How Contract Workers Can Get Credit Cards

Tips for Contract Workers to Get Credit Cards

Contract workers often earn more than a full-time employee, so they may find it hard to comprehend why the banks won't approve a credit card application for them. Unfortunately, the way credit card providers assess their customers' borrowing eligibility is to determine whether that customer will have a regular source of income to continue repaying the amount of money they borrow.

Getting Around the Lending Criteria the Right Way

Banks and credit card providers officially view contractors and sub-contractors as self-employed. In most cases, in order to qualify for credit, a self-employed person is often required to present 2 years financials, prepared by an accountant, and sometimes even BAS records to verify their contract income.

Specific Credit Card for Contract Workers

There are some lenders who understand the nature of a contract worker's income isn't always as regular as someone working in full-time employment. These types of credit cards are often advertised in specific trade magazines with a clear message that they offer a credit card for contract workers.

While these can often carry a slightly higher interest rate, they can allow you to access a credit card and develop a good credit rating with that particular lender. Showing a strong repayment history and responsible use of your credit card over time is often a good starting point for future negotiations for better credit card offers.

If you're careful about repaying the outstanding balance on your card frequently, you should find that the higher interest rate is never a problem for you, as you'll have no balance for a bank to charge interest on anyway.

There is a belief with some lenders that contract workers can tend to have a negatively affected credit rating simply because they are contractors. This simply isn't true. Self employed people and contract workers can have exceptionally strong credit ratings, as long as they are responsible with their money, just like anyone else.

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2 Responses to How Contract Workers Can Get Credit Cards

  1. Default Gravatar
    s | April 11, 2015

    I am an elevator installer in Bangalore and I am the contractor. How do I get a credit card? Thanks

    • Staff
      Jonathan | April 14, 2015

      Hi S, thanks for your inquiry!

      To apply for a credit card you need to be an Australian resident or citizen. On each of our credit card reviews we have listed the necessary application requirements in order to be eligible for the specific product (income requirements, residency, employment and credit rating). Please refer to the following link for comparing credit cards.



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