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Should I update my income for my credit card issuer?

An income increase could positively affect your account.

Updated

Whether or not you keep your personal information up to date for your credit card provider is your decision. Although it’s not always mandatory to update your income, it can be worth it in many cases.

Why is my credit card issuer asking for an income update?

Under the ability to pay rule by the Credit CARD Act of 2009, card providers are required to know your income. Based on that, they can issue a new credit card or adjust your credit limit.

Am I required to update my income?

You are required to provide your income when you apply for a new card. Once you’re approved for the card, updating your income is voluntary. Typically, there are no repercussions if you don’t update your income.

But if your account is flagged for a review, not updating your income could affect your account.

Should I update my income for my credit card issuer?

If your income has increased since you first got the card, it can be beneficial to update the information for a potential credit limit increase. However, if your income has dropped, reporting your income may cause your card provider to lower your credit limit.

Pros and cons of updating your income

Pros
  • You may get a higher credit limit if your income has increased
  • A higher credit limit can lower your utilization ratio, which positively affects your credit score
  • You may get offers more suited to your financial situation
Cons
  • You may see a drop in your credit limit if your income has decreased
  • A lower credit limit can increase your utilization ratio, which negatively affects your credit score
  • Your income information could be shared with a third party

How to update your income for your credit card issuer

The process of updating your income may slightly vary depending on your card provider, but in general, here’s what to do:

  1. Log in to your online credit card account.
  2. Find your personal details option.
  3. Locate your income details.
  4. Enter your new income and submit.

Update Chase income

Here’s how Chase cardholders can update their income:

  1. Log in to Chase account.
  2. Click on the “Person” symbol in the top right and select Profile & settings.
  3. Click Personal details.
  4. Click Income.
  5. Add your new income and click Save.

Compare rewards credit cards

If your income has increased, you can either update your income with your current credit card account and potentially get a higher credit limit, or you can apply for another card. Having a higher income can sometimes give you access to better credit cards and to a higher credit limit.

Name Product Welcome offer Rewards Annual fee Filter values
Blue Cash Everyday® Card from American Express
$150 after spending $1,000 in the first 3 months
2% at US gas stations and select US department stores, 3% at US supermarkets on up to $6,000 per year, then 1% after that and on all other purchases
$0
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
Chase Freedom Unlimited®
$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores on up to $12,000 in the first year
5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases
$0
Earn a huge signup bonus for a no annual fee card with rewards of up to 5% cash back on popular everyday categories.
Chase Freedom Flex℠
$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores on up to $12,000 in the first year
5% back in rotating categories up to $1,500 combined each activated quarter (then 1%), 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases
$0
This no-annual-fee cashback card is one of the most valuable on the market. It boasts a huge signup bonus and up to 5% cashback in multiple purchase categories.
Citi® Double Cash Card
N/A
Up to 2% cash back on purchases (1% when you buy plus 1% as you pay)
$0
This one of the most valuable flat cashback cards. It comes with 2% cash back (1% when you buy plus 1% when you pay) and 18 months to pay off transfers.
Chase Sapphire Preferred® Card
80,000 points after spending $4,000 in the first 3 months, a value of up to $1,000 through Chase Ultimate Rewards
5x points on Lyft, 2x points on travel and dining and 1x points on all other purchases
$95
This popular travel card's signup bonus is worth up to $1,000. Get even more value out of your travel, dining, and Lyft rewards by transferring them to miles.
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Compare up to 4 providers

Can I lie about my income?

Lying about income is the most common lie on credit card applications. But if you get caught, you could end up in trouble because it falls under loan application fraud and is punishable by law.

Bottom line

Updating your income will mostly affect your credit limit and the potential offers from your card provider. If you have increased your income, this will likely cause a boost in your credit limit. But if your income decreased, your credit line could drop.

If you decide to apply for a new credit card, make sure you compare your options until you find the best card for your financial situation.

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