Credit card firms are tightening their lending criteria, according to new research.
A study by MoneyExpert.com reveals that 47 per cent of credit card providers now require people to have a minimum income of just over £18,000 in order to be accepted.
The finance comparison website claims this is a major shift as just six months ago only 31 per cent asked for minimum incomes at all.
Sean Gardner, director of MoneyExpert.com, said: "Providers of loans and credit cards now not only require good credit histories but increasingly are looking for evidence of a steady income stream."
People applying for a credit card might find that they have to prove they are in work, he added.
There are also around 41 credit cards which require a minimum income of at least £20,000, Mr Gardner stated.
Last week, a study by Moneyfacts.co.uk found that since August 16th credit card firms have increased the interest rate they charge for new purchases.
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Credit card firms tightening lending, figures show
Wed, 19 Nov 2008
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