Ask Roland a Question

Hi, I’m the site founder and I will personally answer your question within a business day.

By submitting this question you agree to our privacy policy.

Credit Cards for Pensioners
Smart Money

Credit Cards for Pensioners

Last updated

Update: BCU have confirmed to us that they accept pensioners on their credit card products. Please note: You must be a permanent Australian resident or citizen; and not have any outstanding defaults, judgements or an un-discharged bankrupt or have only been un-discharged from bankruptcy for less than 2 years.

If you’ve yet to reach retirement age, you may not have thought much about how easy or difficult it would be to get approved for a credit card as a pensioner. However, if you have reached retirement age, and have had issues finding a suitable credit card or have had a credit card application denied, then you will know all about the difficulties many pensioners face when trying to get credit.

In order to find out more, we chatted to four of the major banks in Australia (the Commonwealth Bank, Westpac, St George and NAB) to discuss their take on the matter. We wanted to find out whether these banks offer credit cards to pensioners, and what you as a pensioner could do to improve your chances of getting approved.

What’s the problem?

Before we look at ways to increase your chances of approval, we’ll have a quick look at why you may find it difficult to get approved. As a pensioner, you don’t fit the salary-earning mould of standard applicants. With those applicants, credit providers can easily see how much they earn, and work out how risky it would be to provide them with a credit card.

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.

Smart Tip

Not a pensioner? Check out our resources page to find credit cards that suit YOUR lifestyle.

Best Credit Cards for Pensioners

Despite legislation that prohibits age discrimination, pensioners can often be restricted as to what personal finance they are considered for. Sometimes, it is not a question of what is the best credit card for pensioners, but rather, what is available.

So, how do you find the right credit card for you? One of the most important things to think about when applying for a credit card is the minimum income requirement. This will tell you the minimum amount you should earn each year in order to be eligible for that card.

Whether that income comes from a salary or a pension should not concern the credit card provider, as long as you can show that you will be able to repay your credit card spending and any interest that accrues.

After consulting with a representative of four major Australian banks – Commonwealth Bank, St George, Westpac and National Australian Bank – has discovered that, even without income from employment, it is entirely possible for a pensioner to apply for a credit card.

Many low interest rate cards only require a minimum income of $15,000, so it could be worthwhile checking your options when comparing credit cards. Where it is available, we list the minimum income requirement underneath each card featured on, so you can see which cards carry a low income requirement without too much hassle.

Applying for a credit card as a pensioner

If you want to improve your chances of being approved, you will need to prove that you are eligible. First up, be able to provide documentation that proves your income. This could be income from super, from investments and shares, from assets, or from the government.

If you own your own home and have a good credit history, it may also be easier to get approved. Try speaking to your own bank to see what they can offer you. They may be more willing to offer you credit if you have been a long-standing customer and they understand your situation.

In order to improve your chances of approval, it’s a good idea to do some research into which card providers are willing to lend to pensioners. You may find it easier to get approval from a smaller bank or a credit union, so be sure to take into account those options when comparing credit cards.

And the bigger banks? Here’s what they had to say.

Commonwealth Bank

The Commonwealth Bank told us that they have a “no age discrimination” policy. Eligibility is decided on a case-by-case basis to determine whether or not the pensioner applying for the card will be able to “manage” paying off the card.

CommBank says it considers various factors when assessing a credit card application, including income, assets and liabilities. According to the spokesperson, CommBank offers a selection of credit cards catering to the needs to the pensioner, and an application can be made for a credit card with the Commonwealth Bank online, over the phone, or by visiting the branch.

Similar to the other big banks, CommBank often runs online promotions, such as cashback or vouchers, or an introductory rate on purchases or balance transfers. It is worth monitoring the comparison tables to find out more about which offers are available and when.

St George

St George stressed the importance of the pensioner’s ability to afford repayments. “We seek to lend only what our customers can afford to repay,” the St George spokesperson told us.

With strict consideration criteria, St George Bank takes into account the applicant’s credit score by conducting credit check, and does an affordability verification to make a full assessment of the applicant’s ability to repay. This applies to all of St George’s customers and not just pensioners, which suggests pensioners applying for St George credit cards receive equal treatment in their applications.

The following St George credit cards each have a low minimum income requirement:


Westpac offers the Westpac Low Rate Credit Card as an option for pensioners, with a minimum income requirement of $15,000 p.a.

Applicants who meet the card’s eligibility criteria may want to go into a branch to speak to a teller, or apply online or over the phone.

National Australia Bank

Like the Commonwealth Bank, NAB adopts a “no age discrimination” policy, and a pensioner’s ability to obtain a NAB credit card is based on his or her assets. NAB said that there is a range of NAB cards that can cater to the needs of each retiree, as well as two rewards credit cards for the pensioner wishing to travel.

With two programs that specifically cater to the travelling pensioner – the Velocity Program and the Qantas Frequent Flyer Program – pensioner applicants can choose from a MasterCard or Visa, and an Amex, with each card offering different points-earning potential. Applying for NAB credit cards can be done online, over the phone or by visiting a branch.

ANZ Bank

ANZ do not offer specific credit card products for pensioners, but pensioners may be eligible to apply for an ANZ credit card if they have an annual income of at least $15,000. This works out at $1250 per month. The following ANZ credit cards each have a minimum income requirement of $15,000 p.a.:

Related Articles

Guaranteed Approval Credit Cards

Best Balance Transfer Offers For 2018

Conditionally Approved Credit Cards

No Annual Fee Credit Cards

Cut back on unnecessary credit card spending

Founder - Roland B Bleyer

Roland Bleyer

Founder of Roland has extensive knowledge about credit cards in Australia. Known as a credit card expert, he has been featured on tv and in various publications. Some popular offers on our site right now include the ANZ Low Rate. This special offer has no annual fee first year, a low purchase rate and long 0% balance transfer. Have a look also at the huge 0% for 30 months balance transfer from Citi with no balance transfer fees.

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

Ask us a Question

Hi, we are here to help and will answer your question within a business day.

By submitting this question you agree to our privacy policy.

4 comments (showing the latest 10 Q&As)

Michael archer

Michael archer

18 February 2021
Why do you say Nab does not discriminate against pensioners, when one of the rules is they don’t class a pension as a wage. So they carnt help pensioners.


25 December 2020
Hi, what banks offer credit card to pensioners? Centerlink only income.
    Roland B Bleyer - Founder


    25 December 2020
    Hi Bathany, I would have a go with a card like the ANZ or NAB Low Rate. You need to be able to meet affordability regulations. That is, have extra money available to make payments on the card. Make sure you have paid all your bills on time for at least 2 years. Positive bank balance for that period also is a good sign.

Featured Balance Transfer Credit Cards

Citi Rewards Credit Card – Balance Transfer Offer

5 reviews
$0 saved over 30 months

Virgin Australia Velocity Flyer – 0% Balance Transfer

61 reviews
$0 saved over 26 months

ANZ Low Rate Credit Card – 0% Balance Transfer

61 reviews
$0 saved over 20 months

Featured Rewards Credit Cards

11 reviews
points earned over 12 months

3 reviews
points earned over 12 months

8 reviews
points earned over 12 months
Help us improve

By submitting this feedback you agree to our privacy policy.

My credit card is not listed

By submitting this form you agree to our privacy policy.