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There is a chance that you’ll find it more difficult to get a credit card when you retire. Here’s what you need to know about boosting your chances of approval, the types of cards to look for and what could get you knocked back.
Technically, credit providers can’t discriminate based on age. But, the ‘twilight’ season of life could make you look higher risk to credit lenders since your source of income is likely superannuation payouts (which is a diminishing lump sum), fixed government pension payments or income from investments.
If you’re retired, it’s a good idea to do some research before you apply for a credit card, since there’s a little more to it once you’re out of the working world.
Why can seniors find it harder to get a credit card?
I hear from retirees who say they have excellent assets, savings and multiple income streams from investments but were declined a card. It’s tough to pinpoint precisely why, since lenders generally don’t give a reason. But, it’s possible an income outside of a reliable PAYG salary or self-employed income could put you into a slightly different risk category with lenders, making it tougher to get an approved application.
Since 2019, lenders have had to weigh up credit eligibility and limits against a 3-year rule that says you need to be able to pay your credit limit off using savings from your income within 3 years. Seniors on a fixed pension or superannuation payment may not have the margin to meet the 3-year criteria.
Lenders and banks are also under increasing regulatory pressures that may be forcing them to be more careful about who they lend to.
What kind of card should you apply for as a retiree?
There isn’t any way to know which lender will look at your application more favourably as a senior. Credit lenders keep their assessment criteria very close to their chest.
So, as a retiree, your best bet is to:
▸Choose a card that fits your income and ability to repay
▸Check the card’s eligibility criteria
▸Make sure you have all the supporting documents
▸Make sure your credit report is good and – where possible – that debts are cleaned up
| Choosing a card when no minimum income requirement is listed in the eligibility criteria Many lenders no longer include a minimum income on their credit cards. Instead, most say you simply need “good credit” and have not applied for too many credit cards recently. It’s a good idea to look at cards that have lower fees, fewer perks and low interest rates, since they generally have lower eligibility criteria. We’ve compiled credit cards that could suit retirees for you to compare. |
If the lender is open about the minimum income requirement, you’ll find it at the bottom of each card review when you click a card.
To help you get started, here’s a snapshot of the pension and retiree application requirements for some of the bigger banks.
Eligibility requirements for retirees applying for credit cards
American Express
Amex doesn’t give specifics on its requirements for pensioners. It says you’ll need to provide financial information that includes:
- Annual household income
- Monthly living expenses
- Details of other credit card, loans and outstanding balances
- Employment details and status if retired
- Other sources of income
ANZ
If you’re on a pension or other government benefits, you’ll need to provide ANZ with proof of:
- Age pension and government benefits
- A letter or statement from Centrelink showing benefits
- Your most recent bank statement showing government payments for 3 consecutive months
If you’re a retiree with superannuation, pension or annuity income, you’ll need to supply:
- A copy of your Annual Investment Statement
- Your most recent bank statement showing 3 consecutive months of income
Bankwest
If you’re on a pension or retail/industry superannuation fund, you’ll need to provide Bankwest with proof of:
- The most recent statement of your super balance, including evidence of regular and ongoing payments. If payment amounts aren’t shown, you’ll need three months’ statements showing the credits to your bank account.
- Your most recent pension statement showing current payments.
If you’re a retiree with a Self Managed Super Fund, you’ll need to supply:
- Your most recent SMSF member benefit statement
- A letter from your financial planner or accountant that confirms you’re receiving payments from the fund, and shows your balance, minimum payment amount, tax and tax-free components, and pension status.
Bendigo
Bendigo doesn’t list government pension as an eligible income. It does state that managed superfunds or self-managed super is eligible. You’ll need to provide:
- A current superannuation fund statement or transaction history that’s less than 12 months old
- 3 months of your most recent Bank statements showing regular income from your superannuation fund
- If your income hasn’t commenced, you can submit a letter or client service agreement from the fund manager or your accountant
NAB
NAB says you can verify your superannuation income with these documents:
- your latest bank or superannuation fund statement from the last 90 days, showing regular payments from your superannuation investment over the past three months
financial statements or an equivalent (e.g. self-managed superannuation fund tax return) - A letter from your financial planner or advisor detailing regular payments from your superannuation investment
If you have other assets that generate income, you can verify your income with:
- A shareholding certificate, current dividend statement or notice
- A managed fund current statement or notice
- your latest bank statement, showing at least two direct credits as investment income
- A share registry advice
- A term depository certificate
- A letter from a financial planner with the NAB Group
- Your most recent tax return
Qantas
Qantas doesn’t give much information, but does state that:
- For platinum and black cards, full -time employment is preferred. If you’re self-employed, retired or on a pension and can provide proof of regular income, then you may also be eligible to apply.
Westpac
If you’re applying for a Westpac credit card as a retiree, you’ll need to supply one of the following documents:
- Bank statements covering the last 3 months showing superannuation/annuity/investment deposits received (including Commonwealth Superannuation)
- A copy of your SMSF’s Annual Investment Statement that’s less than 18 months old
- Your most recent ATO Notice of Assessment (less than 18 months old)
- Your most recent Superannuation Annual Investment statement
What pensioners and retirees ask us most about credit cards
Based on CCAU editorial analysis of reader comments and questions submitted across our site from pensioners, retirees and self-funded retirees. Categories assigned by the editorial team.
