Stay-at-home partners, students, or folks without a conventional source of income can now apply for credit cards (& the sign-up bonus) again!
Just list your income as “maintenance” income or in the “other” category on the credit card application as long as you can use it to pay back your debt.The CARD Act [https://www.govtrack.us/congress/bills/111/hr627/text] required banks to evaluate borrowers based on their own income instead of household income or income from others.
This unfortunately meant that stay-at-home partners, students – or anyone who relied on someone else for their income – were having trouble getting their own credit cards and the sign-up bonus and perks that come along with credit cards.
But this rule from the Consumer Financial Protection Bureau (CFPB) has amended the CARD Act.
The new rule says that banks can consider any “income or assets to which consumers have a reasonable expectation of access.”
Awesome news