Pensioner Credit Cards

Updated 28 May 2021

Pensioner credit cards are just credit cards that pensioners are eligible for. While there are no specific “pensioner credit cards” in Australia, many credit cards suit pensioners, offering no or low fees and low interest rates.

3 things to know to pick the right credit card as a pensioner:

  • Find a card that suits your spending needs, whether it be travel, to pay off debt, earn rewards points or just to use in emergencies.
  • Check the interest and fees that you will be charged.
  • If a special low rate or low fee promotion applies, check the terms before you apply.

You can compare a range of credit cards that might suit you as a pensioner below. Remember to check the costs as well as the perks, like rewards points, that come with the card.

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ANZ Low Rate Credit Card – 0% Balance Transfer

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NAB Low Fee Credit Card

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Commonwealth Bank Low Fee Gold Credit Card

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Commonwealth Bank Low Rate Gold Credit Card

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Compare Your Credit Card Options As A Pensioner

Looking for a credit card that will help you keep costs down as you use it month to month? Perhaps you’re considering options to keep as an emergency card should you need it? Whatever you’re looking for in a pensioner credit card, we can help you compare your options and find the right card for you. Unsure what you want – or what you need to look for? We’ve got you covered in this handy guide.

Credit Cards For Pensioners

As a pensioner or retiree, you may not fit the mould of a standard credit card applicant, making it more difficult to get approved for a credit card. Why? When you apply for a credit card, you must meet certain eligibility requirements put in place by the card provider. Applicants who don’t meet those eligibility requirements may be deemed too high risk, and as a result, may have their application declined.

So, what kind of thing are card providers looking for? Among other factors, card providers will look at an applicant’s job stability and income. With a stable job and an income over a certain amount, an applicant’s risk factor would be low. Of course, there is also credit history to be taken account of, which, when assessed, would allow the card provider to determine how risky the applicant is.

As a pensioner, you no longer have that stable job and salary. But, that doesn’t mean you can’t get approved for a credit card. If you want to apply for a credit card as a pensioner, you may simply need to work a bit harder to prove you meet the card’s eligibility requirements. This may involve providing documentation proving your income, as well as your assets. If you have good credit history, that should also help you get approved.

Comparing Pensioner Credit Cards

Before you apply, you obviously need to find the right card. While you might be searching for the best pensioner credit cards, the truth is, there is no ‘best’ card – there is only the best card for your needs. So, what are your needs?

You want an everyday card

You know you’ll be using your card day-to-day, but you’re not interested in earning rewards or using extra features. You will pay off your card at the end of each month.
Your card: A card with a low annual fee – or preferably no annual fee – that will provide you with a credit limit that will allow you to cover your everyday spending.

You want a low cost card

You know you might carry a balance once in a while, so you want to keep interest costs down.
Your card: A card with a low interest rate that will help you keep interest costs as low as possible while you work on paying off your balance. A low annual fee would also be worthwhile.

You want a card for emergencies

You’re not interested in using a credit card day-to-day, but you want one should an emergency arise.
Your card: A card with no annual fee. A low interest rate is also a good idea, in case it takes a few months to pay off your emergency spending.

You want to earn rewards

You have a significant monthly spend and you want to make the most of it by earning rewards. You always pay your balance in full each month.
Your card: A rewards card that offers a good rate of return on your spending, within a rewards program that you value.

You want access to perks

You want to take advantage of credit card perks, such as travel insurance, travel credit and airport lounge access. You always pay your balance in full each month.
Your card: A premium card, such as a platinum card, which offers the extras you need at an annual fee that suits your budget.

Checking Eligibility Requirements

After comparing your options, you should have narrowed your list down to one or two cards. Before you apply, it’s time to check out that small print. Yes, it’s boring – but, it’s also essential if you want to choose the right card for you, while also making sure there is no reason for the card provider to deny your application.

When checking each card’s eligibility requirements, you will first need to check the minimum income expected of all applicants. As a rule, you will need to have an annual income of at least $15,000 to apply for a credit card in Australia. However, many cards require applicants to have an income higher than this. For example, applying for some premium cards requires applicants to have an income of at least $75,000 per year.

After making sure you meet the card’s income requirement, it’s a good idea to check where that income can come from. As an example, your card provider may accept Centrelink payments as a form of income, but if that is your only income, you may not be approved. If you’re unsure, contact the card provider to check.

Your credit history may also be a factor. When assessing credit card applications, card providers always check the applicant’s credit history. Providing important information regarding how well the applicant has dealt with credit in the past, their credit file allows card providers to assess how well they might deal with credit in the future.

