Low income credit cards

Even if you are on a low income, there are various credit cards available that have relatively low criteria on income, as well as low interest rates.

By   |   Verified by David Boyd   |   Updated 2nd August 2021

Comparing low income credit cards

Westpac Low Rate Credit Card

On Westpac's website

Apply by 30 November 2021

Westpac Low Rate Credit Card

Balance transfer

28 months at 0% p.a.

Purchase rate

13.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. for 28 months on balance transfers with a 1% balance transfer fee. Reverts to variable cash advance rate of 21.49% p.a.
  • Low 13.74% p.a. interest rate on purchases.
  • $0 first year annual card fee ($59 p.a. thereafter).

Finty Rewards

More info
  • $50 cashback when you apply via Finty and are approved

Pros

  • 0% p.a. for up to 28 months on balance transfers.
  • Low 13.74% p.a. interest rate on purchases.
  • $0 first year annual card fee ($59 p.a. thereafter).

Cons

  • Balance transfer reverts to cash advance rate of 21.49% p.a. after 28 months.
NAB Straight Up Credit Card

On NAB's website

NAB Straight Up Credit Card

Balance transfer

N/A

Purchase rate

0% p.a. ongoing

Annual fee

N/A

Highlights

  • Get the newest credit card from NAB - simple, cheap and most of all no interest charges!
  • No Use, No Pay. If you don't use your NAB Straight Up credit card during the whole statement period, the monthly fee will be reversed. No surprise charges!
  • Use your card to pay foreign currency and enjoy no foreign transaction fees!
  • Predictable fixed minimum payments based on your credit limit, giving you certainty of what to pay each month.

Pros

  • Charges a monthly fee based on your selected credit limit.
  • The monthly fee will be reversed if you do not have any outstanding balance or purchase.
  • No interest charges or other fees, including foreign currency fees and late payment fees.

Cons

  • No rewards program for this card.
  • No cash advance.
BankSA No Annual Fee Credit Card

On BankSA's website

Apply by 30 November 2021

BankSA No Annual Fee Credit Card

Balance transfer

N/A

Purchase rate

12 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Enjoy 0% interest on Purchases for 12 months. Reverts to 20.74% p.a. thereafter.
  • $0 annual fee for as long as you have the card.
  • Enjoy up to 55 days interest-free period.

Pros

  • 0% interest on Purchases for 12 months.
  • $0 annual fee.
  • 55 days interest-free period.

Cons

  • No rewards program for this card.
St.George No Annual Fee Credit Card

On St.George's website

Apply by 30 November 2021

St.George No Annual Fee Credit Card

Balance transfer

N/A

Purchase rate

12 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Enjoy 0% interest on Purchases for 12 months. Reverts to 20.74% p.a. thereafter.
  • $0 annual fee for as long as you have the card.
  • Enjoy up to 55 days interest-free period.

Pros

  • 0% interest on Purchases for 12 months.
  • $0 annual fee.
  • 55 days interest-free period.

Cons

  • No rewards program for this card.
Bendigo Bank Low Rate First Credit Card

On Bendigo Bank's website

Bendigo Bank Low Rate First Credit Card

Balance transfer

6 months at 0% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$29.00 p.a. ongoing

Highlights

  • Low 11.99% p.a. purchase rate.
  • Exclusive for customers 18 to 25 years old.
  • 0% p.a. on balance transfers for 6 months. Purchase rate of 11.99% p.a. applies thereafter.
Bankwest Zero Mastercard

On Bankwest's website

Bankwest Zero Mastercard

Balance transfer

26 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Pay no annual fee as long as you hold the card.
  • 0% p.a. for 26 months on balances transferred (2% balance transfer fee applies). Reverts to 14.99% p.a. thereafter.
  • Up to 55 days interest-free on purchases.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.
Bendigo Bank Low Rate Credit Card

On Bendigo Bank's website

Apply by 31 October 2021

Bendigo Bank Low Rate Credit Card

Balance transfer

12 months at 0% p.a.

Purchase rate

12 months at 0% p.a.

Annual fee

$45.00 p.a. ongoing

Highlights

  • 0% p.a. for 12 months on purchases (reverts to 11.99% p.a.)
  • 0% p.a. for 12 months on balance transfers (2% balance transfer fee applies). Reverts to purchase interest rate of 11.99% p.a. thereafter.
  • Save with its low annual fee of $45 p.a. ongoing.

Pros

  • 0% p.a. for 12 months on purchases.
  • 0% p.a. for 12 months on balance transfers.
  • Low annual fee of $45 p.a.
  • No fees for additional cardholders.

