Low Income Credit Cards

Posted February 3rd, 2010 and last modified August 7th, 2014

Credit cards for low income earners do not require a high salary to apply

Low income credit cards are available to applicants who are unemployed, receive government benefits or those on a retirement income.

There are certain credit cards aimed at low income earners. Generally speaking, to apply for a credit card you need to be earning more than $15,000 per year. You can find the minimum income application criterion listed at the bottom of each credit card’s review and application page. If there is no minimum income requirement listed, then anyone is able to apply for the product, the important thing is that you have some form of income.

ANZ Low Rate

Low Income Credit Card

The ANZ Low Rate credit card is a simple low rate credit card for making everyday purchases on. It features a low ongoing rate on purchases, a low balance transfer offer and a low annual fee. Minimum income for credit card application is $15,000 per annum.

  • $58 p.a. annual fee
  • 13.49% p.a. on purchases
  • 0% p.a. for 16 months on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $15,000 p.a.

Low income credit cards with a minimum $15,000 income

Rates last updated August 22nd, 2014.

Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
ANZ Low Rate
ANZ Low Rate
Save with a low rate on purchases and balance transfers with a low annual fee and ongoing purchase rate. 13.49% p.a. 0% p.a. for 16 months $58 p.a. 21.74% p.a. Go to siteMore info
St.George Vertigo Visa
St.George Vertigo Visa
Low ongoing rate on purchases, introductory balance transfer offer, plus a low annual fee. 13.24% p.a. 0% p.a. for 14 months $55 p.a. 21.49% p.a. Go to siteMore info
HSBC Credit Card
HSBC Credit Card
No annual fee for life, plus a low balance transfer offer. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 21.99% p.a. Go to siteMore info
Bankwest Breeze MasterCard
Bankwest Breeze MasterCard
Low interest rate on purchases and balance transfers. 12.24% p.a. 0% p.a. for 13 months $59 p.a. 21.99% p.a. Go to siteMore info
Westpac Low Rate Card
Westpac Low Rate Card
A simple low interest rate card featuring a low ongoing rate on purchases and balance transfers. 0% p.a. for 12 months (reverts to 13.49% p.a.) 1.99% p.a. for 12 months $45 p.a. 21.49% p.a. Go to siteMore info
Commonwealth Bank Low Rate Credit Card
Commonwealth Bank Low Rate Credit Card
Get 10 months of 0% p.a. on purchases with a low ongoing purchase rate. 0% p.a. for 10 months (reverts to 13.49% p.a.)* 5.99% p.a. for 5 months $78 p.a. ($48 for qualifying customers) 21.24% p.a. Go to siteMore info
Coles No Annual Fee MasterCard
Coles No Annual Fee MasterCard
Enjoy a low interest rate plus a $0 annual fee. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 17.99% p.a. Go to siteMore info
Commonwealth Bank Low Fee Credit Card
Commonwealth Bank Low Fee Credit Card
A credit card with a low interest rate. You could get 10 months at 0% p.a. interest on purchases. when you apply by 15 September 2014. 0% p.a. for 10 months (reverts to 19.74% p.a.) 5.99% p.a. for 5 months $24 p.a. ($0 for qualifying customers) 21.24% p.a. Go to siteMore info
Bank of Melbourne Vertigo Visa Credit Card
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low rate on your everyday purchases with a low balance transfer deal. 13.24% p.a. 0% p.a. for 14 months $55 p.a. 21.49% p.a. Go to siteMore info
Citibank Rewards Credit Card - Classic Card
Citibank Rewards Credit Card - Classic Card

The Citibank Rewards Classic Card gives you automatic benefits and a security guarantee.

20.99% p.a. 0% p.a. for 18 months $89 p.a. 21.74% p.a. Go to siteMore info
Coles Rewards Mastercard
Coles Rewards Mastercard
A low annual fee credit card with a low interest rate. 19.99% p.a. 0% p.a. for 6 months $49 p.a. 19.99% p.a. Go to siteMore info

Has your credit card application been declined? Check out some of the common reasons why credit card applications get rejected.

Owning a credit card has become a necessity of modern life. Whether you want to make online purchases or reservations at a hotel or pay bills for instance, credit cards are as vital as they are handy. Don’t let a low income mean you miss out on owning a credit card. If you’re a low income earner, here are some tips you can use to get your credit card application over the line.

Remember the following when completing a credit card application on a low income

We will start by saying that it is illegal to lie about your income when you apply for a line of credit. But it’s important that you have a think about the forms of income you may be able to list when you apply for a low income credit card. Think laterally about all your possible forms of income.

Joint applications

Consider a joint credit card application with your spouse. Joint credit card applications are based on the household’s combined income. If you were unable to meet the minimum income requirement, the earning power of a spouse may be enough to put you above the minimum requirement.

