Credit card options for retirees

[jellybelly]

The last time I applied for a credit card I was only asked to list income and expenses, not assets. We choose to keep out home loan open with a full offset account, so technically it does not cost us anything, but it is still classified as an expense. I remember asking why the full loan offset account was not taken into account and was told ‘oh that’s because you could spend that money’

 

[Oslo]

Apparently Coles MC is generous. Noel Whittaker wrote an article (possibly paywalled?)…

Out of credit? The solution for retirees who want a card

Time and time again retired Australians tell me they are unable to get a credit card of their own. But there may be a solution.

www.smh.com.au

Double benefit, the Coles MC is Int Tx Fee free and pays FlyBuys (so some point earn capacity).

Sadly, Coles MC started charging Int Tx fees in July.

 

[SYD]

Sadly, Coles MC started charging Int Tx fees in July.

Yes, discussed in another thread not long ago.

and welcome to AFF @Oslo

 

[Scru]

Many of the more expensive cards i.e. AMEX Platinum offer travel insurance but only up to a certain age. Once this is no longer "part of the package", which card offers the best value in terms of other benefits including FF points?

Scru

 

[ramboflyer]

Post Covid I thought we wouldn't do any more overseas trips and "wasted" many Qantas and Velocity points the last 2 years on car hire, accommodation, a tablet and a mattress!

I'm now having second thoughts and want to go to Europe next year and trying to build those points up again with the big sign on bonuses.

I'm retired 10 years and have 2 approvals in 23/24 - the Velocity High Flyer card (80,000 bonus points) and the Citi Premier (110,000 sign on Velocity points (through Pointhacks)). Both cards are connected to NAB.

I don't have a big income but can just reach the minimum required where its stated. I find talking to someone over the phone helps. Sometimes they can be flexible. Its probably easier to be approved when there is no minimum income stated but don't get put off if you don't quite reach it.
I have an excellent credit score which I can see that they check.

I have been knocked back a few times at other banks so I think it does depend on the bank.

 

[BJReplay]

I have been knocked back a few times at other banks so I think it does depend on the bank.

Having been knocked back while employed on $stupid money$ by which-bank, I'm now getting approved by the same bank while unemployed. Banks are capricious beasts, so if you have a good credit rating, occasionally asking for a new credit card when juicy sign-on bonuses come along can't hurt.

 

[Pushka]

The last time I applied for a credit card I was only asked to list income and expenses, not assets. We choose to keep out home loan open with a full offset account, so technically it does not cost us anything, but it is still classified as an expense. I remember asking why the full loan offset account was not taken into account and was told ‘oh that’s because you could spend that money’

They usually ignore assets and just income is important.

We have done exactly the same as you have with the home loan. It's fully offset and could be paid off immediately. And each month we deposit into the home loan from the offset account, the same amount that NAB still requires us to pay based on interest even though there's no interest payable.

 

[burmans]

Post Covid I thought we wouldn't do any more overseas trips and "wasted" many Qantas and Velocity points the last 2 years on car hire, accommodation, a tablet and a mattress!

I'm now having second thoughts and want to go to Europe next year and trying to build those points up again with the big sign on bonuses.

I'm retired 10 years and have 2 approvals in 23/24 - the Velocity High Flyer card (80,000 bonus points) and the Citi Premier (110,000 sign on Velocity points (through Pointhacks)). Both cards are connected to NAB.

I don't have a big income but can just reach the minimum required where its stated. I find talking to someone over the phone helps. Sometimes they can be flexible. Its probably easier to be approved when there is no minimum income stated but don't get put off if you don't quite reach it.
I have an excellent credit score which I can see that they check.

I have been knocked back a few times at other banks so I think it does depend on the bank.

Citibank and the Citi white labelled cars (Velocity Flyer/High Flyer and the Qantas card) do seem easier to get when retired.

Post automatically merged: Yesterday at 10:32 PM

They usually ignore assets and just income is important.

Indeed they do, because that’s what the Responsible Lending laws require them to do.

 

[SYD]

Indeed they do, because that’s what the Responsible Lending laws require them to do.

and this issue is the unintended consequence of stopping banks putting CCs in packets of Weet-Bix (to quote someone at the time).

 

[burmans]

and this issue is the unintended consequence of stopping banks putting CCs in packets of Weet-Bix (to quote someone at the time).

Well, given irresponsible lending was essentially the cause of the GFC I’m not really against responsible lending in principle but agree that sometimes sloppy drafting of laws causes some interesting consequences.