Credit cards for average income earners

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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 March 1st, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.) Minimum Income
ANZ Low Rate
ANZ Low Rate
$100 Back plus 0% p.a. for the first 6 months on purchases from approval. 0% p.a. for 6 months (reverts to 12.49% p.a.) $58 p.a. 21.74% p.a. $15,000 Go to site More info
Virgin No Annual Fee Credit Card
Virgin No Annual Fee Credit Card
No annual fee for the life of the card with $100 cashback and a 0% p.a. offer on balance transfers for 18 months. Spend criteria applies for cashback offer. Plus $100 cashback offer when spend criteria is met. 18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. 20.99% p.a. $25,000 Go to site More info
St.George Amplify Card
St.George Amplify Card
A low interest rate of 0% p.a. for 12 months on balance transfers and a purchase offer of 0% p.a. for 6 months. 0% p.a. for 6 months (reverts to 19.49% p.a.) 0% p.a. for 12 months $79 p.a. 20.24% p.a. $25,000 Go to site More info
ANZ First Visa Credit Card
ANZ First Visa Credit Card
Enjoy 0% p.a. balance transfer rate for the first 16 months, a low annual fee, interest-free days on purchases and a low minimum credit limit. 19.74% p.a. 0% p.a. for 16 months with 2% balance transfer fee $30 p.a. 21.49% p.a. $15,000 Go to site More info
ANZ First Student Card
ANZ First Student Card
An ideal credit card for students with 44 days interest-free on purchases with $0 annual fee in the first year. Access your account on the go with the goMoney™ app. 19.74% p.a. $0 p.a. annual fee for the first year ($30 p.a. thereafter) 21.49% p.a. $15,000 Go to site More info

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_ShutterstockKeep 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.

Pictures: Shutterstock

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ANZ Platinum Credit Card - Exclusive Offer
ANZ Platinum Credit Card - Exclusive Offer

Interest rate

19.74

Annual fee

87
American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149

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Credit Cards Comparison

Rates last updated March 1st, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points per $1 spent and save with a reduced annual fee and a 0% p.a. balance transfer offer for 18 months.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on balance transfers for the first 18 months combined with a low annual fee.
13.99% p.a. 0% p.a. for 18 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* 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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