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Credit cards for pensioners

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.

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By

Amy Bradney-George

Reviewed by

Keith Kilcourse

Updated

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Citi Clear Card - Exclusive Offer

Exclusive
Citi Clear Card - Exclusive Offer
14.99%
Up to 55 days on purchases
0% for 24 months with 1.5% balance transfer fee, then 22.24%
$49 first year ($99 after)
Offers 0% p.a. on balance transfers for 24 months (with 1.5% balance transfer fee) and a $49 first-year annual fee. Plus, 6-month complimentary Uber One membership valued at $9.99/month.
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Westpac Low Rate Card

Westpac Low Rate Card
13.74%
Up to 55 days on purchases
0% for 28 months, then 21.49%
$59
Save with a 0% p.a. interest rate on balance transfers for 28 months. Plus, a low 13.74% p.a. purchase interest rate.
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St.George Vertigo Card

St.George Vertigo Card
13.99%
Up to 55 days on purchases
0% for 32 months, then 21.49%
$55
Get a 0% p.a. interest rate on balance transfers for 32 months (with no balance transfer fee).
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NAB Low Rate Credit Card

Finder Award
NAB Low Rate Credit Card
12.49%
Up to 55 days on purchases
0% for 28 months with 2% balance transfer fee, then 21.74%
$0 first year ($59 after)
Get a 0% p.a. interest rate on balance transfers for the first 28 months (with a 2% BT fee). Plus, save with a $0 first-year annual fee.
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Westpac Low Rate Card - Cashback Offer

Westpac Low Rate Card - Cashback Offer
13.74%
Up to 55 days on purchases
$59
A no-frills card offering up to $350 cashback: $50 each month you make at least $1,000 of eligible purchases for the first 7 months.
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St.George Vertigo Card - Cashback Offer

St.George Vertigo Card - Cashback Offer
13.99%
Up to 55 days on purchases
6.99% for 12 months, then 21.49%
$55
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
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American Express Low Rate Credit Card

Finder Award
American Express Low Rate Credit Card
10.99%
Up to 55 days on purchases
$0
Offers a low ongoing interest rate of 10.99% p.a. and a $0 annual fee. Plus, complimentary purchase cover.
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Credit Union SA Education Community Credit Card

Credit Union SA Education Community Credit Card
0% for 6 months, then 11.49%
Up to 55 days on purchases
0% for 6 months, then 11.49%
$0
Save with an ongoing $0 annual fee and 0% p.a. interest on purchases, balance transfers and cash advances.
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NAB StraightUp Card

NAB StraightUp Card
0%
$0
Save with 0% p.a. interest charges and 0% foreign transaction fees. Plus, $0 monthly fees when you don't use the card or carry a balance.
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Types of credit cards available to pensioners and seniors

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.

But as the pension is the main source of income for retirees, according to the Australian Bureau of Statistics, the types of cards suited to seniors include:

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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.

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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.

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Low income credit cards

The full pension in Australia is $28,514.20 per year for an individual and $42,988.40 for a couple in October 2023, 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 requirements if you are retired or on a pension

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 if you're retired or on a pension.

We have outlined these details in a table to help you find a card that suits your circumstances.

