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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.

Westpac Credit Card Offer

Westpac Low Rate Card

0% p.a. for 20 months on balance transfers
$200 cashback

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
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Promoted

Compare low cost credit cards

Data indicated here is updated regularly
Name Product Purchase rate Interest-free period Annual fee Balance transfer rate
Westpac Low Rate Card
13.74% p.a.
Up to 55 days on purchases
$59
0% p.a. for 20 months with 1% balance transfer fee
A low rate card offering 0% p.a. interest on balance transfers for the first 20 months and a $200 cashback offer.
ANZ Low Rate
12.49% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($58 p.a. thereafter)
0% p.a. for 25 months with 1.5% balance transfer fee
Save with 0% p.a on balance transfers for 25 months (with a 1.5% BT fee) and $0 first year annual fee. Plus a 12.49% p.a. purchase interest rate.
Coles Low Rate Mastercard - Exclusive Offer
12.99% p.a.
Up to 55 days on purchases
$58
0% p.a. for 6 months
Finder Exclusive. Ends 29 October 2020
Receive $100 off a Coles Supermarket shop when you make an eligible purchase within the first 30 days. Plus, a 0% balance transfer offer.
Bankwest Breeze Classic Mastercard
0% for 15 months, reverts to 10.99% p.a.
Up to 55 days on purchases
$49
2.99% p.a. for 9 months
Save with an introductory rate of 0% p.a on purchases for 15 months and 2.99% p.a. on balance transfers for 9 months.
ANZ Platinum Credit Card
0% for 17 months, reverts to 20.24% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($87 p.a. thereafter)
20.24% p.a.
Receive a 0% purchase rate offer for 17 months and a $0 first-year annual fee. Plus, complimentary overseas travel and medical insurance.
Citi Clear Card
0.9% for 15 months, reverts to 14.99% p.a.
Up to 55 days on purchases
$99
0.9% p.a. for 15 months
Save with 0.9% p.a. for 15 months on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Bankwest Breeze Platinum Mastercard
0% for 15 months, reverts to 10.99% p.a.
Up to 55 days on purchases
$69
2.99% p.a. for 9 months
Get 0% interest on purchases for 15 months, complimentary travel insurance and no foreign transaction fees.
NAB Low Rate Credit Card
12.99% p.a.
Up to 55 days on purchases
$59
0% p.a. for 20 months with 2% balance transfer fee
Get a 0% p.a. interest rate for 20 months on balance transfers, Visa Offers + Perks and a competitive $59 ongoing annual fee.
Bendigo Bank Low Rate Credit Card
0% for 15 months, reverts to 11.99% p.a.
Up to 55 days on purchases
$45
13.99% p.a.
Get 0% p.a. interest on purchases for 15 months and a $150 Woolworths Supermarket gift card when you spend $1,000 in the first 90 days.
St.George Vertigo Classic
0% for 7 months, reverts to 13.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
Get 0% p.a. promotional purchase and balance transfer rates and save with a first-year annual fee waiver.
St.George Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
Up to 55 days on purchases
$49 annual fee for the first year ($99 p.a. thereafter)
6.99% p.a. for 12 months
Features an introductory 0% p.a. purchase rate, $49 first year annual fee and complimentary travel insurance covers.
St.George Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
Save with 0% p.a. interest rates on purchases and balance transfers. Plus a $0 first-year annual fee.
NAB StraightUp Card
N/A
$0
Save with 0% interest charges and 0% foreign transaction fees. Plus, $0 monthly fees when you don't use the card or carry a balance.
Bank of Melbourne Vertigo Classic
0% for 7 months, reverts to 13.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
Save with 0% p.a. for 7 months on purchases, 0% p.a. interest for 22 months on balance transfers and a $0 first-year annual fee.
BankSA Vertigo
0% for 7 months, reverts to 13.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
Enjoy a 0% p.a. for up to 22 months on balance transfers and up to 7 months on purchases. Plus, $0 first-year annual fee.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% for 14 months, reverts to 20.74% p.a.
Up to 55 days on purchases
$64 annual fee for the first year ($129 p.a. thereafter)
0% p.a. for 6 months
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first-year annual fee and Velocity Points per $1 spent.
St.George Rainbow Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
Up to 55 days on purchases
$49 annual fee for the first year ($99 p.a. thereafter)
6.99% p.a. for 12 months
All the platinum features of the Vertigo Platinum Visa with a rainbow design in support of the LGBT community.
Bank of Melbourne Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
Enjoy 0% p.a. on purchases and balance transfers along with a $0 first year annual fee waiver.
BankSA Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
Save with a 0% p.a. for up to 22 months on balance transfers and up to 7 months on purchases. Plus a $0 first-year annual fee.
St.George Vertigo Classic Rainbow
0% for 7 months, reverts to 13.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 22 months with 1.5% balance transfer fee
All the great low cost features of the Vertigo Visa with a rainbow design in support of the LGBT community.
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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.

