Discover it Cash Back Card Minimum Income Requirement (2024)

FAQs

Discover it Cash Back Card Minimum Income Requirement? ›

No, there is no minimum income required to get approved for Discover it® Cash Back. When it comes to income, what you need to demonstrate is your ability to make at least the minimum monthly payments and to repay any balance you may incur. Moreover, a good credit score or better is required to get this card.

You can get a credit card when you're unemployed. Credit card companies consider other income sources besides employment. A secured credit card may be a good option for someone with little or no credit history.

The minimum credit score needed to get most Discover credit cards is 700 or above. There are a few Discover cards for which there's no minimum credit score requirement, such as the Discover it® Secured Credit Card which you can get with a bad credit score (below 640).

To get approved for a credit card, you'll also need to provide proof that you can make payments. Credit card companies may verify your income and review your current financial obligations, like rent or mortgage payments.

The Discover it Secured Credit Card's income requirement is a minimum of $10,000 annually unless you're a college student. For students, there's usually no proof of income required in order to be approved for the card.

No, there is no minimum income required to get approved for Discover it® Cash Back. When it comes to income, what you need to demonstrate is your ability to make at least the minimum monthly payments and to repay any balance you may incur.

Technically there is no minimum income, although credit card companies are legally required to ensure the applicant's income will be sufficient to support the card's monthly payments. They will also look at other factors like your credit score. Can you lie about your income on a credit card application?

There are various factors that could lead to a denial, such as: Having a high debt-to-income ratio. Not earning sufficient income to cover potential credit card bills. Not having a credit history.

Grocery Store purchases include those made at supermarkets, meat lockers, bakeries, smaller grocery stores, and grocery delivery services. All purchases made from Target, convenience stores, wholesale clubs, and discount stores are not eligible.

There's no exact number that your credit score must be to get a credit card. 90% of top lenders use FICO^® Credit Scores. If you have a low credit score or limited credit history, you still have options. For example, there's no credit score required to apply for a Discover it^® Secured Card.

How do I show proof of income if I don't have any? ›

If you don't have pay stubs to show proof of income, there are a variety of other ways you can do it. Ask about using an employee letter, a W-2, bank statements, and any other document we listed above. Be sure to communicate during this process to ensure the right documents are provided and accepted.

A secured card can be a way to get access to credit even if you have limited income. To open a secured credit card account, you'll need to put down a refundable security deposit as collateral.

A good annual income for a credit card is more than $39,000 for a single individual or $63,000 for a household. Anything lower than that is below the median yearly earnings for Americans. However, there's no official minimum income amount required for credit card approval in general.

Students may qualify for a student credit card with income that doesn't come from a job, such as allowances or certain grants and scholarships. Some student borrowers can use the income of a spouse or partner to qualify for a credit card.

Some of the other Visa cards: $12,000-$15,000 (varies) Some of the other Mastercard cards: $50,000-$100,000 (varies) All other cards: $0.

The Discover it^® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited / poor credit. It offers great rewards and charges a $0 annual fee.

Yes, you could get a credit card without a traditional job

If you are already retired and have income from retirement accounts or rental properties including apartments or vacation rentals. You may qualify if you are self-employed as a freelancer or contractor, including rideshare driving or food delivery work.

In addition to your contact information and household bills, credit card applications ask for your annual or monthly income. Card issuers use this information, along with your credit reports and credit scores, to decide whether to approve your application.

Discover is accepted nationwide by 99% of the places that take credit cards.

Discover's FICO score requirements typically range from 640 to 700, depending on the specific card, making it the credit score for Discover card approval criteria.