Answers about Credit Cards

When I apply for a loan/credit card, can the bank request income information?

Yes. A bank that offers you a credit card account is required to consider your ability to pay the minimum payments required. A bank must consider your income or assets and debts in deciding whether you are able to make these payments.

If you are not yet 21 years old, and cannot show an ability to make payments, the bank may also request financial information about a cosigner.

March 2010