Credit cards for pensioners and retirees
Compare credit card options and learn how you can apply when you're on a pension or retired.
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You can apply for most credit cards when you're on a pension, retired or a senior citizen – as long as you meet the card's application requirements. The credit card issuer may also ask you for additional documents and details about your income and other financial circumstances.
You can use this guide to learn about the Australian credit card providers that accept applications from people who are retired or on a pension, as well as the documents you’ll need to improve your chances of approval. We also look at how to compare different credit cards so you can find one that fits with your plans.
0% p.a. for 20 months on balance transfers
Offer ends 02 December 2020
Eligibility criteria, terms and conditions, fees and charges apply
Westpac Credit Card Offer
The Westpac Low Rate credit card features a long-term balance transfer offer and a low variable interest rate on purchases.
- 0% p.a. for 20 months on balance transfers with a one-time 1% BT fee, (reverts to 21.49% p.a.)
- $200 cashback when you spend $1,000 in the first 90 days
- Variable interest rate of 13.74% p.a. on purchases
- $59 annual fee and additional cardholder at no extra cost
Compare low cost credit cards
Application requirements for people who are retired or on a pension
While banks and credit card providers don't offer credit cards designed especially for retirees or pensioners, they may have specific requirements you need to meet before you can get a credit card. We have outlined these details in the table below to help you compare and find a card that suits your circumstances.
|Provider||Retiree and pensioner application details|
|Bank of Melbourne|
|Bank of Queensland|
|Latitude Financial Services|
If you have questions or want to check any details, you can also contact the credit card provider directly to discuss whether you're eligible based on your financial situation and type of income.
What else should I do before applying for a credit card?
If you want to get for a new credit card during retirement, the following three steps can help you find and apply for one that's right for you.
1. Compare different credit cards
There are a variety of credit cards that suit specific needs. For example, if you want to pay off an existing credit card debt with no interest, you could consider transferring the amount to a 0% balance transfer credit card. Or maybe you want to spend and save with a card offering 0% interest rates on purchases for an introductory period. You can also find cards with low income requirements if you're worried about meeting this requirement or $0 annual fees if you want to keep costs low. You should only apply for one credit card at a time, so it's important to spend time researching and finding the right one before you submit your application.
2. Check that you meet all the eligibility requirements
As well as the requirements listed for pensioners and retirees, you will need to meet the other eligibility requirements listed for an individual card. These vary between cards but could include:
- Australian citizenship or residency requirements
- A minimum annual income level
- Credit history requirements
It's also worth noting that Australian credit cards state that applicants must be at least 18 years of age. As part of the application, you will need to verify that you meet this requirement by providing your date of birth. You also need to include details of a valid form of identification, such as your driver's licence, passport or Medicare card. Another detail to note: if you have a seniors card that you want to use to confirm your identity, you will need to check whether the provider will accept it as part of the ID check.
3. Check your credit score
While application requirements do vary, it is harder to get a credit card if you have bad credit history. Some credit cards will include specific requirements around this. For example, a card may state that you must not currently be bankrupt or that you need to have a good credit score to be able to apply. You can learn more about this requirement and get a free copy of your credit report and score through Finder.
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Credit Cards Comparison
* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.