Credit cards for retired and pensioner applicants

Information verified correct on December 10th, 2016

pensioners-apply-credit-card

Am I eligible to apply for a credit card if I am retired or receiving pension benefits?

Being self-employed, retired or on a pension doesn’t mean you can’t access credit. However, you may be required to meet some other terms and conditions and provide additional documents, so it’s important to do your research before applying for a credit card.

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.

ProviderWho can apply and the documents you’ll need
American Express
  • Retired: Yes. You’ll need to provide your company details (annual income excluding superannuation, total superannuation balance, accountant details to confirm income claim)
  • Pension: Yes. Annual income excluding superannuation and total superannuation balance are required. An external source (such as your accountant) is also required to confirm your financial details.
ANZ
  • Retired: Yes. Your income details (such as your most recent superannuation details) are required.
  • Pension: Yes. Your income details (such as your most recent Centrelink statement) required.
Bank Australia
  • Retired: Yes. If you are pre-approved, you will need to supply a superannuation income statement
  • Pension: Yes. Pension benefits are accepted as eligible income. You’ll need to provide evidence of your income such as your Centrelink statement.
Bankwest
  • Retired: Yes. As long as the minimum income requirement is met and you have a good credit rating, you are eligible to apply
  • Pension: Yes. You will need to supply an income statement from Centrelink.
Bank of Melbourne
  • 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:
    • Disablement pension
    • Returned servicemen
    • Single parent
    • Unemployment pension
    • 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.
BankSA
  • Retired: Yes. If you’re a self-funded retiree, you’ll need to provide a statement from your super fund as proof of your income.
  • Pension: Yes. Applicants on a pension will need to provide a Centrelink statement from the last 3 months.
Bank of Queensland
  • 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.
Bendigo Bank
  • 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.
Citi
  • 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.
Coles
  • 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.
Commonwealth Bank
  • Retired: Yes. Two most recent superannuation statements.
  • Pension: Yes. Two most recent Centrelink payment summaries.
Emirates
  • Retired: Yes.
    A letter from Centrelink showing the applicant's name and the permanent government pension amount is required, or you can provide one of the following:
    • 3 most recent bank statements showing applicant's regular Centrelink payments
    • The annual superannuation statement which includes an indexed pension amount
    • One most recent self-managed superannuation tax return less than 15 months old
  • Pension: Yes.
    3 most recent bank statements showing applicant's regular Centrelink payments
Latitude Financial Services
  • 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.
HSBC
  • Retired: Yes. Your most recent superannuation statement will be required.
  • Pension: Yes. A bank statement will be required to prove your pension claims.
Jetstar
  • Retired: Yes. Details of your accountant are required.
  • Pension: Yes. As long as you meet the application requirements.
ME Bank
  • Retired: Yes. Income details required.
  • Pension: Yes. Income details required.
NAB
  • Retired: Yes. Accountant’s contact details are required.
  • Pension: Yes. Retiree pension is accepted as eligible income. Newstart pension and Youth Allowance do not qualify as eligible income.
    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.
St.George
  • 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.
Suncorp
  • Retired: Yes.If you’re retired, you’ll need to provide a recent copy of your superannuation statement or asset details.
  • Pension: Yes. If you’re on a pension, you’ll need to provide your most recent Centrelink statement.
Virgin Money (Citi)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.
Westpac
  • Retired: Yes. If you’re a self-funded retiree, you’ll need to provide a copy of your superannuation statement or information regarding your assets.
  • Pension: Yes. If you’re on a pension, what you need to provide will depend on your financial situation. If you have a pension, you’ll need to provide your 2 most recent Centrelink statement.
Woolworths
  • 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.
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Mistakes to avoid when applying for your credit card

Applying without researching

As retired or pensioner applicants need to submit different documents and meet other eligibility requirements, it’s important to conduct your research beforehand. Rejected applications will have a negative impact on your credit file, so you want to maximise your chances of approval in the first place.

If you’re unsure of what you need to provide, read the relevant product disclosure statement  (PDS) or contact the provider to confirm any queries you have before applying.

If you do your research beforehand to ensure you’ve met the eligibility requirements and have the necessary documents, you’ll have a better chance of being approved.

How to ensure your credit card application is approved?

Applying for several cards in a short time period

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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2 Responses to Credit cards for retired and pensioner applicants

  1. Default Gravatar
    jennifer | November 29, 2016

    Is it ok to put down a guarantor

    • Staff
      Anndy | November 29, 2016

      Hi Jennifer,

      Thanks for your question.

      If you are referring to having a guarantor on your credit card, yes you can do so. You can refer to this page for more information on how it works.

      At the bottom of the same page, you can also find a link to institutions that offer joint credit cards where a person can co-sign on the credit card debt or act as a guarantor for the person.

      Cheers
      Anndy

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