Too much debt?

The ratio of assets to debts plays an important role in the success of an applicant’s credit card application.

Take this example. ‘Person A’ has a credit card with a debt of $5,000. When ‘person A’ applied for the credit card, they took the maximum credit limit made available to them ($5,000). ‘Person A’ is unhappy with the amount of interest they’re paying on the $5,000 balance so they decide to transfer the balance to a new credit card. ‘Person A’ applies for a credit card (all application criteria including the minimum income requirement are met), but is declined due to an insufficient income. In the time between the first and second credit card applications, ‘person A’s’ income has not increased, their debt level has increased. The relationship between your assets and your debts is know as your debt serviceability ratio. Eliminate your debts, pay off and close other credit cards or personal loans for example, if you’re having trouble getting approved for a credit card.

Not enough money?

An obvious one, but must one that must be said. A second income (or full time employment) may be enough to get approved for a credit card. Even if it’s something as small as mowing someone’s lawns on the weekend. It can be included in the application.

Renting?

Be sure to just put down your share of the rent. Don’t enter the combined rent for the household.

Low income credit cards are available. You simply have to find the one that is best for you. It may mean paying off some debts or reducing your expenses in order to gain approval. But, once it is done you will have the convenience of credit card use while also establishing a good credit file.

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18 Responses to Low Income Credit Cards

  1. Default Gravatar
    Grace | June 18, 2014

    I am extremely low income. I make only $6,420 a year. I live in a low income apartment where I only pay $50 a month in rent. I am a single mother of 2 children. And I am going to online school. Would I qualify for anything?

    • Staff
      Shirley | June 19, 2014

      Hi Grace,

      Thanks for your question.

      Unfortunately we can’t comment on whether you may qualify for anything, you may find a product suitable on our low income credit cards page.

      Cheers,
      Shirley

  2. Default Gravatar
    Chris | April 4, 2014

    Hi there. I’m currently a college student and recently applied for a student credit card through Capitol One. However, I was denied due to insufficient income. I tutor on campus and grade for a professor for some income, but it’s not a large amount, definitely not $15,000. But I don’t have much extra time to pursue an additional job to make more money. I knew this would be a problem before I applied, but this is the first student card I’ve applied for, and I figured that if any card wouldn’t care about income, it’d be a student card. Apparently I was wrong.

    So is there a better card I can choose out there? One without a minimum income? Or maybe there is just something I can do to bypass the income requirement? Please help! Thanks!

    • Staff
      Jacob | April 4, 2014

      Hi, Chris.

      Thanks for your question.

      The minimum income criterion is a solid requirement for a credit card. The Commonwealth Bank also offer a student credit card, which may be suited to your purposes. There is no minimum credit limit with this product. The important thing to note here is that you have to earn enough to service the minimum credit limit on the card. You can find this information listed on the page.

      An alternative is a prepaid Visa or MasterCard. Obviously, as you’re using your own money, there’s no minimum income requirement and no credit. But you’re able to do many of things you can do with a credit card, like shop online and so on. You can compare prepaid cards on this page.

      I hope this helps.

  3. Default Gravatar
    | March 13, 2014

    Hi,

    I have an annual income of around $16000. However (because we have not reached the end of the financial year yet) the Year To Date figure on my payslips is under $15000. Would I still be eligible to apply for a credit card that has a minimum income requirement of $15000?

    Officially, I’m employed on a ‘casual’ basis, however my weekly hours and income are very regular. Is this something that a credit card provider would be wary of?

    Thanks for your help.

    • Staff
      Jacob | March 14, 2014

      Hi, M.

      This won’t be a problem.

      If you meet the eligibility requirements, including the minimum income requirement, you can apply for a credit card product.

      Please let us know if you require any further information.

  4. Default Gravatar
    basavaraj | November 16, 2013

    I currently earn $10,500, take home salary. Can you provide me with a credit card?

    • Staff
      Jacob | November 16, 2013

      Hi Basavaraj.

      Thanks for your question.

      Please have a look at each credit card’s review page. On the review page you can find eligibility requirements for each card, including how much you have to be earning each year before you can apply for the card.

      I hope this helps.

      Jacob.

  5. Default Gravatar
    Shelly | September 25, 2013

    Hi ,

    Just want to know if I’m wasting my time applying for a small credit card?? I have been employed for 10yrs with the same employer. I was working 7 yrs full time but now am part time working 15hrs per week getting a net income of $630 per fortnight approx 19K p/annum. I am married and we have no dependents. I would like to apply for a credit card in my name but it’s now been a year since I was discharged from bankruptcy. Should I wait until the 7yrs are up or is it just an impossibility. Thanking you…Shelly

  6. Default Gravatar
    Lucky | August 10, 2013

    Hey, can I get a credit card with my monthly earning of $150? And if yes, what can be my maximum limit?

