If you're a pensioner or retiree, you can still get a new credit card. You just need to meet the eligibility criteria and provide the right documents when you apply.
Yes, you may be able to get a credit card, depending on your situation. There are no specific credit cards for pensioners or senior citizens in Australia. Instead, you can apply for any credit card, as long as you meet the eligibility requirements.
Because the pension is the main source of income for retirees, according the types of cards suited to seniors include:
Low rate credit cards
If you want to pay off purchases over time, a low rate credit card gives you a way to save on interest charges. Finder analysis has shown the average Australian with a credit card could save $100 by switching to one with a lower rate. These savings can really add up – especially if you're a pensioner.
Low or no annual fee credit cards
Credit card annual fees in Australia typically range from $30 to over $1,000. So a card with a low annual fee or an ongoing $0 annual fee helps you save on account costs. Just remember to check the card's other features, including interest rates, to make sure it will be suitable for what you want.
Low income credit cards
The full pension in Australia is $29,754.40 per year for an individual and $44,855.20 for a couple in November 2024, including all supplements. This is lower than the average Australian income, so applying for a credit card suited to people with low incomes could increase your chance of approval as a pensioner.
Credit card application criteria for retirees and pensioners
Even though there are no credit cards designed just for pensioners or retirees, banks and other providers may have specific requirements you need to meet before you can get a credit card, such as:
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.
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.
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.
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.
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.
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: 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.
Retired applicants: Self-funded retirees must provide a recent superannuation statement, or if you have a term deposit, your term deposit statement. If you own an investment property, provide 3 months of rental income statements.
Pensioner applicants: 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.
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.
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.
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.
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 statements.
Is it harder to get a credit card as a pensioner or retiree?
Credit card companies use the same lending criteria for all applications, whether you're a pensioner, retiree or a full-time worker.
In fact, Finder's Consumer Sentiment Tracker revealed that just 2% of people in or near retirement age (baby boomers) had their credit card applications declined in the 3 years from June 1, 2020 to May 31, 2023. In comparison, 16% of gen Y and 10% of gen X had declined applications in that time.
Why are credit card applications from pensioners declined?
Finder's research showed unsteady income (44%) and age (42%) were the two biggest reasons people in the baby boomer/retirement age group were declined for a card.
These are 2 of the factors providers look at when they're assessing your ability to make repayments and keep the account in good standing, and could have an impact on your chance of getting approved. Other reasons include:
Being rejected before: 10%
Too much debt: 8%
Bad credit score: 7%
No savings: 6%
Tip: If you're applying for a credit card as a pensioner, include as much supporting documentation as possible. This can improve your chance of approval because the credit card provider will be able to factor these details into their assessment. You could also contact the provider directly to discuss your eligibility.
Our expert says
"If you've retired with a solid income from superannuation, consider a frequent flyer credit card. The points you earn can be used for flights to visit family and holidays, and because you're retired, you'll have more flexibility to take advantage of reward flights."
Before applying for a credit card, check your credit score
It is harder to get a credit card if you have poor credit history. Banks and other lenders check your credit report when you apply for a card and consider late payments, defaults and bankruptcy as high risk. As well as a history of making late payments or not repaying debts, making several applications in a short amount of time can be an issue on your credit file.
You can request a free copy of your credit report and score through Finder, or from the credit reporting agencies directly. It's a great way to find out what information the banks will see about you when reviewing your credit card application.
Frequently asked questions
Most credit cards suited to pensioners have minimum incomes from $15,000 to $35,000. But if you get income from other sources as well, you could consider a wider range of cards as a retiree.
Just as there are no specific credit cards for pensioners, there are none designed just for self-funded retirees. This means you can apply for any credit card if you meet the eligibility requirements. Just remember to also include supporting documentation that shows proof of regular payments to your bank account.
Pension payments from Centrelink generally count towards a credit card's income requirement and superannuation or other investments can also be considered. But each credit card has different requirements so you should check the details listed for a card or contact the provider to find out exactly what's considered.
Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024.
See full bio
Amy's expertise
Amy
has written
503
Finder guides across topics including:
Recently my application for a CBA Mastercard was rejected.
