Declaring income for credit card

FestiveJoy

CashlessCaruna wrote: »

Does child maintenance, tax credit and housing benefit count as income for credit cards?

Here's a thread (with replies) that asked a similar question almost 3 years ago.
https://forums.moneysavingexpert.com/discussion/5386429/what-counts-as-income-for-a-credit-card-application

That says, subject to anything to the contrary within the terms, you should include the lot.

This makes sense, as many credit card applications ask about dependants (i.e. children) and housing costs, so any income you have to help offset these outgoings will assist in increasing the spare money you may have to service any loan.

Tax credits are, as mentioned above, essentially a supplement to your wages/salary, so I see no harm including those either

Farmer_Johnson

CashlessCaruna wrote: »

Does child maintenance, tax credit and housing benefit count as income for credit cards?

No.

Not enough characters...

SnowTiger

Some card providers are quite specific about what counts as income.

Asda credit card, for example:

It may include: salary (after tax and NI), pension (after tax), Disability Living Allowance, carer’s allowance, court-agreed child maintenance, rental income. It cannot include: other benefits, non-guaranteed overtime or bonus payments, investment income.

Capital One defines income differently:

Your total yearly income before taxes (include your job, benefits, investments, pension).

Asda asks for income after tax and NI, excluding benefits such as House Benefit, ESA and Jobseeker's Allowance.

Capital One asks for income before tax and NI and appears to let punters include all benefits they receive.

Credit card providers don't usually ask for proof of income. If they do, and you can't provide evidence, you're likely to end up with a fraud mark (CIFAS).

I've only been asked to prove my income once. That was by Natwest. Ironically, at the time, the overwhelming bulk of my income was paid in to a Natwest account. I guess Chinese walls prevented one hand from seeing what the other hand was doing.

Chrysalis

One off money like a lottery win - not income
Regular money such as wages - income.