What Do I Need to Qualify?

In order to be eligible for a gold credit card, you will need to fulfil certain criteria that are typically higher than those for regular credit cards. As gold credit cards offer a range of benefits, lenders tend to screen prospective cardholders for higher income and a better credit score. So what are they looking for?

Higher Annual Income

If you would like to apply for a gold credit card (either online or in a branch) then you will need to have an annual income of at least $35,000 p.a. with some requiring a minimum income of $50,000 p.a. or more. If you cannot show any proof of earnings at that level, then your application will most likely be denied.

Better Credit Score

Issuers offering gold cards prefer applicants with better than average credit history. What that means is that if you have never had a credit card before, then your application will probably be denied on the grounds that your credit record has not been established. Likewise, young adults with very little credit history are not considered to be ideal applicants. In short, for an application to be approved you will need a good credit score.

Ability to Pay Your Balance in Full

While a gold card offers many benefits and perks, there's no point in building up your rewards points if you don't plan on paying off your balance every month. Why? If you carry a balance over from one month to another you'll be charged interest, which will negate the value of any rewards you may have earned making purchases with your card.

Flexibility to Travel

When you are comparing gold cards you will quickly realise that many of the rewards schemes revolve around travel related benefits, with most focussed on air travel. You should be able to fly, otherwise those frequent flyer points will be of no use to you.