Applying for a credit card can be a daunting task, especially if you have a low credit score or income. However, there are certain types of credit cards that are considered easy to apply for. These include low annual fee cards, low credit limit cards, low income requirement cards and low interest cards.
Types of credit cards with typically easier approval
- Low annual fee cards. These cards typically have a lower annual fee – and sometimes no annual fee – and come with no added benefits or rewards, making them an entry level product that's usually easier to be approved for.
- Low credit limit cards. These cards have lower credit limits and very little by way of benefits and perks and are typically easier to get approved for than cards with high minimum credit limits.
- Low income requirement cards. With a relatively low requirement in terms of income, applicants with a good credit report and proof of a steady income are usually accepted.
- Low interest cards. These cards typically have a lower interest rate, making them an option for those who plan to carry a balance on their credit card. Cards with low interest typically have little to offer in terms of rewards and benefits.
Types of credit cards that are harder to get approved for
- Frequent flyer credit cards. These credit cards often come with a high annual fee and require a high credit score and income for approval. However, they offer rewards points or miles that can be redeemed for flights, seat upgrades and other travel-related perks.
- Black credit cards. These cards are considered top-tier, often requiring applicants to have a high credit score and income. They come with a wide range of premium benefits, such as higher rewards points, travel insurance and airport lounge access.
- Rewards credit cards. These credit cards offer rewards points or cashback for every purchase made on the card. They may require a high credit score and income to be approved. They often have a higher annual fee as well.
- Metal credit cards. This class of credit card is actually made of metal and is considered to be a status symbol, with an annual fee to match. They typically set a very high bar in terms of the minimum criteria for credit score and income to be approved.
Applying for a credit card online
Applying for a credit card online is convenient and can save you time. It also allows you to compare different credit cards and their rates and fees more easily.
Eligibility criteria to be aware of
- Age. You must be 18 or older to apply for any credit card.
- Residency status. You must usually be an Australian citizen or resident, but some card issuers may also accept temporary residents (with additional paperwork and proof being required).
- Income. You may need to be earning at least a specified annual income to be eligible for certain credit cards.
- Credit history. You'll need a good credit score to be eligible for some credit cards.
Documents and proof
You'll need to provide personal details (including your name, address, etc.) and proof of income (typically payslips if employed or accounting details if you are self-employed).
FAQs
Which banks make it easy to apply for a credit card?
ANZ, Westpac, St.George, NAB, and CommBank make it easy to apply for a credit card online, but it is generally a straightforward step-by-step process (that you can leave and pick up again later) regardless of who you apply with.
Which card is easiest to get approved for?
There is no single 'easiest' card, but several cards with low eligibility requirements in terms of income and credit history can be considered easy to get approved for.
Can I get a credit card without a credit check?
No, credit checks are a standard part of the credit card application process at any issuing bank or financial institution in Australia.
Can you get a credit card with bad credit?
It's not impossible, but it does make it more difficult. If approved, you'll have a lower credit limit and may be subject to higher interest rates or fees.