I receive Age Pension 1/3rd from Centrelink, 2/3rd from NZ Superannuation/WINZ.
I have $100k in savings, $140k in drawdown available on mortgage and have operated a Coles Mastercard for 20 years with no financial issues at all over this period. We bank at CBA and as we age I wanted to streamline credit card to same bank. CBA told me it is because my NZ Superannuation is not counted as income. Well unfortunately Centrelink do and pay us a pension accordingly. It seemed ridiculous the bank took this attitude as we have been a customer since arriving in Melbourne 25 years ago. Any suggestions to how I can get around this block?
Finder
SarahSeptember 13, 2025Finder
Hi Denise,
That sounds very frustrating! Your best bet is to contact CBA either by phone or go into a branch, and see if there’s any way they can take another look at your application. Banks can be very rigid with policies like this, because they have a financial “duty of care” to ensure you can afford any debt they provide you; excluding your NZ pension, your application wouldn’t pass their criteria. Their policy may exclude foreign income because that’s considered “riskier” than Australian income sources, but a pension would seem to be lower risk, so it would be worth asking them to reconsider. Best of luck!
DianaNovember 27, 2024
PCCU do not want to consider an allocated pension for the purposes of applying for a credit card. Is this Ageism.? The pension and assets of the applicant are considerable. What to do?
Finder
AngusNovember 28, 2024Finder
Hi Diana, Sorry to hear that. Different providers have different approaches to assessing income, so your best bet now would be to consider and compare some of the other providers listed here. Good luck!
MichaelJune 13, 2018
Bankwest declined my application ($40,000 p/a, home owner, $500,000 in Super funds)
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
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
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.
Compare the best Qantas frequent flyer credit cards based on bonus point offers, points per $1 spent, rates, fees and other features so you can find a card that works for you.
When you apply for a credit card online, you could receive a response within 60 seconds. Find out how you to find a card that you're eligible for and increase your chances of approval.
If you are renting a car and want to be covered in the case of accidents, then this insurance is for you. Check first your insurance policy and find out which coverage extends to your rental vehicle.
Find out how you can keep your overseas spending costs down by comparing credit cards with no foreign transaction fees and no currency conversion fees.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
The information provided by Frankie is general in nature and has been prepared without considering your objectives, financial situation or needs. Frankie may make mistakes so it's important that you review the information before deciding. By messaging Frankie, you agree to our Terms and have read our Privacy Policy.
Recently my application for a CBA Mastercard was rejected.
I receive Age Pension 1/3rd from Centrelink, 2/3rd from NZ Superannuation/WINZ.
I have $100k in savings, $140k in drawdown available on mortgage and have operated a Coles Mastercard for 20 years with no financial issues at all over this period. We bank at CBA and as we age I wanted to streamline credit card to same bank. CBA told me it is because my NZ Superannuation is not counted as income. Well unfortunately Centrelink do and pay us a pension accordingly. It seemed ridiculous the bank took this attitude as we have been a customer since arriving in Melbourne 25 years ago. Any suggestions to how I can get around this block?
Hi Denise,
That sounds very frustrating! Your best bet is to contact CBA either by phone or go into a branch, and see if there’s any way they can take another look at your application. Banks can be very rigid with policies like this, because they have a financial “duty of care” to ensure you can afford any debt they provide you; excluding your NZ pension, your application wouldn’t pass their criteria. Their policy may exclude foreign income because that’s considered “riskier” than Australian income sources, but a pension would seem to be lower risk, so it would be worth asking them to reconsider. Best of luck!
PCCU do not want to consider an allocated pension for the purposes of applying for a credit card. Is this Ageism.? The pension and assets of the applicant are considerable. What to do?
Hi Diana, Sorry to hear that. Different providers have different approaches to assessing income, so your best bet now would be to consider and compare some of the other providers listed here. Good luck!
Bankwest declined my application ($40,000 p/a, home owner, $500,000 in Super funds)
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
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
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.
Hi Alex,
Thanks for your inquiry.
I recommend you check our list of pensioner credit cards.
Read more for the eligibility requirements, terms, and conditions before you apply.
Hope this information helped.
Cheers,
Arnold