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Credit cards for average income earners

Compare available credit cards for incomes around the national average in Australia.

There are a number of credit cards on the market suited to many different budgets, lifestyles and income levels. Most credit cards also require applicants to meet a minimum income requirement to receive approval, something that you should consider when you're comparing your options. This guide compares credit cards that have minimum income requirements to suit average income earners in Australia.

What is the average income in Australia?

In May 2016, the Australian Bureau of Statistics (ABS) reported that the average income in Australia ranged from around $55,630 for people in the accommodation and food services industry to $135,060 for people in the mining industry.

Although there was a huge variation in income, the ABS put the average income in Australia at $78,832 for full-time adults across all industries. This marks an increase of more than 43% since 2006 and opens up a huge range of credit card options, including many premium products.

Compare credit cards for average income earners

Rates last updated December 17th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Min credit limit Max credit limit Minimum Income Product Description
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
$1,000
$25,000
$15,000
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
$1,000
$15,000
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
ANZ First Visa Credit Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$30 p.a.
$1,000
$15,000
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
Virgin No Annual Fee Credit Card
18.99% p.a.
6.9% p.a. for 36 months
$0 p.a.
$2,000
$10,000
$25,000
Offers a balance transfer rate of 6.9% p.a. interest for 36 months and up to 44 days interest-free on purchases, all for a $0 annual fee.
Skye Mastercard
23.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
$1,000
$50,000
$25,000
Get 90 days interest-free, $0 foreign transaction fees and a $0 annual fee for the first year.

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What credit cards can I get on an average income?

A card’s minimum income eligibility requirement can help you decide which card is the best one for you. While these requirements will vary between cards, the following cards types may be suitable:

  • Low or $0 annual fee credit cards. Some credit cards charge low or $0 annual fees, which can cut down on the cost of having a card.
  • Low rate credit cards. These cards offer lower standard variable interest rates on purchases, which can help cut down on interest fees if you carry a monthly balance.
  • Rewards credit cards. Rewards credit cards let you earn points on everyday spending, which you can redeem for rewards.
  • Gold and platinum cards. These premium cards usually offer rewards programs as well as complimentary extras like travel insurance, airport lounge access and concierge services.
  • Balance transfer cards. Balance transfer cards let you transfer an existing debt to your new credit card at a lower or 0% interest rate for a promotional period.
  • 0% purchase cards. These cards let you enjoy 0% interest on purchases for an introductory period of time.

What else do I need to consider when comparing average income credit cards?

woman smiling at computer

Keep the following features and factors in mind to help you find a credit card that suits your income and spending needs:

  • Annual fee. The card’s annual fee is usually its greatest ongoing cost, outside of any interest charges. Make sure you choose a card with an affordable fee.
  • Purchase rate. If you carry a balance, this is the interest rate you’ll pay for most of your card spending. The lower the rate, the more you can save on interest fees. Just remember to consider the difference between standard and promotional rates since promotional rates only last for a limited time.
  • Cash advance rate. This interest rate is applicable to cash advances including ATM withdrawals, certain bill and government payments, gambling transactions and the purchase of prepaid and gift cards. It is usually much higher than the standard purchase rate for the card.
  • Balance transfer rate. This is the rate you will pay if you move existing debt onto your new card. With balance transfer promotions, you can save a fair amount on interest fees during the introductory period, but you need to factor in the standard rate that will apply at the end of the promotional term.
  • Fees. The fees charged by your credit card can include cash advance fees, balance transfer fees, foreign currency fees and ATM fees.
  • Rewards. Some credit cards offer rewards programs that let you earn and redeem points for spending on your card. Note that you may not get the highest points earn rate with average income cards.
  • Complimentary extras. These are perks that may come with your card, including travel insurance, purchase insurance, airport lounge access and concierge services.
  • Credit limit. Credit limits are crucial because they determine how much you can spend with your card. Setting a responsible credit limit based on your income level and monthly budget is ideal. You may request a limit when you apply or have your card provider assign one to you.
  • Other eligibility requirements. Your credit report and credit score affect your chances of getting a credit card. Make sure you check these before you apply so you can choose a card that suits your circumstances.

While credit cards can be useful tools for managing cash flow or for enjoying other perks such as rewards, they can also become a liability if you end up in debt. Carefully considering different card features and application requirements before you apply can help you choose a card that’s right for you.

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Credit Card Offers

Important Information*
Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58
Suncorp Clear Options Platinum Credit...

Interest rate

20.74

Annual fee

49*

*$129 p.a. after first year

NAB Low Fee Platinum Card

Interest rate

19.74

Annual fee

90

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Credit Cards Comparison

Rates last updated December 17th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Rewards Points. Plus, a discounted first year annual fee when you apply online.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
NAB Low Fee Platinum Card
19.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.

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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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