    • Staff
      Jacob | August 12, 2013

      Hi Lucky.

      Please look at the card’s review page. At the bottom of the review, you will find a minimum income requirement for each card. You can choose a specific credit limit or you can elect to get the maximum credit based on your financial information provided during the application.

      Cheers.

      Jacob.

  7. Default Gravatar
    Paul | April 12, 2013

    my daughter applied for a credit card on line and was refused. I told her not to continue with on line applications as I believe the applications will appear on her credit report and make it more difficult to get approved. Is that correct?
    she is 19 and 5 months has held a full time job for 2 years after being a casual for 12 months in her last year of school.
    she clears $520 / wk has a car loan of $58 per week on a new vehicle she bought in November. Do you have any suggestions as to which bank is best to approach for her to obtain a credit card with a maximum of $3000 approved.
    Thanks

    • Staff
      Jacob | April 12, 2013

      Hi Paul. Thanks for your question. Provided that your daughter met the application requirements set out on the review and application page, there should be no reason why her application wasn’t accepted. Having said that though, it’s a mystery why some lenders will reject an application and others will approve it – applications are assessed through the lender’s internal systems, and this information is not available to the public, or even us. I wrote this article after I had my own credit card application rejected by Bankwest a year ago – and it goes through some of the common reasons why applications can get knocked back. In terms of suggesting a bank that will approve her application, my only suggestion is to try the lender that she holds her transaction and savings account with – and to apply in person. Face to face applications are generally the way to go if you’re unsure about your chances of approval. Online applications are assessed in a matter of minutes by computer systems,and if something doesn’t match up, it can be grounds for rejection.
      Yes, every time your daughter applies for credit, she will be marked with a credit enquiry on her credit file. Although not a bad thing, having too many credit enquiries on your credit file can raise red flags for lenders when you go to apply for a credit product. Think about it like this. If a lender can see that you’ve tried to apply for credit 6 times in the last month, for instance, it will make them think that there’s something wrong with the eligibility of the applicant.
      Regarding credit limit. When you apply for a card, you can elect to receive a specific credit limit; however, the final say rests with then lender as they will approve a limit based on the size of the debt they think an applicant can service.
      Hope this has helped.
      Jacob.

  8. Default Gravatar
    Pascal | March 11, 2013

    Hello!
    Help me to know about this,i earn $180 per month and i do not posses any bank accounts , do I have any chance of getting a credit card? Thank you.

    • Staff
      Marc | March 11, 2013

      Hello Pascal,
      thanks for the question!

      Many of the low income credit cards on this page have a required minimum income of $15,000 a year, which equates to $1,250 a month. Prepaid credit cards have no minimum income required, instead allowing you to load up funds to your credit card as you need them. This page explains how they work.

      I hope this helps,
      Marc.

  9. Default Gravatar
    Perry | February 10, 2013

    hello, i have just come to Australia and do not have a job yet. I want to have a credit card but a lot of banks say they need my income proof. As I have just come, I do not have income proof in Australia, but I can make some deposit to the bank. is it possible to get a credit card in this way?

    thanks

    • Staff
      Jacob | February 11, 2013

      Hi Perry. The bank will be looking for proof of regular deposits into your account, not just a lump sum payment. You may have to hold on a credit card until you meet the minimum income requirements. Until then, you may want to consider a pre-paid credit card. Thanks.

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Credit Cards Comparison

Rates last updated August 22nd, 2014.
Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
ANZ Low Rate
ANZ Low Rate
A low rate on purchases, balance transfer and a low annual fee. 13.49% p.a. 0% p.a. for 16 months $58 p.a. 21.74% p.a. Go to siteMore info
Westpac 55 Day Platinum Card
Westpac 55 Day Platinum Card
Exclusive Offer to Credit Card Finder. 0% p.a. for 12 months on Purchases
$0 annual fee with platinum benefits including a platinum concierge service, overseas travel insurance, extended warranty cover and purchase security cover.
0% p.a. for 12 months (reverts to 19.84% p.a.) 3.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. 21.29% p.a. Go to siteMore info
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% p.a. Go to siteMore info
ANZ Frequent Flyer
ANZ Frequent Flyer
Get 50,000 bonus Qantas Points once you spend $1500 on eligible purchases within 3 months. Earn 1.00 point per $1 spent on your AMEX and 0.50 points per $1 spent on your Visa. 19.99% p.a. $0 p.a. annual fee for the first year ($95 p.a. thereafter) (which includes a $40 annual account fee and a $55 Rewards Program services fee) 21.49% p.a. Go to siteMore info
Coles No Annual Fee MasterCard
Coles No Annual Fee MasterCard
Enjoy a low interest rate plus a $0 annual fee. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 17.99% p.a. Go to siteMore info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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