Credit cards for pensioners
As long as you meet the eligibility criteria and provide the right documents, pensioners and retirees can apply for most credit cards in Australia.
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There are no specific credit cards just for pensioners, seniors or retirees. You can apply for most credit cards as long as you meet the application requirements. The bank or lender may ask you for some additional documents and details about your income, but when you have all of that handy applying is simple.
On this page, we've featured cards that offer low interest rates and relatively low annual fees for you to compare. You can click on the 'more info' button to get to the review page and see the detailed eligibility criteria for each card.
0% p.a. for 28 months on
Offer ends 28 September 2021
Eligibility criteria, terms and conditions, fees and charges apply
St.George Credit Card Offer
Save with a long-term 0% balance transfer offer with the St.George Vertigo Classic Card.
- 0% p.a. for 28 months on balance transfers with no BT fee
- Annual fee: $55 p.a. | Additional cardholder at no extra cost
- Purchase rate of 13.99% p.a. and cash advance rate of 21.49% p.a.
- Up to 55 days interest-free on purchases
Compare low cost credit cards
When comparing these cards pay attention to the interest rate and the annual fee and check for any introductory offers.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Is it harder to get a credit card as a pensioner?
Credit card companies use the same lending criteria for all applications, whether you're a pensioner, retiree or a full-time worker. In fact, research from Finder in October 2020 showed that only 5% of all people aged between 56 and 74 (the Baby Boomer generation) had their applications declined. This was lower than the average across all age groups (8%), in a nationally-representative survey of 7,130 adults.
But what the research also showed was that the two biggest reasons Boomers were declined for a card were unsteady income (48%) and age (40%).
These are two of the factors providers may look at when they're assessing your ability to make repayments and keep the account in good standing. You can learn more about reasons applications may be declined in this guide, which also has tips on how to improve your chance of approval.
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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