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Smart Money

Self-Employed? Get Approved with these Credit Card Application Tips

Last updated

Pauline Hatch      

Getting a credit card (or home loan) as a self-employed person can be tricky. Lenders see you as higher risk, so you’ll need to prove you’re worthy of their credit. Here’s how.

First, you’ll need to do some homework. By finding out more about which credit card providers accept applications from self-employed applicants – and exactly what they are looking for during the application process – approval could be just a few clicks away.

Getting Started

Before you start comparing credit cards, you need to know which credit card providers allow the self-employed to apply. To make it easier, we’ve compiled a list of providers and the documentation they require to assess applications from the self-employed.

Credit Card Provider Documents Required for Self-employed Applicants
American Express You must provide your accountant’s details.
ANZ You must provide your accountant’s name and contact number.
Bank Australia You must provide full financials for your business, including returns and balance sheets for the last two years.
Bankwest You must provide your two most recent Notices of Assessment, plus information regarding any other income, assets, ongoing expenses and liabilities.
Bank of Melbourne You must provide an eligible tax return. Note, if you’ve been self-employed for less than a year, you are not eligible to apply.
BankSA You must provide an eligible tax return. Note, if you’ve been self-employed for less than a year, you are not eligible to apply.
Bank of Queensland You must provide your two most recent Notices of Assessment or two most recent income tax returns, and your two most recent business/company tax returns or two most recent business/company profit and loss statements.
Bendigo Bank You must provide your accountant’s name and contact details, as well as details of your income, assets and liabilities.
Citi You must provide your two most recent income tax returns or Notices of Assessment, and two of the most recent business/company tax returns or business/company profit and loss statements.
Coles You must provide your Notice of Assessment for the previous financial year. Alternatively, you may provide a tax return detailing your individual taxable income prepared by your accountant. If you’ve been self-employed for less than a year, you must provide a letter from your accountant detailing the personal taxable income for the time you’ve been self-employed.
Commonwealth Bank You must provide your ABN and the name of your business, alongside two supporting documents, such as your most recent tax return, ABN registration certificate, trade or qualification certification, projected income statement from your accountant, or a tax return from before you were self-employed.
Emirates You must provide two of your most recent income tax returns or Notices of Assessment, plus two of your most recent business/company tax returns or business/company profit and loss statements.
Latitude Financial Services You must provide your Notice of Assessment for the previous financial year. Alternatively, you may provide your most recent tax return detailing your individual taxable income, as prepared by your account. If you’ve been self-employed for a less than a year, you must provide a letter from your accountant outlining your personal taxable income for the time you’ve been self-employed.
HSBC You must provide your most recent individual Notice of Assessment.
Jetstar You must provide your accountant’s details.
ME Bank You must provide your last two tax returns, your last Notice of Assessment, and your accountant’s details.
NAB You must provide your accountant’s details.
St.George You must provide your last Notice of Assessment. Note, if you’ve been self-employed for less than a year, you are not eligible to apply.
Suncorp You must provide a recent tax statement or payslip, and your accountant’s name and contact details. If you’ve been self-employed for less than two years, you’ll also need to provide information on your income prior to your self-employment.
Virgin Money You must provide your two most recent income tax returns or Notices of Assessment, and two of the most recent business/company tax returns or business/company profit and loss statements.
Westpac You must provide your last two tax returns.
Woolworths You must provide your trading name and trading address, and your most recent tax statement.

Comparing Credit Cards

Now you know which card providers allow for applications from self-employed applicants, it’s time to start comparing the options. You’ll need to know what you wantt o get out of your card before you start comparing them side-by-side.

If you’re looking to save money, you may want to choose a card with a low annual fee or a low interest rate. Introductory offers could help you save even more money, providing no annual fee offers, 0% balance transfer offers or 0% purchase rate offers.

If you want something extra on your card – and tend to clear your balance month-to-month – you may want to choose a rewards card or a platinum card. The features and rewards offered on these cards could be used as an incentive at work, or as a way to enjoy your downtime.

When comparing your options, be sure to pay attention to the annual fee and rate of interest you’ll pay, as well as any interest free periods, the rewards programs and any extra perks. Weigh the value of these against what you’re paying out in interest and fees.

Want more? Check out our Credit Card Application Tips.

Mistakes to Avoid

Having a credit card application declined is more than just frustrating, it can also damage your chances of being approved in the future. Every application is noted in your credit file. Every declined application signals high risk to future lenders, who might decline you based on your unfortunate credit history.

Want to improve your chances of approval? Here are some mistakes you should avoid.

Disregarding Eligibility Requirements

All credit cards have eligibility requirements, and it’s up to you to make sure you meet them. If you do not meet the stipulated eligibility requirements, your application may be declined. If you are unsure whether you meet the eligibility requirements for your chosen credit card, contact the card provider for clarification.

Applying for Multiple Credit Cards

As we know, credit card providers typically check each applicant’s credit file to assess credit worthiness. If you apply for multiple credit cards at a time, it suggests you may be having financial problems and desperately need credit. With this high risk red flag, card providers may decline your application, which again, makes it more difficult to get approved in future.

With all that in mind, it’s time to find and apply for your next credit card. Compare your options at creditcard.com.au to match your needs to the best credit card for you.

Photo source: Shutterstock
Pauline

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 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.

Recently Asked Questions

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

Ask Pauline a Question

Hi, I’m a personal finance expert who loves to help you out! I’ll answer your question within a business day. Pinky swear.

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4 comments (showing the latest 10 Q&As)

Tim Dodd

Tim Dodd

11 July 2023
Hi Pauline. I noticed that on you website, on the self employed page, The NAB card only requires my accountants details. He would be more than happy to support my application with a letter to support my claim. Can I apply for this card with just my accountants details, and a supporting letter for my income? This card would be used to pay my monthly bills, and be 100% cleared every month. I would be using this facility to minimise my mortgage interest, and redraw the money from my lender every month to 100% repay the credit card balance. Can you clarify this, and can you supply a template letter for my accountant to supply to NAB. I look forward to you reply
    Pauline - CreditCard.com.au

    Pauline

    11 July 2023
    Hi Tim, good question! Actually, aside from your accountant’s information, you also need to provide the other eligibility requirements (e.g. proof of your identity, address, residency/citizenship status, financial situation, assets, any balance owing in debts, monthly and annual expenses, annual income, etc.). You can check out the range of NAB credit cards and have a read of our reviews. Each card may have different T&Cs and eligibility criteria. I’m sorry we don’t have any template for your accountant to use, but they’ll have to verify any income claims you make as part of your application. Hope that helps you out.
noah

noah

3 November 2021
Looking at "Self-Employed? Get Approved with these Credit Card Application Tips". Some require "accountant’s details" - What if i dont have an accountant? Should I just get one and say "I literally only want to hire you so i can apply for a credit card"?
    Pauline - CreditCard.com.au

    Pauline

    3 November 2021
    Hi Noah, thanks for your question. Reaching out to an accountant this way is an option you can consider. You may also want to consider other cards that do not require an accountant to apply. It’s a good idea to check with the bank directly regarding their self-employed requirements. Keep in mind we can’t provide any personal advice and you should consider your own personal circumstances before making a decision based on information on our site.

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