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.
This answer was first published on 05/26/23. 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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