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.
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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 ?
Finder
JhezelynJune 28, 2017Finder
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
jenniferNovember 29, 2016
Is it ok to put down a guarantor
Finder
DeeNovember 29, 2016Finder
Hi Jennifer,
Thanks for your question.
If you are referring to having a guarantor on your credit card, yes you can do so. We have a credit card debt accountability guide where you can read more about what it means to be a guarantor for a credit card.
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.
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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 ?
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
Is it ok to put down a guarantor
Hi Jennifer,
Thanks for your question.
If you are referring to having a guarantor on your credit card, yes you can do so. We have a credit card debt accountability guide where you can read more about what it means to be a guarantor for a credit card.
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