Conundrum [How to get new CC for Semi Retired couple ]

[needtotravel]

Not sure where to post this question but here goes. I am looking to get a Visa or Mcard that has bonus QFF points, free first year fee and a decent point return on purchases. Already have an AX Qantas card which is great. The problem is that I am retired with only super pension income. My wife works part time as well receiving a super pension income. It seems like all cards will not accept a joint application to meet their income criteria. We have lots in super but that does not seem to matter on an application. Does anyone know if such a card exists?

 

[Haplo]

Most of the high earning card are premium cards which require high income, so i think it would be hard to get a good earn rate and no annual, and not having the income. ANZ FF and the Qantas Premier both have first year free and a large sum of bonus points on sign up, but both have at least $30,000 income requirement in a year.

Maybe go to a branch and ask if you can "cash collateral" the credit card limit. I have done it for corporate credit card programs but not sure if the concept exists in personal credit card.

 

[Isochronous]

Secured CCs are more common in the USA than Aus. Never heard of an Aus bank offering it.

 

[VPS]

Frequently asked questions

• Due to the credit laws secured credit cards are not offered by Australian credit card providers.
  
  Some Australian banks, such as ANZ Bank, offer secured credit cards via some of their US branches, in Guam and in Singapore but not within Australia.
  

 

[GSP]

Most of the high earning card are premium cards which require high income, so i think it would be hard to get a good earn rate and no annual, and not having the income. ANZ FF and the Qantas Premier both have first year free and a large sum of bonus points on sign up, but both have at least $30,000 income requirement in a year.

Maybe go to a branch and ask if you can "cash collateral" the credit card limit. I have done it for corporate credit card programs but not sure if the concept exists in personal credit card.

The Qantas Premier card website mentions the 1st year is $149 and $299 thereafter (but yes offering 75k QFF points)

 

[Haplo]

I think you are referral to the Premier Platinum card. The Premier Everyday card is no fee first year and 40k points after 2k spend.

Re: cash secured card, i guess it means no for consumer credit card but corporate is doable since it is not covered by the credit law.

 

[Lynda2475]

The ability to secure new consumer credit cards post retirement is very difficult, the banks don't seem to care about the significant deposit balances you hold with them only if you have a steady guaranteed income stream. So unless you are drawing down a significant income stream from super (equivalent to the salary requirements for the card), you pretty much get a a hard no or a non-rewards card offered.

A friend who has recently retired was rejected for a new rewards card by her bank, despite having a non- rewards card with them for decades and significant cash deposits. The learning i took, was before retiring make sure you have secured the cards you want to keep using post retirement.

 

[GSP]

I think you are referral to the Premier Platinum card. The Premier Everyday card is no fee first year and 40k points after 2k spend.

Re: cash secured card, i guess it means no for consumer credit card but corporate is doable since it is not covered by the credit law.

Oh, I didn't know about that one (Premier Everyday card), looks worth some investigation. I do note however it is $4k spend ($2k in each of the first 2 months) rather than $2k spend.

 

[nickfromeastryde]

I did notice when I did my St George Amplify application, that a current letter from a super fund outlining yearly pension was something that they would accept. Not fee free (reduced for year 1) but a great sign on bonus would more than offset a few years worth of fees.

I had a feeling that HSBC also considered super income but that was a while ago

Additionally, applying in person and presenting your supporting documentation would probably be considered on it's merits