Want to get a credit card when you're on a pension or retired? Compare your options and learn how to apply here.
There is a range of credit cards you can apply for when you're on a pension or retired. But you may be required to meet some extra conditions and provide additional documents before a credit card company will approve your application.
This makes it important to do your research before applying for a credit card as a pensioner or retiree. We’ve done some of the hard work for you and made a list of providers that accept retired and pensioner applicants, as well as the documents you’ll need to improve your chances of approval.
Retired: Yes. Self-funded retirees are eligible to apply. Those on a government or age pension are also eligible. You’ll need to provide proof of your income such as your superannuation statement or Centrelink statement.
Pension: Yes. The following pensions are accepted:
Other pension (contact Bank of Melbourne to clarify whether your specific pension is covered)
You’ll need evidence of your income such as your Centrelink statements.
Retired and pension: Yes. You’ll need to provide any of the following options: annual superannuation statement, which includes an indexed pension amount, your most recent pension statement, 3 months of personal bank statements showing regular credit or cash deposits, your most recent self-managed superannuation tax returns less than 15 months old.
Retired and pension: Yes. You need to provide your income, how regularly you’re paid and what type of income you receive. Examples they provide include shares, superannuation, family tax benefit and Defence Reserve payments.
Retired and pension: Yes. A letter from Centrelink showing the applicant's name and the permanent government pension amount, 3 most recent bank statements showing applicant's regular Centrelink payments, the annual superannuation statement, which includes an indexed pension amount, or one most recent self-managed superannuation tax return less than 15 months old.
Retired: Yes. This will depend on your income. If you’re a self-funded retiree with a superannuation income, you’ll need to provide a recent superannuation statement. If you have a term deposit, you’ll need to provide your term deposit statement. If you have an investment property, you can submit the 3 most recent rental income statements.
Pension: Yes. This depends the source of your pension. If it’s from Centrelink, you’ll need to provide a pension statement. If it’s from the Department of Veteran Affairs, you’ll need to provide statements from there.
Retired: Yes. Self-funded retirees need to provide a recent superannuation statement. If you have a term deposit, you’ll need to provide your term deposit statement. If you have an investment property, provide rental income statements for 3 months.
Pension: Yes. This depends on the source of your pension. If it’s from Centrelink, you’ll need to provide a pension statement. If it’s from the Department of Veteran Affairs, you’ll need to provide statements from there.
Retired: Yes. Accountant’s contact details are required.
Documentation: Existing NAB customers who have their pension going into the account regularly may not require supporting documentation. New NAB customers may be asked to provide their most recent pension benefit statement.
Retired: Yes. If you’re a self-funded retiree, you’ll either need to provide information of your assets or a recent superannuation statement.
Pension: Yes. St.George will require you to provide your most recent pension statement. Please note that St.George doesn’t accept all pensions as an eligible income. For example, carer’s pensions aren’t an accepted form of income, but an age pension is. You may want to contact St.George directly to confirm whether your pension is eligible.
As Virgin Money credit cards are issued by Citi, they follow the same rules as the bank.
Retired and pension: Yes. A letter from Centrelink showing applicant's name and the permanent government pension amount, 3 most recent bank statements showing applicant's regular Centrelink payments, your annual superannuation statement, which includes an indexed pension amount, or one most recent self-managed superannuation tax return less than 15 months old.
Retired: Yes. If you’re retired, you need to provide your gross annual income (before tax and including super) and provide your most recent superannuation statement.
Pension: Yes. If you’re on a pension, you’ll need to provide your most recent Centrelink statement.
Mistakes to avoid when applying for a credit card
Not doing research on credit cards for pensioners and retirees
When you apply for a credit card as a pensioner or retiree, you'll need to meet specific eligibility requirements and submit a range of documents to support your application. Comparing credit cards and researching your options before you apply will help you make sure you meet these requirements and can increase your chances of approval.
If you’re unsure of what you need to provide for a specific credit card, you can read the relevant product disclosure statement (PDS) or contact the provider to confirm any queries you have before applying. Keep in mind that rejected applications will have a negative impact on your credit file, so doing this research will help maximise your chances of approval.
If your previous credit card application has been rejected, don’t immediately apply for another one. Instead, consider why you weren’t accepted. If you hadn’t organised the necessary documents, confirm which ones you’re missing before applying again. If you were rejected because of your credit history, you’ll need to take some time to improve your credit score before applying again.
Learn how to improve your credit score here. If you’re retired or on a pension, there are a variety of credit card options to choose from. However, as you’ll need to meet some extra terms and conditions, it’s important to conduct your research before applying. If you follow this guide, confirm that you meet the eligibility requirements and organise your documents, you should have no trouble receiving approval.
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