speaking, all credit cards may consider household income during the application process due to the CFPB ruling, but the phrasing of the question can vary. When you apply for the , for example, the application asks for your total gross annual income but doesn’t specify whether to include household income (you can still do so if you prefer). When you apply for the , however, it explicitly states that, if you are 21 or older, you may include “income from others that you can reasonably access to pay your bills.” American Express also words this rule differently on its credit card applications. With Amex credit cards like , the application states that you can include “all income” available to you including “wages, retirement income, investments, rental properties, etc.” unless you are under the age of 21. In that case, you can only include your own income. Whichever credit card you choose, you are free to include household income when you apply provided you meet the CFPB requirements of being 21 and older and having reasonable access to funding from a spouse or partner. Reasons to get your own credit card
If you are considering getting your own separate credit card account, you have probably heard about the process of being added as an . With authorized user accounts, you can get your own credit card with your name on it, but the primary account holder will see all your charges on their statement and ultimately be responsible for repayment. So, why would you want your own credit card account instead of just being an authorized user on your spouse or partner’s account? At the end of the day, there are numerous ways being a primary account holder can benefit you: Having your own credit card helps you build credit history. While some card issuers to the credit bureaus, not all of them do. Either way, having your own credit card ensures you are building credit history with each monthly payment you make. Having your own card helps decrease your reliance on someone else. Being an authorized user may leave you feeling beholden to or controlled by a spouse or partner, whereas you call the shots when you have your own credit card account. You can use your credit card for separate expenses you incur. Maybe you want a credit card for birthday gifts and other expenses you don’t want others to see. In this case, having your own credit card makes sense. Earn your own rewards. Finally, having your own credit card can help you begin racking up a separate stash of rewards points. Many credit cards even let you worth $500 or more during the first few months. Why do credit card issuers want to know your income in the first place
Credit card issuers typically consider their approval requirements to be proprietary information, yet it’s well known that card issuers before approving applicants. Information considered can include your credit score, employment situation, income and any debts you have. The main purpose of knowing your income is to gauge your ability to repay any amounts you borrow—or at the very least your ability to keep up with minimum payments. With that in mind, it’s easy to see why would want the ability to list household income without both going in on a . Do credit cards require proof of income
While you need to submit pay stubs and income tax returns when you apply for other financial products like personal loans or a home mortgage, credit card issuers don’t typically require proof of income. Without this step, many issuers have the ability to approve your application online within a matter of minutes. Some instant approval credit cards even give you the option to access a digital card number you can use right away. With this being said, you should never lie on a credit card application. Your card issuer probably won’t investigate your income or other details you share on your application if you’re a responsible cardholder, but misleading banks when applying for credit may still be considered bank fraud. Consequences of bank fraud could include exorbitant fines or even jail time. Overall, the risk of lying on a credit card or loan application just isn’t worth it. The bottom line
If you don’t have a job but share a household with a spouse or partner (or someone who lets you have “reasonable access” to their income), you can be approved for a credit card by listing household income. While this is great news for stay-at-home parents and caregivers, it’s also ideal for anyone over 21 and living at home or with a family member. As long as you’re granted access to household funds, you can use that income to get approved for a line of credit. SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles