Credit card options for retirees

Splitting payment across two cards isnt an option with SQ, I wanted to pay for a ticket with my Amex, but ended up having to put extra cash into my Bankwest credit card so I could pay for a ticket that exceeded my limit 🤔 Dont know if Amex allow that but BW customer service were the ones to suggest it.
Don't think I can split payments with QF either @Askance.
Also, I did ask Amex if I could put a few extra $ in credit on my card prior to purchase, answer was a definite no, it would be flagged and account would be closed!
 
It's hard l. From your point of view you are a great customer but from the CC provider pov, you are not going to end up paying exorbitant interest. They will pick up a small percentage on spend but they have an excuse (no occupational income) to knock you back
Thanks @andye agree entirely!

Son in law racked up a 60k credit card debt a few years back, only paying minimum monthly repayments- interest was staggering!
They were close to losing their house but our FP sorted them out, able to refinance but still they have a higher credit limit and our incomes are the same 🙄
As you say, no occupational income.
 
I know people think banks are only after CC interest but I’ve seen no evidence of this in rejection patterns. Sometimes you have to accept incompetence rather than malice.

You have no formal employment income, and the banks are too stupid (or just don’t care, more likely) to organise a different route to a credit card. There may even be laws making it harder for them.

I’ve not ever heard of anyone with lots of assets and high formal employment income being denied cards regularly, so clearly the “you won’t earn the bank interest” is a nonsense line. They earn money on interchange fees anyway.
 
I know people think banks are only after CC interest but I’ve seen no evidence of this in rejection patterns. Sometimes you have to accept incompetence rather than malice.

You have no formal employment income, and the banks are too stupid (or just don’t care, more likely) to organise a different route to a credit card. There may even be laws making it harder for them.

I’ve not ever heard of anyone with lots of assets and high formal employment income being denied cards regularly, so clearly the “you won’t earn the bank interest” is a nonsense line. They earn money on interchange fees anyway.
Agreed. There may well be responsible lending guidelines that make it difficult. But, if there was a lot of money in it for them, I'm sure they would try harder to solve the issue
 
The biggie here is no taxable income
no taxable income means no income tax to pay the ATO but it also means no CC card. Your passive income stream “doesn’t count” well unless it’s to deny you a Centrelink age pension but it does count for the Seniors Health care card. A nice little annual $4,000 bonus there




In addition
I reckon the other points to note
Substantial assets don’t easily convert to cash
How many curl up their toes with an outstanding CC debt?
Loyalty pfft
The CC signup bonuses are intended for people who “rack up debt”
Because of the banning of automated credit card limit increases it becomes a way for the banks to get around that hurdle. You entice a middle-aged go getter who’s time-strapped but a spender to switch across for a higher limit and watch them deliver a decent stream of profit to you until they depart
The older folk have learnt the life lessons of being burnt by high interest so invariably pay the full balance on their cards by the due date and frugality remains a thing

 
I know people think banks are only after CC interest but I’ve seen no evidence of this in rejection patterns. Sometimes you have to accept incompetence rather than malice.

You have no formal employment income, and the banks are too stupid (or just don’t care, more likely) to organise a different route to a credit card. There may even be laws making it harder for them.

I’ve not ever heard of anyone with lots of assets and high formal employment income being denied cards regularly, so clearly the “you won’t earn the bank interest” is a nonsense line. They earn money on interchange fees anyway.
I’ve always considered CC interest rates as “penalty” rates. They’re invariably well above regular unsecured / personal loan rates which to me implies the banks / CC providers really want you to pay in full each month? They’re making x% on EVERY transaction as core revenue.

The excessive rates offer the financial institution some limited protection from the credit risk for someone who only ever pays the min monthly amount as they spiral out of control with debt.
 
I should point out that other countries don't have the same system of only considering income from employment. The banks in the USA look at your Fico score and history of paying off debts to determine if you are worthy of a credit card. There is no blanket discrmination and retirees on social security can and do get credit cards if they have a solid history of paying on time and managing credit well.
 
I’ve not ever heard of anyone with lots of assets and high formal employment income being denied cards regularly,
No, not regularly, but by NAB and CBA ($400k+ salary, no debts, mortgage paid off, significant super and non-super investments) both denied me a few years back, while employed. CBA eventually gave me a card with a limit of 2% of my salary. I just applied and they gave me a card with a limit of 25% of my rather sporadic 25% investments only income now that I'm no longer working, but not yet drawing super. 🤷
 
My frustration with the logic of my credit limit increase request is, I already have the $35k credit limit, it is just spread over the two cards.....
I will try to seek out a human to have a discussion with.
 
