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Got an email from LL Bean Mastercard (Citi) asking to update information, including net income after taxes:
*Total Annual Net Income is your yearly income after taxes. If you are 21 or older, you may include income from others that you can reasonably access to pay your bills. You do not have to include alimony, child support, or separate maintenance income if you do not want it considered as a basis for repaying this debt.
This is different. Amex, and even other Citi cards, just say Annual Income. I called and they said you could add a tax refund if you got one.
Anyone seen this on other cards?
Thanks
Synchrony always wants net income.
Yes. Don’t remember offhand, which card does this, but I have seen it
Interesting. Hopefully I can take gross minus taxes not gross minus 401K minus health insurance cost minus taxes
I have always updated it with what hits my bank Acct. But only because I never considered those 2 other items
i think for sure you can add back the cost of 401k and health benefit costs. Since they are technically voluntary
@bergrides wrote:Interesting. Hopefully I can take gross minus taxes not gross minus 401K minus health insurance cost minus taxes
Net is just minus taxes AFAIA.
@Anonymous wrote:
@bergrides wrote:Interesting. Hopefully I can take gross minus taxes not gross minus 401K minus health insurance cost minus taxes
Net is just minus taxes AFAIA.
From an accounting perspective, net pay does factor in deductions like 401K, health/dental/term life insurance, union dues, taxes, and so on. It's not just taxes.
A simple definition is that net pay is based upon what the payroll check actually deposits into your bank account.
I just talked to their Customer Service and they said they are only looking at Gross minus taxes. To me it would be what goes in the bank, but I will probably go with Gross - Taxes based on the call with CS.
@bergrides wrote:I just talked to their Customer Service and they said they are only looking at Gross minus taxes. To me it would be what goes in the bank, but I will probably go with Gross - Taxes based on the call with CS.
Give them what they ask for.
Or simply ignore it as it's not required to keep the account.
The CARD act requires lenders to periodically ask and lenders do but, mostly they want to see if they can make you more profitable by extending more credit to you and hoping you'll pay interest if you charge too much to PIF.