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.

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).

You'll need to provide basic financial and personal information on your credit card application, such as your Social Security number and income, plus any additional information applicable to the credit card, like proof of enrollment in college if you're applying for a student credit card.

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.

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.

Which credit card does not require income? ›

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.

Based on 2023 Discover it Secured credit card application data, applicants without a credit score may qualify. You must meet other applicable underwriting criteria. When we evaluate your creditworthiness, we consider all the information you provide on your application, your credit report, and other information.

The Discover it® Cash Back credit limit is at least $500 for all cardholders. It has the potential to be higher, too. Discover does not disclose a maximum credit limit, but there are reports of some cardholders receiving credit limits between $2,000 and $11,000.

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.

Card issuers sometimes ask you to verify your income, which you may be able to do by submitting copies of income-related documents, such as a tax return or pay stub. Alternatively, you may be able to give the card issuer permission to contact the IRS to verify your income.

Discover is accepted nationwide by 99% of the places that take credit cards. Get the facts—99% of merchants nationwide who take credit cards accept Discover. How do you know whether a merchant will accept your Discover Card or Discover student credit card? The best thing to do is to ask.

All Discover credit cards let you earn rewards on eligible purchases. Discover doesn't require a specific credit score.