Credit Cards For Immigrants – Information for Recent Immigrants to Australia

Information for immigrants to Australia who would like to apply for a credit card

It can be difficult for a newcomer to Australia to get approval after filling out a credit card application. The credit history is not transferred from country to country, so you’re starting off with no credit.  Sometimes this can be a good thing, because it is a fresh start, however, getting established in a new country can be frustrating, to say the least.

Like all other lenders, credit card issuers base credit approval on credit histories. Of course credit limits and decisions to extend credit are also based on salary, and you must be gainfully employed, or at least have some source of income.  A home address in the country in which you reside are also sometimes a requirement.

HSBC Credit Card

HSBC is one of the largest foreign banks in Australia. Founded in China, HSBC Bank now has branches all over Sydney, in Queensland, Victoria, Western Australian and NSW. It is also looking to expand the number of branches in Sydney, with a recent branch opening in North Sydney. The HSBC Credit Card is currently one of the most popular credit cards being applied for in Australia.

• $0 annual fee
• 17.99% p.a. on purchases
• 0% p.a. for 6 months with 2% handling fee on balance transfers
• Cash Advance Rate of 21.99% p.a.
• 55 days interest free
• Minimum Income Requirement of $20,000 p.a.

Read the HSBC Credit Card terms and conditions.

Establishing credit:

The best policy is to keep your credit cards and bank account from your country of origin, and continue to pay these debts so that at least your credit isn’t jeopardized there. And you never know you may go home someday.  It will take a while to get established, and using what you already have, will not leave you without a card.

There are some banks that have branch networks all over the globe, so looking for and finding one that you already have a relationship with is advisable, just until you get established.  Even if your interest rates are higher, or the card doesn’t offer you points or rewards.  It’s worth getting to establish credit.

Employment:

If you are employed in the new country, getting a card or a loan is much easier than you think. Granted, you might not have a history, but most banks secure loans and cards based on income, and stability of residence.  Speaking to a loan or card representative might help remedy this if you moved to Australia for a new job.

Secured Credit Cards:

You can always get a prepaid credit card. The concept is similar to a prepaid phone card, or prepaid cellular.  You put money on the card via a deposit to the company issuing the card, and you have a limit for as much as you deposit.

Prepaid cards sometimes do not report to your credit agency, therefore be certain before you sign up for one of these prepaid cards, that they report.  This is a great way to establish credit.

Moving Abroad Credit Cards:

Some card companies offer ‘moving abroad’ transfers, one such company is American Express.  They allow you to transfer your card to another country, and they make the transfer as painless as possible.  All that is necessary is a current and eligible credit card with AMEX, an address in Australia and a phone number.

Another company that offers foreign travel moves and foreign exchange is ANZ, which helps you with your financial needs when moving to Australia.  ANZ also helps with banks, accounts, foreign currency transfers, and even dual and multi-currency accounts.  They claim an international network in key locations, to assist you.  They also help arrange bank accounts and manage your investments.

Mail Forwarding:

If you are moving to Australia, there are several inexpensive mail forwarding services that allow you to maintain your current address, in which to keep the current credit cards you have, before you begin obtaining credit in AU.  This gives you a home address in which to keep in your current residence, so you don’t lose your card privileges or bank information.

The most popular are Mailbox Forwarding, and Earth Class Mail.

Online Bill-Pay:

Almost every bank in the world offers this service.  This service that manages, accepts and pays all of your bills with the touch of a keystroke.  If you keep your current accounts, this is your best bet to not have questions raised about moving out of the country.  You can continue to pay your bills in the currency in which you resided, and continue using your debit and credit cards.

Moving can be stressful enough, having to worry about financial matters can add to the stress, and using some of these services might lighten your load.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

Subscribe to our newsletter and get "The Ultimate Guide to Balance Transfers"

Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%