Credit Cards for Pensioners

Can a pensioner get a credit card? Yes, credit cards for pensioners are available from all the banks, compare the credit card options to select the best credit card for pensioners, apply on line with an instant decision on your application, often within 60 seconds.

The credit cards for pensioners featured in the table below each have relatively low minimum income requirement starting at $14,000 p.a. and all accept the income streams pensioners rely on including super, centrelink, investments and assets. One feature all these pensioner credit cards share is a low annual credit card fee, with the annual fee ranging from $0 to $89 p.a. If you are planning on carrying some debt on your credit card it is wise to appraise the Purchase Rates of each of the Pensioner credit cards, as they cover a large range from 13.34% to 20.99% p.a. Where the minimum income level is a challenge you may wish also to consider Joint Account Credit Cards where the income of both you and your partner are taken into consideration.

Thumb st george no annual fee credit card

Introductory Offer: 0% p.a on Balance Transfers for 12 months (a 1% Balance Transfer fee applies)

  • No Annual Fee - Ever
  • Up to 55 Interest Free Days - on purchases
  • Low income earners eligible to apply - At $14,000 p.a. this is one of the lowest levels available in Australia
  • Visa payWave - provides the convenience of tap and go quick payments on transactions up to $100
  • Card Security - 24/7 Falcon Fraud monitoring
  • 3 additional card holders - with no annual fee for each
  • Low minimum credit limit - At $500

Introductory Offer: 0% p.a on Balance Transfers for 12 months (a 1% Balance Transfer fee applies)

  • No Annual Fee - Ever
  • Up to 55 Interest Free Days - on purchases
  • Low income earners eligible to apply - At $14,000 p.a. this is one of the lowest levels available in Australia
  • Visa payWave - provides the convenience of tap and go quick payments on transactions up to $100
  • Card Security - 24/7 Falcon Fraud monitoring
  • 3 additional card holders - with no annual fee for each
  • Low minimum credit limit - At $500

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Can I get a Credit Card as a Pensioner?

Yes, applications from Pensioners are welcomed by many of the major credit card issuers, with many new credit cards issued to pensioners each year.

To make a successful application for a new credit card, pensioners will need to be able to provide assurance to the card issuer that they have the means to repay any debts they accumulate on the card, this generally involves providing proof of an annual income, with many income sources open for inclusion in this, including center link and investment income.

Most credit card issuers make it clear up front what the minimum income level is for applicants, only NAB, of the major credit card issuers do not, preferring to assess each application on a case-by-case basis. The table below features a range of credit cards with lower minimum income eligibility levels that may be suitable for pensioners. If you are contemplating making a Joint Application with your partner Joint Account Credit Cards should be considered as these cards count both your and your partners income towards the minimum income requirement.

 

Getting accepted for a Pensioner Credit Card

Having decided which card best suits your needs and circumstances it is now time to make sure you submit an application that has the best chance of being accepted. Step one in this process is to check and then double check that you meet all the eligibility criteria on your chosen card, the two most critical criteria that are common to most cards are the minimum income level and a good credit rating

As a pensioner it’s quite likely that you have held a bank account with one of the major banks for a few years, this relationship may potentially assist with your application if you are applying for a credit card issued by your current bank.

During the online application process you will be asked if you are a current or passed customer of the bank, at which point you will be asked to supply details of the accounts you have/had with the bank. These details will then be used as part of the assessment process by the card issuer.

 

Rewards Credit Cards for Pensioners

A number of pensioner credit cards include reward programs, which reward you with points for using the credit card to pay for everyday transactions. These reward points can be redeemed for cash back, frequent flyer points, shopping vouchers or a wide range of goods and services via the card issuers online stores. Reward credit cards generally attract a higher annual fee than non-rewards credit cards, so it's important to assess if the value you are deriving from the rewards is at least equal to the value of any annual fee you will pay to hold the credit card.

 

Introductory offers on Credit Cards for Pensioners

As an incentive to apply for their credit card many of the credit card issuers offer generous introductory offers or deals on their credit cards, these deals maybe reduced interest rates, discounted annual card fees or bonus reward points. These offers generally run for an introductory period, post which the credit card reverts back to its standard terms, so be sure to assess the “revert” terms when considering any of theses introductory offers.

Frequently Asked Questions

I have banked with the same bank for many years (over 40), will this help my application for a credit card?

Applying for a credit card issued by a bank whom you have had a long and good relationship with will certainly help your credit card application as the bank will understand your history and use this to assess your risk of not repaying any debt you may incur on a new credit card. You should also request a discounted rate in reward for your 40 years of loyal custom.