I should point out that other countries don't have the same system of only considering income from employment. The banks in the USA look at your Fico score and history of paying off debts to determine if you are worthy of a credit card. There is no blanket discrmination and retirees on social security can and do get credit cards if they have a solid history of paying on time and managing credit well.
This idea that all Australian CCs only look at employment income is a bit of a furphy. Sure some do but I’ve now been accepted for 4 CCs since retirement (and rejected twice -ANZ). This was pension payments from Australian Super, and my main success were Citibank white label cards and NAB. It would be good for this forum if people were actually helpful and provided advice on how to get accepted rather than only pages and pages of whinging about not being.
 
This idea that all Australian CCs only look at employment income is a bit of a furphy. Sure some do but I’ve now been accepted for 4 CCs since retirement (and rejected twice -ANZ). This was pension payments from Australian Super, and my main success were Citibank white label cards and NAB. It would be good for this forum if people were actually helpful and provided advice on how to get accepted rather than only pages and pages of whinging about not being.
If that’s the successful options I got one of them already. Sighs

If ANZ are the biggest rejector well I don’t have them and if I applied what’s my chances of approval ?
 
If that’s the successful options I got one of them already. Sighs

If ANZ are the biggest rejector well I don’t have them and if I applied what’s my chances of approval ?
My list was by no means exclusive, that plus Westpac are all I have applied for (successfully).
 
It would be good for this forum if people were actually helpful and provided advice on how to get accepted
We're retired, pre-super (under 60), living off savings / investment income, as is Mrs BJReplay. No Mortgage.

Investment income is sporadic (mostly ETFs, semi-annually, with larger payments hitting the accounts in September and March).

Mrs Replay has been accepted to BankWest Platinum ($0 fee, no international transaction fees, no points, used to have TI - not sure anymore) - it's her emergency credit card where she's primary cardholder should I drop dead that costs nothing to keep, but isn't active other than a transaction every few months to keep it active. Credit Limit offered was 12% of gross income.

Mrs Replay was accepted for HSBC Star Alliance. She'll drop it once we've merged points (hopefully soon) before the annual fee kicks in. She was accepted for 17% of gross income.

In both cases she had to show last two ITRs and NOAs.

I've been accepted for HSBC Star Alliance for 17% of gross income and CBA Smart Awards for 29% of gross income. HSBC was as per Mrs BJReplay. CBA (see upthread) was essentially the same, after some run around where they wanted to look through the ITRs and NOAs to the source of the income, and then got all confused by that (investments are held in a family trust, and then when they asked for the investments, TRs for those, told me they couldn't accept them). Was a bit of a rigmarole, over three weeks, but I was surprised by how much I was offered.

In all cases, put down employment status as retired, disclosed all existing credit cards.

CBA application listed existing credit cards and limits (incorrectly - probably from last time I applied for an increase on an existing card), but didn't show the HSBC card, so I corrected the cards and limits.

In all cases, I didn't apply for a particular limit, but simply selected the option that was something like "you can apply for the maximum limit our assessment determines is appropriate" - if this is less than the platinum card minimum, we will offer you a different card - do you agree?
 
If CBA application listed incorrect limits worth checking your credit file because that’s where they would have got them from (excluding own cards of course) and if wrong asking them to correct.
 
If CBA application listed incorrect limits
Credit file was correct. CBA was working off old data. And credit file depends on credit providers updating. Three credit bureaus still list my closed 28 degrees card, although I closed it in August, and two reporting cycles have completed since I closed it.
worth checking your credit file
I do (all of them) every month. For several reasons - a) because I'm a nerd, b) because I'm now back into churning for points, because I know that I can apply, and c) because I've been, unfortunately, the target of both mass data theft (Optus, Medibank) and targeted identity theft (mailbox theft - where the police found my documents in an identity theft sweatshop).
asking them to correct.
While I'm there, I'll look for a Unicorn. It took two years to get an Optus account that was closed in 2017 removed from my credit file. Optus said it wasn't their fault, the credit bureau said it wasn't their fault.

Because Optus belonged to an ombudsman scheme, I was able to make it theirs, but it was a hard slog, and wouldn't have been worth it, unless I could point to someone saying "denied - adverse credit event" in an application, which I could.
 
I just got approved for a Bankwest World card, it's a QF points 1:1 card. haven't applied for a new credit card since I retired some years back and learned that my churning cards for points was at an end. Stuck with the QF Platinum for too long.

The only income info I provided was a letter from comsuper outlining my yearly and fortnightly pension payments, and the tax deducted. Applied on Sunday, approved today (cos Monday was a public holiday).

Now I can get rid of the QF card. And I guess churn back to it in a few years.
 

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