ProviderRetiree and pensioner application details
American Express
  • Retired applicants: You’ll need to provide your financial details (annual income excluding superannuation, total superannuation balance, accountant details to confirm income).
  • Pensioner applicants: Your 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 applicants: Your income details (such as your most recent superannuation details) are required.
  • Pensioner applicants: Your income details (such as your most recent Centrelink statement) required.
Bank Australia
  • Retired applicants: If you are pre-approved, you will need to supply a superannuation income statement.
  • Pensioner applicants: Pension benefits are accepted as eligible income. You’ll need to provide evidence of your income such as your Centrelink statement.
Bankwest
  • Retired applicants:As long as the minimum income requirement is met and you have a good credit rating, you are eligible to apply.
  • Pensioner applicants: Yes. You will need to supply an income statement from Centrelink.
Bank of Melbourne
  • Retired applicants: 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.
  • Pensioner applicants: 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 applicants: If you’re a self-funded retiree, you’ll need to provide a statement from your super fund as proof of your income.
  • Pensioner applicants: Applicants on a pension will need to provide a Centrelink statement from the last 3 months.
Bank of Queensland
  • Retirees and pensioners: 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
  • Retirees and pensioners: 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
  • Retirees and pensioners: You may need to provide: A letter from Centrelink showing your name and the permanent government pension amount, your three most recent bank statements showing proof of regular payments, your annual superannuation statement, which includes an indexed pension amount, or your most recent self-managed superannuation tax return (must be less than 15 months old).
Coles
  • Retired applicants: Eligibility 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. You'll also need to provide your term deposit statement if you have a term deposit. If you have an investment property, you can submit the three most recent rental income statements.
  • Pensioner applicants: Eligibility 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.
Commonwealth Bank
  • Retired applicants: Two most recent superannuation statements.
  • Pensioner applicants: Two most recent Centrelink payment summaries.
Emirates
  • Retired applicants: Provide 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:
  • Three 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
  • Pensioner applicants: Provide three most recent bank statements showing applicant's regular Centrelink payments.
Latitude Financial Services
  • Retired applicants: 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.
  • Pensioner applicants: Eligibility 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 applicants: Your most recent superannuation statement will be required.
  • Pensioner applicants: A bank statement will be required to prove your pension claims.
Jetstar
  • Retired applicants: Details of your accountant are required.
  • Pensioner applicants: As long as you meet the application requirements.
ME Bank
  • Retired applicants: Income details required.
  • Pensioner applicants: Income details required.
NAB
  • Retired applicants: 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.
St.George
  • Retired applicants: If you’re a self-funded retiree, you’ll either need to provide information of your assets or a recent superannuation statement.
  • Pensioner applicants: 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 applicants: If you’re retired, you’ll need to provide a recent copy of your superannuation statement or asset details.
  • Pensioner applicants: If you’re on a pension, you’ll need to provide your most recent Centrelink statement.
Virgin Money
  • Retired and pensioner applicants: A letter from Centrelink showing applicant's name and the permanent government pension amount, three 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 applicants: If you’re a self-funded retiree, you’ll need to provide a copy of your superannuation statement or information regarding your assets.
  • Pensioner applicants: 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 applicants: If you’re retired, you need to provide your gross annual income (before tax and including super) and provide your most recent superannuation statement.
  • Pensioner applicants: If you’re on a pension, you’ll need to provide your most recent Centrelink statement.

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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9 Responses

  1. Default Gravatar
    MichaelJune 13, 2018

    Bankwest declined my application ($40,000 p/a, home owner, $500,000 in Super funds)

  2. Default Gravatar
    AboudOctober 7, 2017

    Hi,,Which option is better financially to apply for a credit card ($10k)with low interest rate or to purchase an item worth approx 10k from a large retailer via their preferred financial institution advertising for their products as follow: purchase **** for 10 k with no deposit and 48 month,s interest free subject to finance application approval on line.
    Note: The item can be purchased for approx $1300 less if I pay cash, not to mentioned there is possibly a monthly on going fees and charges by the retailer financial preferred institution,,, in other words there is no such things as no free interest,,,,.
    Cheers,,,thanks,,,Aboud(Self funded retiree),,,NSW

    • Default Gravatar
      GruOctober 7, 2017

      Hello Aboud,

      Thank you for reaching out to us.

      Please note that finder is a comparison website and general information service.
      As we do not represent any of the companies featured on our pages, we can only provide you with general advice and guide you in making an informed decision.

      In terms of deciding if you should go with using a credit card with low interest rate to purchase an item or purchasing somewhere else using the merchant’s preferred institution (but at a discount) would ultimately be up to you.

      We would all want to get the best deal and save money. To really end up with the best decision financially, you would have to get all the fees and charges that both options have, compare them side-by-side and then choose the one that would best suit your needs.

      Hope this helped.

      Cheers,
      Gru

  3. Default Gravatar
    AlexAugust 18, 2017

    Hi,please could you guys list the banks that accept disability pension?as I’ve spent 5 years of debt repayment,and have a 860 credit score now,and don’t want to make any mistakes,thank you.Alex.

  4. Default Gravatar
    SharonJune 28, 2017

    I recently applied for a credit card on line and was told I do not fit the criteria As I have a self managed Super Fund retiree and take a lump sum each year. Is this the case with most banks ?

    • Avatarfinder Customer Care
      JhezJune 28, 2017Staff

      Hi Sharon,

      Thanks for your comment.

      If you are a pensioner, some credit providers may think of you as a high risk applicant. They may not take into account the income you earn from super or elsewhere, and would only see the risk that you may not be able to pay back your credit card spending and interest. The banks will take in a range of factors when looking to approve such as your assets v liabilities, income v expenses, your savings history, your credit history etc.

      You may want to check your options with the list of the banks above. Check the eligibility and the documents needed when applying.

      Regards,
      Jhezelyn

  5. Default Gravatar
    jenniferNovember 29, 2016

    Is it ok to put down a guarantor

    • Avatarfinder Customer Care
      DeeNovember 29, 2016Staff

      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

Credit Cards Comparison

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Citi Rewards Card - Exclusive Offer
21.49% p.a.
0% p.a. for 30 months
$49 annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee and Citi Rewards.
Coles No Annual Fee Mastercard - Exclusive Offer
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
Qantas American Express Premium Card
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year. Ends 4 November 2020.
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
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* 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.

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