American Express brings back a minimum income requirement

Might have an impact on some people.

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Their math doesn’t quite add up though. Post deductions, someone working full time (40 hours per week) on minimum wage won’t quite meet that £20k requirement for the low end cards. Unless you live in London and are over 23.

People are speculating this could be because of the new consumer duty.

Maybe it’s now considered irresponsible to give these type of credit cards to people with a lower income. Amex is unique in that a lot of their cards have fees just for having them and minimum spends.

Are these new minima gross or net?

I presume it’s gross. That article says when you apply they now ask what your income is but surely they asked that before or has the wording changed :thinking:

Looks like I will be editing my income in AmEx then to the minimum… not really too interested in having my account closed :handshake:

And then having all your accounts closed with a shiny nice application fraud loading.

Not sure why I still have my American Express card tbh.

Don’t really use it, as better benefits elsewhere without the minimum spend requirements to claim your earned rewards.

I think it is mainly because, while I am stoozing on two 0% credit cards, the Amex limit adds to my aggregate available credit and thus lowers my utilisation %

Not that I foresee me ever using credit again in the future, my credit rating is still used by companies deciding whether I can have a new mobile phone contract, or broadband contract, or change energy suppliers without going on pre-payment tariff :person_shrugging:

Its almost always net unless they otherwise specifically ask for gross. Minimums are usually with respect to your actual take home pay, not your pre-tax/pension/insurance etc pay.

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Doesn’t everything usually ask for yearly though so I always give the gross figure or I’d have to work it out :thinking:

I’m not commiting fraud as well am I? :joy:

If they’re not specifying, the actual figure will be tucked away in a small print somewhere, but more often than not they want net not gross because that’s a more accurate representation of your affordability!

If you’re not salaried (paid hourly) then yes, I believe you’d have to work it out yourself.

I always thought it was gross, not net. Even salaried people would have to do a lot of maths to work out net given contracts state gross salary.


OK, well either way I’m OK for the everyday cashback card that I have :slight_smile:

You don’t get an annual statement from your employer showing deductions and calculating your net? :thinking:

Nope. Unless that’s the P-whatever that I never look at?

But a quick Google search looking at banks’ guidance shows that most look for gross not net.

As of my last update in September 2021, banks may have different policies regarding whether they ask for gross income or net income when assessing loan applications or other financial transactions. However, it’s essential to keep in mind that policies and procedures can change over time, so it’s best to check with the specific bank or financial institution directly for the most up-to-date information.

That being said, here’s a general guideline:

Banks that usually ask for gross income:

  1. HSBC
  2. Barclays
  3. Lloyds Banking Group (including Lloyds Bank, Halifax, and Bank of Scotland)
  4. NatWest (Royal Bank of Scotland)
  5. Santander UK
  6. Standard Chartered

Banks that usually ask for net income:

  1. Nationwide Building Society
  2. Co-operative Bank
  3. Metro Bank

Please note that this list is not exhaustive, and individual bank policies may vary. Additionally, it’s essential to check with the specific bank or lender directly, as their requirements and processes may change over time. Always provide accurate and up-to-date information to avoid any discrepancies or issues with your financial transactions.


P 60 I believe. Not that I’m eligible but how would Amex check what you say you earn? R-

They could try to verify it using income verification tools via CRAs and if there’s too big a discrepancy ask for contract/payslips.

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Where did you find that?

I was having trouble trying to find anything U.K. related. All my queries were resulting in US based answers, I guess because it’s actually defined to be net in the regulations which isn’t the case for us.

I have enough money to max out my card monthly for about a half decade and pay the bill every month. I already have the card and the means to make payment. There is no fraud if there is no gain or loss or intention to cause a gain to myself or loss of another party.

It is fraud. And you can be prosecuted and sent to jail for it.

With that said. About a third of the population lies about (exaggerates) their income on credit card applications and I’ve not heard of anyone being prosecuted solely for breaking that part of the law, so by all means, you do you.