Credit Card FAQ: Can You Get a Credit Card if You Only Work Part-time?

16 August, 2010

In this series we’ll tackle some frequently asked questions about credit cards — comparing them, getting them, and using them. Let’s kick things off with a question about getting a new credit card. What if you’re a full-time student and only working part-time? What if you only work a part-time job for some other reason, like being home during the day with your children? Can you still get a credit card if you only work part-time?

The Short Answer

Yes.

Additional Information

While yes, you can get a credit card with only a part-time income, the answer actually depends on the credit card. Every credit card will have its own income requirements. These are usually shared with you either before you apply for the card, or on the credit card application form.

As long as you meet that specific credit card’s minimum income requirements it doesn’t matter if you do so through a full-time or part-time job. It’s all about the dollar amount.

That said, don’t assume you’ll be eligible for any card you happen to want. Most people working part-time probably won’t be eligible for a platinum card for instance. Here are a couple of specific examples of credit cards and their required minimum annual income for approval.

•    ANZ Low Rate MasterCard — $15,000
•    Aussie MasterCard – $15,000
•    Citibank Clear Platinum Credit Card — $50,000
•    Citi Select Credit Card — $120,000

As you can see, the minimum annual income requirements for credit cards can vary quite a bit! In the examples above, you might very well be approved for either the ANZ Low Rate MasterCard or the Aussie MasterCard, because $15,000 annually is a realistic part-time income.

However, it’s much more unlikely that you’ll earn $50,000 per year for the Citibank Clear Platinum credit card (although it might be possible in a high-end job even part-time). And you’d be rather hard-pressed to pull off the $120,000 required to be eligible for the Citi Select credit card.

So can you get a credit card if you only work part-time? Yes. But you have to be realistic in your expectations. You won’t get an upper-tier credit card with lots of perks and rewards if you don’t meet their higher income requirements. But you might still be able to get a great deal on a simple no-frills credit card for everyday use and convenience. And don’t forget that income isn’t the only factor in being approved for a credit card. It also depends on your credit history and other factors that are left up to each individual credit card company.