As a pensioner, you are likely to have an extensive credit history – and as long as your relationship with credit has been good, this should bode well for you in future credit applications. To check your credit file, you can apply direct from any of Australia’s major credit reporting agencies (for free), or opt for a third party provider.

To find out more about what some of Australia’s biggest card providers look for when assessing credit card applications from pensioners, read this post.

Applying For A Pensioner Credit Card

So you know you’re eligible for the card you want to apply for, now you will have to prove it to the card provider. When you apply, the card provider will ask you to detail relevant information regarding your income, assets and debts. You may then have to provide documentation to back that up. If you have an accountant, you may have to provide your accountant’s contact details.

Examples of documentation you may need to provide include (dependent on your situation):

  • Your most recent letter from Centrelink (showing the amount of your fortnightly pension), or bank statements showing payments received from Centrelink.
  • Your most recent letter from your superannuation fund or any other pension source (stating your pension amount and payment frequency).
  • Evidence of any other assets you own (such as superannuation and investments).
  • Evidence of any other income sources (such as rental property income or part time employment).


Should you apply for a credit card with your bank? In some cases, applying for a credit card with your current bank could make it easier to get approved, especially if you have a good, long-standing relationship. You could try speaking to your bank to see what they could offer you. It’s always worthwhile comparing options elsewhere, however, to make sure you are getting a good deal.

Using Your Card

You’ve been approved. Congratulations! With your new card in hand, it’s a good idea to stick to a few guidelines, as follows.

Understand your introductory offer: If your card has an introductory offer, make sure you understand how it works. Know when the introductory period ends – and what happens when it does. If you need to meet certain requirements to be eligible for the offer, know what they are and make sure they are doable.

Keep on top of your spending: Use your card’s resources to keep on top of your balance, whether that’s using phone banking, online banking or your card’s app. You can pay off bits of your balance through the month if you wish, but always try to clear your balance at month’s end.

Be on the lookout for fraud: Keep your card and the details on it safe. Don’t tell anyone your PIN, and if someone asks for your card details over the phone or online, consider whether it’s safe to do so. Stay vigilant.

To apply for a credit card in Australia, you will need to have an income of at least $15,000 per year. While basic, low cost options typically have a low minimum income requirement, higher end cards and rewards cards tend to have a higher minimum income requirement. When you apply for a card, the minimum income requirement will usually be stated. If it’s not, ask the card provider for more info.
On basic, low cost cards, the lowest credit limit available is typically $500 or $1,000. On higher end cards, the minimum credit limit may be as high as $10,000. When you apply for a card, your card provider will assess your creditworthiness and assign you a credit limit. You can request to lower this credit limit as long as you don’t go below the card’s minimum credit limit.

When comparing options, consider the following:

Suitability: Think about what you really need from your card, then compare the options to find the one that matches your needs.

Affordability: Check the card’s annual fee and make sure that it not only fits your budget, but offers value in terms of what the card is providing you. If you think you might carry a balance, check the card’s purchase rate as well.

Eligibility: Before applying, check the eligibility requirements set out by the card provider. These will typically require you to be an Australian citizen or permanent resident, with a minimum annual income. Your credit history will also be a factor.

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3 questions (showing the latest 10 Q&As)

Michael Wark

Michael Wark

6 May 2021
I am a pensioner and I requirer a loan or credit card tomeet an immediate debt
    Roland B Bleyer - Founder


    10 May 2021
    Hi Michael, thanks for your question. Whilst I can't recommend any specific credit card to you, you can browse the list of banks on this page and assess their eligibility criteria before apply. Multiple credit enquiries within a set timeframe will hurt your credit file and score, so be sure you meet the requirements before applying.


20 April 2021
I am semi retired but have mutual fund superannuation investments valued at around $2million.I want to find a rewards credit card.
    Roland B Bleyer - Founder


    21 April 2021
    Hi Neil, you apply for a rewards credit card as a pensioner, you'll just need to provide evidence. For example, with Citi, you need to provide one of the following: A letter from Centrelink showing applicant's name and the Permanent Government Pension amount, or Three most recent bank statements showing applicant's regular Centrelink payments, or The annual superannuation statement which includes an indexed pension amount, or One most recent Self-managed Superannuation Tax Return less than 15 months old I hope that helps.


18 January 2021
Am I a loud to brow $6.500
    Roland B Bleyer - Founder


    19 January 2021
    Its hard to get approved for credit cards when you are a pensioner. I would speak to your everyday bank and see if they can help. Outside of them, if different, I would speak to a big 4 bank like CBA or ANZ.
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