Credit Cards

Income requirement for credit card - are they always verify it?

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  • May 15th, 2019 8:40 am
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[OP]
Jr. Member
Aug 6, 2018
110 posts
18 upvotes

Income requirement for credit card - are they always verify it?

Hi all,
When I was applying for RBC Avion Infinite, I spoke with the customer service who told me that they won't be verifying my income and they would just accept my declaration about how much my current income is. I did apply and they never verify my income. Is this always the case for every credit card? That they won't be verifying our income? Currently considering applying for National Bank World Elite, they currently have promotion of refunding the 1st year annual fee.
53 replies
Sr. Member
Sep 8, 2006
872 posts
537 upvotes
Edmonton
I've never had a credit card ask to verify my income
Deal Fanatic
User avatar
Jan 9, 2011
9312 posts
10863 upvotes
Vancouver
Scotiabank seems to request income verification the most. Other issuers seem to never ask for it. The only reason these minimum income requirements exist is because the retail industry wanted to limit the number of premium credit cards because they have the highest merchant fees. So they successfully lobbied to have the minimum income requirements, to keep the number of these cards out there relatively low. But since the high merchant fees on these cards are gravy for the card issuers, the issuers want to have as many of them out there as possible. So it's not a surprise that the issuers are loosey goosey about verifying income.
Deal Addict
Jun 3, 2009
4964 posts
973 upvotes
Montreal
Scotia has been the only issuer to ask for proof of income so far while BMO, MNBA, Rogers, Canadian Tire never bothered verifying to the best of my knowledge.
[OP]
Jr. Member
Aug 6, 2018
110 posts
18 upvotes
Thx all for the info. In worst case scenario, is there any implication if they verify you income and you can't prove it? I would think, the only implication is you don't get your application approved, but, is there anything else? Would they keep our info in their internal database and we won't be able to apply with them in the foreseeable future?
Deal Fanatic
Sep 29, 2005
5731 posts
1181 upvotes
Montreal
TD Visa asks in their application but doesn't check.
Phils
Deal Addict
Apr 24, 2003
2874 posts
895 upvotes
Toronto
As Kiraly previously stated, only Scotiabank seems to ask for income verification.

I've had experiences with AMEX, BMO, TD, Scotiabank, Capital One, MBNA, PCF, Home Trust and it was just Scotiabank that asked for income verification.
Deal Addict
Oct 6, 2015
2463 posts
1361 upvotes
That's frequently the case, that they don't verify income. But it is fraud if you lie about your income if asked on a loan application, and they can use such lie against you if you declare bankruptcy to oppose your discharge.
Deal Addict
Sep 20, 2008
1358 posts
407 upvotes
Calgary
slim3605 wrote: Thx all for the info. In worst case scenario, is there any implication if they verify you income and you can't prove it? I would think, the only implication is you don't get your application approved, but, is there anything else? Would they keep our info in their internal database and we won't be able to apply with them in the foreseeable future?
Could be considered criminal fraud.
Deal Fanatic
Jul 4, 2004
8585 posts
1525 upvotes
Most don't ask for income verification as long as the credit check comes back reasonably clean.
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Deal Addict
Dec 20, 2018
3928 posts
3127 upvotes
burnt69 wrote: That's frequently the case, that they don't verify income. But it is fraud if you lie about your income if asked on a loan application, and they can use such lie against you if you declare bankruptcy to oppose your discharge.
Dark Phoenix wrote: Could be considered criminal fraud.
It's not fraud as the question they ask is too vague and not explicit or precise enough in the application.

Furthermore, fraud is a criminal offence, crown is not going to charge someone for filing out a credit card application as that's civil in terms of damages .
Deal Addict
Jul 19, 2004
1098 posts
370 upvotes
Vancouver
marcsterr wrote: As Kiraly previously stated, only Scotiabank seems to ask for income verification.

I've had experiences with AMEX, BMO, TD, Scotiabank, Capital One, MBNA, PCF, Home Trust and it was just Scotiabank that asked for income verification.
Yea they don't really care at all as long as your credit score is good. Heck, I've had bank staff just put in the minimum income without even asking.
Deal Addict
User avatar
Sep 6, 2018
1499 posts
1763 upvotes
Halifax, Nova Scotia
I've gone through 20+ CC applications and was never once asked to prove my income. Loan and LOC products on the other hand, every time I have been asked for 2 paystubs.
Deal Addict
Sep 24, 2018
1911 posts
1004 upvotes
Amex is the only one that asked me, but since then zip

But Ill point this out.....if you have to ask...maybe you should be applying for the product.....sorry
Newbie
Mar 7, 2011
99 posts
87 upvotes
StatsGuy wrote: It's not fraud as the question they ask is too vague and not explicit or precise enough in the application.

Furthermore, fraud is a criminal offence, crown is not going to charge someone for filing out a credit card application as that's civil in terms of damages .
If you knowingly misrepresent your income, on a credit application, it's fraud. Fact. End of story.
Whether or not you get caught, or the bank actually acts on it if they actually discover what you submitted was true, or not, just affects how said fraud will impact you. You're still applying for credit fraudulently. How vague is the question "What is your annual income?" Nonsense.

I'm quite sure people fudge their numbers all the time, on credit applications, but don't try to call it something it's not. Does a bank care if you're off a few hundred or a few thousands? Who knows.

But if I'm making $35,000 a year, and I apply for a card that states you need $80,000 minimum income to apply, I'm committing fraud. If and how, that fraud is handled, that's another matter.

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