ProviderRetiree and pensioner application details
American Express
  • 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.
ANZ
  • Retired applicants: Your income details (such as your most recent superannuation details) are required.
  • Pensioner applicants: Your income details (such as your most recent Centrelink statement) required.
Bank Australia
  • 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.
Bankwest
  • Retired applicants: As long as the minimum income requirement is met and you have a good credit rating, you are eligible to apply.
  • Pensioner applicants: Yes. You will need to supply an income statement from Centrelink.
Bank of Melbourne
  • 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.
BankSA
  • Retired applicants: If you’re a self-funded retiree, you’ll need to provide a statement from your super fund as proof of your income.
  • Pensioner applicants: Applicants on a pension will need to provide a Centrelink statement from the last 3 months.
Bank of Queensland
  • 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.
Bendigo Bank
  • 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.
Citi
  • Retirees and pensioners: You'll need to provide details about your finances and one of the following forms of supporting documentation:
    • A letter from Centrelink showing your name and permanent government pension amount
    • Your 3 most recent bank statements showing proof of regular Centrelink payments
    • Your annual superannuation statement, including an indexed pension amount
    • Your most recent self-managed superannuation tax return (must be less than 15 months old)
Coles
  • 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: Eligibility depends on the source of your pension. 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.
Commonwealth Bank
  • Retired applicants: 2 most recent superannuation statements.
  • Pensioner applicants: 2 most recent Centrelink payment summaries.
Latitude Financial Services
  • Retired applicants: Self-funded retirees need to provide a recent superannuation statement. If you have a term deposit, you’ll need to provide your term deposit statement. If you have an investment property, provide rental income statements for 3 months.
  • Pensioner applicants: Eligibility depends on the source of your pension. 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.
HSBC
  • Retired applicants: Your most recent superannuation statement will be required.
  • Pensioner applicants: A bank statement will be required to prove your pension claims.
ME Bank
  • Retired applicants: Income details required.
  • Pensioner applicants: Income details required.
NAB
  • 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.
St.George
  • 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.
Suncorp
  • Retired applicants: If you’re retired, you’ll need to provide a recent copy of your superannuation statement or asset details.
  • Pensioner applicants: If you’re on a pension, you’ll need to provide your most recent Centrelink statement.
Virgin Money
  • 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.
Westpac
  • 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.

If you have questions or want to check any details, contact the credit card provider directly to discuss whether you're eligible based on your financial situation and type of income.

Is it harder to get a credit card as a pensioner?

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.

3 factors to think about before applying for a credit card

If you want to get a new credit card during retirement, the following steps can help you find and apply for one that's right for you.

1. Compare different credit cards

You should only apply for one credit card at a time, because the details are listed on your credit report and can affect your credit score. So, it's important to spend time choosing the right card before you submit your application.

Keep in mind that different credit cards are suited to different goals. So as well as low-cost cards, you could consider 0% balance transfer credit card if you want to pay off existing card debt, as an example. Or maybe you want a long interest-free period, rewards or complimentary insurance. Finder's guide to the types of credit cards in Australia has more details on your choices.

2. Check that you meet all the eligibility requirements

As well as any specific requirements listed for pensioners and retirees, you need to meet the other eligibility criteria listed for an individual card. These can include:

  • Australian citizenship or residency requirements
  • A minimum annual income or regular income
  • Credit history requirements

You also need to include details of a valid form of identification, such as your driver's licence, passport or Medicare card. Another detail to note: if you have a seniors card that you want to use to confirm your identity, you will need to check whether the provider will accept it as part of the ID check.

3. Check your credit report

It is harder to get a credit card if you have bad 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. Even several applications in a short amount of time can be an issue. But you can check what details they'll see by requesting a free copy of your credit report and score through Finder.

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  1. ASIC responsible lending information
  2. Finder Consumer Sentiment Tracker data
  3. Services Australia Age Pension details (accessed October 2023)
  4. Australian Bureau of Statistics
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9 Responses

    Default Gravatar
    MichaelJune 13, 2018

    Bankwest declined my application ($40,000 p/a, home owner, $500,000 in Super funds)

    Reply
    Default Gravatar
    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

    Reply
      Default Gravatar
      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

      Reply
    Default Gravatar
    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.

    Reply
      Default Gravatar
      ArnoldAugust 18, 2017

      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

      Reply
    Default Gravatar
    SharonJune 28, 2017

    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 ?

    Reply
      AvatarFinder
      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

      Reply
    Default Gravatar
    jenniferNovember 29, 2016

    Is it ok to put down a guarantor

    Reply
      AvatarFinder
      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.

      Cheers
      Anndy

      Reply
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