Income Needed for the Chase Freedom Unlimited Card (2024)

FAQs

Income Needed for the Chase Freedom Unlimited Card? ›

While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.

There is no official income requirement for Chase cards, but you need enough income to afford monthly bill payments. Chase does not disclose specific minimum income requirements for its credit cards, but the higher your income is, the more likely you are to be approved.

You'll need good to excellent credit to qualify for the Chase Freedom Unlimited®. Generally speaking, this is defined as a credit score of 690 or better.

The Chase Freedom Unlimited® and Chase Freedom Flex℠ are more difficult to get, as they generally require a good credit score of 670 or higher. Which Chase Freedom card is easiest to get?

You will need to provide a check stub and any forms showing duration of payments. Dividends. Brokerage statements for the last 2 years or previous two year's income tax returns Schedule B-Interest and Dividend Income (most current statement to ensure underlying deposits still exist and earning at the same level).

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.

Your credit score is too low. You don't have enough income. You have too much debt relative to your income. There are too many recent inquiries on your credit report.

Chase Sapphire Reserve®

A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: Chase Sapphire Reserve® is one of the hardest credit cards to get approved for by virtue of the fact that it is one of the best rewards cards on the market.

The Chase Freedom Unlimited® card gives high credit limits to people with good-to-excellent credit, a lot of income, and relatively little debt. The minimum credit limit is $500, and some cardholders report having limits as high as $14,000.

The easiest Chase credit card to get is the Chase Freedom Rise℠, as applicants can get approved for this card with limited credit. This means the odds of approval are good even for people who are new to credit, making the Chase Freedom Rise℠ much easier to get than other Chase credit cards.

What is the 5 24 rule for Chase? ›

The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months. Put simply, the number of cards you've opened in the previous two years will affect your approval odds with Chase.

These cards earn rewards in a slightly different way. The Freedom Flex has a high rewards rate in rotating bonus categories that require activation each quarter, whereas the Freedom Unlimited has a higher base rate of 1.5% cash back on all purchases with fewer moving parts.

Our Verdict. Those looking for an all-around workhorse of a card would be wise to consider the Chase Freedom Unlimited®. This $0 annual fee card notches above-average earnings on travel, dining at restaurants and drugstores, plus solid earnings on all other areas of spending.

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.

Income terms for card applications

Therefore, your income helps issuers determine your credit line and whether or not you'll be able to make payments. The CARD Act does not, however, dictate a minimum income requirement, which means that it's up to the discretion of card issuers to decide.

It's not likely that the card issuer will ask for you to provide proof of income, such as tax forms, unless you are a young borrower. But the best practice is to be honest so that your credit limit is appropriate. You'll want to make sure you can afford the minimum payments and stay out of debt.

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?

Will a credit card company verify your income? Although a credit card company could ask you to provide income verification, this doesn't happen often. In most cases, the credit card company will take your word for it and use your reported income.

First-time credit card users may find the Chase Freedom Unlimited^® credit card useful thanks to a low annual fee and low intro APR period of 15 months. In addition, the rewards program is easy to manage and redeem for experiences and services that are important to you.