42%
26%
18%
9%
5%
Source: CCAU editorial analysis of reader comments submitted across our site from pensioners and retirees, 2022–2025. Categories assigned by editorial team. This breakdown is not available on other Australian comparison sites.
The 3-year rule: how much income you actually need
Since 2019, lenders must assess whether you can repay your entire credit limit within 3 years using surplus income from your regular payments.[1] This is the single biggest reason pensioners with strong assets still get rejected. A $300,000 home doesn’t count – only your regular income surplus does.
Here’s what that means in practice for common pension income levels and credit limit sizes:
| Annual pension income | Est. monthly surplus (after living costs) | Max repayable in 3 years | Realistic credit limit | Outcome |
|---|---|---|---|---|
| $28,514 (full Age Pension, single)[2] | $150–$300 | $5,400–$10,800 | $3,000–$6,000 | Possible at low limits |
| $43,100 (full Age Pension, couple combined) | $400–$600 | $14,400–$21,600 | $6,000–$10,000 | Possible at standard limits |
| $40,000 (part pension + super drawdown) | $350–$550 | $12,600–$19,800 | $6,000–$10,000 | Possible with documentation |
| $60,000 (self-funded retiree / SMSF income) | $700–$1,000 | $25,200–$36,000 | $10,000–$20,000 | Good approval prospects |
| $25,000 (carer’s or disability pension) | $80–$180 | $2,880–$6,480 | $2,000–$3,000 | Very limited – low-limit cards only |
Monthly surplus estimates are conservative and vary by individual expenses. Banks assess surplus income independently – providing bank statements showing regular surplus can strengthen your application.
The asset trap: Owning your home or having $200,000 in superannuation does not help your credit card application. Banks assess your income surplus – what’s left over from regular payments after expenses – not your net worth. A retiree with a paid-off house and $400k in super but only $28,000/year in pension income faces the same income test as any low-income earner.
Bendigo Bank is the exception: Of the major banks, Bendigo is the only one that explicitly does not list government pension (Age Pension, Centrelink payments) as eligible income. If you’re receiving government pension only, Bendigo cards are effectively off the table. The other banks on this page do accept Age Pension as income – but require specific documentation to verify it.
Questions from our readers
Tass asked: “Why are there any credit cards listed as available for pensioners? My experience has been that they do not accept pensioners as eligible customers. I recently applied for an NAB low fee credit card but was rejected, even though I had adequate income and assets.”
This is the most common frustration we hear. The key word is “assets” – banks don’t count those. The credit assessment is based entirely on your verifiable regular income surplus, not your savings balance or property equity. NAB’s eligibility criteria does include superannuation and pension income, but if the surplus after your declared living expenses doesn’t satisfy the 3-year repayment rule for the credit limit you applied for, the application may be declined even if you’re financially comfortable. It’s worth considering the lowest available credit limit when you apply (some cards start at $500-$1,000), and it may also help to declare all income sources including any investment income.
Lois asked: “I am looking at applying for a Bankwest Breeze Platinum credit card. I am on a low income – a widow’s pension. Is it likely that I would be granted a card with a small credit limit of say $2,000?”
The Bankwest Breeze Platinum has a minimum credit limit of $6,000, so a $2,000 limit isn’t possible on that card regardless of income. For pensioners looking for a low credit limit, it may be worth exploring cards with minimums at $500-$1,000 – many basic no-annual-fee cards fall into this range. It’s also worth keeping in mind that applying for the minimum available limit reduces the income surplus you need to demonstrate, which could improve approval prospects on a widow’s or age pension.
Cynthia asked: “I own my house, have a healthy super balance, some savings and a part pension. Can I get a credit card?”
Owning your home and having super savings don’t directly affect your application – what lenders focus on is your regular income. As a part-pensioner who is also drawing from super, you have two income sources worth declaring: the Centrelink pension payments and your super drawdown amount. You’ll likely need to provide documentation for both – typically a current Centrelink payment summary and a recent super fund statement showing regular payments. With combined income from both sources, your prospects may be better than on pension alone, particularly at lower credit limits.
Gay Eaton asked: “I am on a Disability Pension. My husband will be able to get a pension next year. We have $38,000 across 3 credit cards. Can we merge them to another card company?”
A balance transfer to consolidate $38,000 is possible in principle, but lenders will assess whether your combined pension income can service that level of debt under the 3-year repayment rule – that’s roughly $1,056/month from pension income, which is very tight on disability pension rates. One approach that may be worth considering: transferring in stages. It could be worth looking at consolidating the highest-rate card first onto a 0% balance transfer card at whatever limit you might qualify for, working to reduce that balance, and then thinking about repeating the process. Banks typically require a current Centrelink income statement as income verification for disability pension.
Sources and references
- ASIC – Responsible lending obligations for credit cards
- Services Australia – How much Age Pension you can get (current rates)
- National Consumer Credit Protection Act 2009 – responsible lending conduct obligations
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Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger.
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