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Low income credit card options for pensioners, unemployed or Centerlink

View credit cards with eligibility criteria that suits low income Australians. Compare credit cards across the market, including rates and fees, to find an option you may be eligible for.

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Mark Bristow

Updated on

21 Nov, 2024

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For low income earners, finding a credit card can feel like an uphill battle, yet it's important to know that options exist. With credit card income requirements starting as low as $15,000, being on a tighter budget doesn't automatically exclude you from the market. However, being eligible for a card doesn't mean you should rush into a decision.

It's crucial to evaluate whether you can manage to fully repay your credit card balance each month to avoid the potential for accruing debt. Credit cards can sometimes tempt users into spending beyond their means, leading to a potential debt trap.

Low income credit cards are often basic, no-frills cards, which might not offer perks like frequent flyer points that come with more premium options. These premium cards usually come with higher fees and stricter income requirements. Before applying, thoroughly assess your needs and financial capacity, including your reasons for wanting a credit card and your budget for spending, to ensure you make a choice that supports your financial health and goals.

What are low income credit cards?

Many Australian credit card providers have minimum income thresholds of $30,000 to $40,000 annually. Low income credit cards, as the name suggests, have lower minimum income levels within their eligibility criteria. They are usually between $15,000 to $20,000. This is around $288-$384 a week.

They typically won’t have all the bells and whistles of credit cards for higher income earners. But they may allow Australians with lower incomes, such as those employed part time or casually, to obtain a basic credit card.

Can I get a credit card with no income?

You’ll be hard-pressed to find a provider who’d give someone with no income a credit card. Minimum annual income requirements are put in place by credit card providers to ensure card holders can manage their repayments.

It may seem unfair, but it’s for your own benefit. Risk-based lending helps to prevent Australians from easily falling into debt.

How do I get approved for a low income credit card?

To improve your chance of approval for a low income credit card, consider the following:

Start a savings nest egg: Credit card providers may be looking for stability in your finances if you have a low income. If you can consistently put money into your savings each income cycle, you’ll show that you have an effective budget and that you have self-control.
Make regular debt payments: If you have existing debt, consider paying this off before applying for a low income credit card. This will demonstrate a level of reliability with your finances. It may improve your chances of getting credit card approval as well as increase your credit rating.
Check the minimum income requirements: Review a card's terms and conditions and/or PDS for a clear understanding of its minimum income requirements. This may differ for each credit card.
Joint application: If your partner is willing to go on the credit card application with you, you’ll be able to combine your income amounts. Not only will you have a greater chance of reaching low income credit card minimum requirements, you could also qualify for standard or rewards credit cards. Just ensure that you’ve prepared an effective budget before applying. You don’t want to fall into debt and negatively impact your partner’s credit history, or your relationship, in the process.
Review your credit history: It’s not uncommon for credit reports to contain mistakes. Obtain a copy of your credit history and go through it with a fine-tooth comb. If you’re applying for a credit card with a bad credit score, your application will have a higher chance of being rejected. You can also learn more about how you can repair your credit score.

What are the pros and cons of a low income credit card?

What low income credit cards are available for students?

Students can be eligible for basic low income credit cards. If you’re a student, taking out a credit card is an opportunity to learn about budgeting and financial responsibility. But it’s also a quick and easy way to grow a hefty debt before you’ve even graduated if you’re not careful.

Try to present yourself as the most reliable borrower before applying – whether it’s through taking out a part-time job or growing some savings.

Students may also be eligible for government financial assistance through Centrelink, such as Youth Allowance. Before applying for a student credit card, consider whether government assistance might better suit your financial needs and situation.

Alex Ritchie

Personal Finance Editor

Alex Ritchie was a Personal Finance Writer and Editor at RateCity, and has been writing about Australian finance for over six years. Her expertise and passion covers loans, credit, superannuation, and closing the gender pay gap, and she aims to help young Aussies to overcome their financial apathy. Alongside RateCity, Alex has been published in numerous publications, including Australia's Money Magazine, Business Insider, Lifehacker Australia, and in health via NPS MedicineWise.

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

What are low income credit cards?

Can I get a credit card with no income?

It may seem unfair, but it’s for your own benefit. Risk-based lending helps to prevent Australians from easily falling into debt.

How do I get approved for a low income credit card?

To improve your chance of approval for a low income credit card, consider the following:

Start a savings nest egg: Credit card providers may be looking for stability in your finances if you have a low income. If you can consistently put money into your savings each income cycle, you’ll show that you have an effective budget and that you have self-control.
Make regular debt payments: If you have existing debt, consider paying this off before applying for a low income credit card. This will demonstrate a level of reliability with your finances. It may improve your chances of getting credit card approval as well as increase your credit rating.
Check the minimum income requirements: Review a card's terms and conditions and/or PDS for a clear understanding of its minimum income requirements. This may differ for each credit card.
Joint application: If your partner is willing to go on the credit card application with you, you’ll be able to combine your income amounts. Not only will you have a greater chance of reaching low income credit card minimum requirements, you could also qualify for standard or rewards credit cards. Just ensure that you’ve prepared an effective budget before applying. You don’t want to fall into debt and negatively impact your partner’s credit history, or your relationship, in the process.
Review your credit history: It’s not uncommon for credit reports to contain mistakes. Obtain a copy of your credit history and go through it with a fine-tooth comb. If you’re applying for a credit card with a bad credit score, your application will have a higher chance of being rejected. You can also learn more about how you can repair your credit score.

What low income credit cards are available for students?