Cons

  • There is a 2% balance transfer fee.
Bankwest Breeze Mastercard

On Bankwest's website

Bankwest Breeze Mastercard

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. on balance transfers for 15 months (0% BT fee, 9.90% p.a. thereafter).
  • 0% p.a. for 15 months on purchases (reverts to 9.90% p.a.)
  • No annual fee for the first year, $49 thereafter.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.
Bank of Melbourne Vertigo Visa

On Bank of Melbourne's website

New offerApply by 30 November 2021

Bank of Melbourne Vertigo Visa

Balance transfer

30 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% for 30 months on Balance Transfers with a 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • Additional cardholder at no extra cost.

Pros

  • 0% p.a. for 30 months on balance transfers with no balance transfer fee
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • The competitive purchase interest rate of 13.99% p.a.

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 30 months.
  • There are no rewards program for this card.
BankSA Vertigo Credit Card

On BankSA's website

Offer extendedApply by 30 November 2021

BankSA Vertigo Credit Card

Balance transfer

30 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% for 30 months on balance transfers with 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • Additional cardholder at no extra cost.

Pros

  • 0% p.a. for 30 months on balance transfers with no balance transfer fee
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • The competitive purchase interest rate of 13.99% p.a.

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 30 months.
  • There are no rewards program for this card.

Learn about low income credit cards

Get more detail on applying for a credit card with a low income.

  • FAQs

  • Guides

How can I improve my chances of approval?

The best thing to do is to be honest. The bank can cross-reference your details so be accurate with what you fill in, especially things like your income and monthly debt repayments. There are a number of other ways you can greatly improve you chances of getting approved.

  • Get your finances and debts in shape: Banks examine your finances when you apply for a credit card, paying particular attention to your credit rating and current debt ratio (your total debts: annual income) to see if you can afford to borrow and repay credit. You should also study all your finances, income and expenses to see if there’s anyway you can improve the situation, perhaps trying to pay off some debt before applying. It’s also worth checking your credit report for any problems that may hinder your application.
  • Make a joint application: If you live with a spouse or partner, it may be possible top make a joint credit card application, combining your total income to meet the bank’s requirements. Obviously, this means that you are both be responsible for repaying the balance on the credit card.
  • Open a bank account: If you can demonstrate that you can manage a checking or savings account responsibly, you improve your credit rating and the bank is more likely to approve your application.
  • Earn more money: If you don’t earn enough money to qualify for a credit card it may be the case that you simply need to increase your income. This could be working overtime, trying for a promotion, getting an extra job or even starting a small business outside of your usual work.
  • Consider a debit card: A debit card is a good option for people on low incomes who are unable to qualify for a credit card, offering all the convenience but without the risk of getting into debt. Debit cards are linked directly to the your bank account so you can only spend money you actually already have rather than borrowing from the bank.

How do I apply?

Once you’ve found the credit card that suits you, simply click the 'Application’ button and start the quick and easy online application process. Once completed, many banks will give you an answer within 60 seconds, and if you qualify your new card will arrive by post in a few days’ time.

If approved, can my credit score be improved?

Yes. If you manage your spending wisely (don’t spend more than you can afford) and make your monthly payments on time, you can establish a better credit rating over time.

What are low income credit cards?

Low income credit cards allow Australians who have small annual earnings to enjoy the benefits of using a credit card such as online purchases and bookings, and also allow access to extra funds to pay for bills and other everyday expenses. You'll find all the best deals from Australia's banks on our simple comparison table, so you can check out all the relevant rates, fees, balance transfers and rewards, and find a card to suit your lifestyle. You can also discover the minimum income required to apply for each credit card, and discover tips on how to improve your chances of getting approved.

What is the minimum annual income needed to qualify?

Most banks request a minimum annual income in order to ensure that you will be able to keep up-to-date with monthly payments, but the minimum yearly income varies greatly. For a standard credit card the minimum annual income required is often $15,000 to $20,000 for basic cards, rising to $30,000 to $40,000 for standard cards with more features and rewards. It’s easy to find out the minimum income on the deals presented on our comparison table.

Why do I need to provide my income when applying?

Banks want to examine your income, expenses, debts and other financial circumstances before deciding whether to approve you for a credit card. This is so they can be sure that you can afford to use the card and are not at a high risk of default. The restriction on minimum earnings also helps you in that it ensures you get a credit card that suits your income, and offers some protection from getting into too much debt. You may also discover that you earn enough to qualify for a more prestigious credit card with extra features and benefits better suited to your lifestyle.