Credit Card - Self Employed

[jbmarshall90]

Good morning,

I'm after some input on applying for a credit card when self employed. I've been self employed for a while, but have recently turned my salary income to near zero. It was handy to have the salary income to apply for cards, but now I'm looking down the barrel of doing my first application when I'm self employed.

Prior individual tax returns will show my salary income, but no business income (as I chose to retain that in a company and not pay a dividend to myself).

For those that apply for cards as self-employed, what types of questions do the banks ask for (I'm hesitant to apply given they do a credit check before getting to the financial questions)? If they want my NOA's then that's fine. If they want more detail then that's a little more complex. Perhaps my days of easy churning are over.

Thanks in advance.

 

[Dr Ralph]

I'm not able to assist with your questions re self employed, but why not apply for a business card?

 

[elanshin]

Good morning,

I'm after some input on applying for a credit card when self employed. I've been self employed for a while, but have recently turned my salary income to near zero. It was handy to have the salary income to apply for cards, but now I'm looking down the barrel of doing my first application when I'm self employed.

Prior individual tax returns will show my salary income, but no business income (as I chose to retain that in a company and not pay a dividend to myself).

For those that apply for cards as self-employed, what types of questions do the banks ask for (I'm hesitant to apply given they do a credit check before getting to the financial questions)? If they want my NOA's then that's fine. If they want more detail then that's a little more complex. Perhaps my days of easy churning are over.

Thanks in advance.

Apply for business cards. The requirements are slightly different usually.

Also if you're a sole trader any business income is your income.

 

[jbmarshall90]

Thank you both for your replies.

My business has multiple shareholders which we receive dividends from each month. I already have a business cards, but have always done personal cards as well (churning personal, but don't bother churning business cards given complexities with direct debits and other shareholders).

I might just need to apply for one, and give it a go!

 

[blacksultan]

Try applying for US cards . They don’t ask for proof of income .

 

[Cynicor]

Self employed cards aren’t hard at all, assuming you have NOAs that support it. Each bank varies wildly in how much mucking around you need. ANZ are typically the worst.
Some just want a single NOA alone, others want all sorts of detail and bas stuff.

I regularly churn cards as self employed. Oh, other tip is have an “accountant”, real or imagined. If you can put in their contact details they seem happier despite never even contacting them. I use an accountant friend and tell them what income I have given to the bank).

Post automatically merged: Sep 7, 2024

Business cards mostly aren’t great, or are more limited. I’ve only ever applied for one