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How to get a credit card on a low income
- Look for a low rate credit card with a low credit limit. These cards are cheaper and easier to get with a low income because the amount you can spend on them is limited. Compare options in the table above.
- Check if the credit card you want has a minimum income requirement. Many credit cards don't list a minimum income requirement but if a card does, then make sure you earn at least the minimum.
- Check your credit score. If your credit score is too low you won't be able to get a card.
- Try to keep your spending low before you apply. Credit card companies care about your spending as well as your income. If you spend most of your income each month you might not get approved for a card.
Quick tips to improve your chances of getting a credit card on a low income
- Apply jointly with a partner (two incomes are better than one).
- Apply for a card with your current bank (your bank already has a lot of info about you and might approve you quickly).
- Apply for a card with a really low credit limit ($500 for example).
- Avoid applying for multiple credit cards (it hurts your credit score).
What are the features of a low income credit card?
- Lower minimum income requirements. Income requirements for these cards are typically between $20,000 and $35,000 per year. More premium cards have minimum income requirements of $75,000.
- Low minimum credit limits. These cards typically have minimum credit limits ranging from $500 to $1,000.
- Low annual fees. Typically they have annual fees of $100 or less.
- Interest rates. Some low income cards are also low rate cards that offer a purchase rate below 15% p.a.
- Interest-free days. Most credit cards offer interest-free days on purchases. The number of days (such as up to 55 days) varies from card to card.
You won't get as many perks or benefits with a low income credit card
Low income cards let you spend a bit of money flexibly with a lower rate and minimal fees. But you won't get extra benefits like frequent flyer points, cashbacks or reward points.
What counts as income?
Even if a card does not list a minimum income, showing proof of a regular income is a common requirement. Finder research shows that, for the 8% of Australians who have had a credit card application declined, unsteady income was the most common reason.
Credit card companies look at your regular salaried income. But they may also consider other payments like Centrelink payments, superannuation or pension income, and child support.
Keep in mind that your income is assessed against your expenses. You can get rejected for a card even if you earn enough because your spending is too high.
What happens if I can't pay my credit card bill?
How do I apply for a low income credit card?
If you've compared your options and found a credit card that suits your needs, you can apply online in around 10–20 minutes.
You need to be 18 or over to get a credit card in Australia. And you'll need ID and a residential address.
Details you'll need for the application
When you apply for a credit card, you are asked for information about your personal and financial circumstances.
- Personal details. This includes your full name, date of birth and residential address and living arrangements.
- Identification. You'll be asked for your driver's licence number, or another form of ID such as your passport or Medicare card number.
- Income information. This includes your employment status, salary, length of employment and your employer's contact details. You may also be asked for recent payslips or bank details.
- Other financial information. As well as your main source of income, you'll be asked about any other earnings or assets. You'll also need to give details of your monthly household expenses and any existing debts.
Can you afford the card?
Before applying for the card, make sure you can afford it. The key costs to look at are the annual fee, interest rate and credit limit.
Can I apply for a credit card with a low credit score?
For most credit cards in Australia you to have at least a Good, or Fair credit score to be approved for a credit card. If you don't know what your credit score is, you can check your credit score quickly for free through Finder.
Alternative options to a credit card
If you don't meet the income requirements, can't find a suitable card or need funds for a one-off expense, here are other options to consider:
- Personal loans. There are some personal loans with low income requirements. But as they may have higher interest rates and fees than other loans, make sure you consider the costs and compare options before deciding to apply.
- No interest loans. No Interest Loans (NILs) offer up to $3,000 for people who earn less than $70,000 (or $100,000 as a couple). These loans are administered by Good Shepherd and are available through a range of non-profit community organisations around Australia.
- Buy now pay later. Services like Afterpay and Zip give you a way to buy what you want and pay it off in instalments. Most buy now pay later accounts have a regular account fee, as well as late payment fees (or in some cases, interest charges), which can become expensive if you use it a lot and/or don't meet the repayment requirements.
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We have plenty of assets but not a high income. We have to pay ATO a huge CGT bill this year and hoped to benefit by gaining frequent flyer points. I tried to join Amex today as it offers 100,000 points until TOMORROW!! Do you think this is possible?
Hi Savannah,
Thanks for your inquiry.
It is very possible to get 100,000 points if you get approved before midnight. When you apply for a credit card, you can usually expect an immediate response (or at least 60 seconds). However, if you still have not heard back from the provider, consider calling AMEX to follow up.
You may also refer to our guide to check your credit card application.
Hope it helps.
Cheers,
Joel
I’m looking for a transfer balance credit card! I have two and would like to put together to make it easier for me! I’m a low income earner on about $19,000 per year! Can you please point me in the right direction!
Hi Tricia,
Thanks for your question.
This page features cards that are suitable for people with a low income. You may also want to have a look at our low-rate credit card comparison page. You can use the table to help you find the card that suits you. When you are ready, press the ‘Go to sie’ button of your preferred card to apply.
Let us know if you have any further questions about finding a credit card.
Cheers,
Jacob
Hello. I attempted to do a balance transfer from my Citibank mastercard to Bendigo basic black. I did try several times online only for those applications being terminated half way through. I then went to my local Bendigo branch and started the process there. My aim was to a have a lower interest rate and better manage my credit card debt. I earn $900 a fortnight gross and own my own home. Bendigo have finally advised after much stuffing around that I do not meet their lending criteria. Please advise what are my options now and does that fact that I have made several applications have an effect on future applications? Thank you, Judith.
Hi Judith. Thanks for your question. If you’ve applied for credit a couple of times in the recent past this may have some bearing on your future applications. There is no hard and fast rule about how many times you can apply for credit in a certain time frame before it negatively affects your application, but try to think about it from the lender’s perspective. If they can see that you’ve applied for credit six times in the last month, it would appear to them that you are a credit hungry customer and may be grounds for declining your application.
But it’s not all bad if you have had a few applications on your credit file in the past. If you’ve been able to successfully manage the products you’ve applied for then there is no reason why you shouldn’t be able to keep applying for credit (within your ability to repay). One possible action is to order a copy of your credit file. This will let you see what the lender sees when you apply for credit. You may want to consider waiting to apply for more credit. Hope this has helped and let us know if you need anything else. Jacob.
Hello I was just wondering if I can get a credit card on a single parenting income and if so what one ?
Hi Megan,
Thanks for your question.
Each credit card has a minimum income requirement that will show how much you must be earning before you can apply. If you do not meet the minimum income requirement, you can try Credit cards for single parents.
I hope this helps.
Regards,
Jacob