Average Income Credit Cards

An Overview of Available Credit Cards for Average Earners

If you earn an average Australian wage you can find there are many great deals on credit cards. While you probably don’t qualify for gold or platinum cards, which are aimed at high earners, you can choose from a large number of standard level cards from a variety of banks.

The market for credit cards in Australia is extremely competitive, with banks offering some great deals to tempt and reward new customers on average incomes. While comparing the various interest rates, balance transfers and fees, you can also find average income credit cards with extra features and reward programs to fit in with your lifestyle.

Getting a Credit Card on an Average Income: An FAQ

Q: Is an average income credit card right for me? A: If you’re earning an average income, you probably qualify for this type of credit card so long as you earn an annual income of at least $20,000 to $30,000. If you earn a below-average wage you may still be able to qualify for a credit card for low earners. If, however, you are earning more than $30,000 per year you could qualify for a gold or platinum card and enjoy the many extra features and benefits they offer. The most basic rule of thumb is to choose the type of card that suits your income in order to get approved, but also to get the most from it.

Q: How do I discover the minimum required income when looking for a credit card? A: Click through the card’s page on our website where we list all pertinent details, including minimum income required as well as other rates, fees and terms.

Q: What else do banks look for in new customers? A: Apart from proof of your income, banks examine other aspects of your financial circumstances when you apply for a new credit card. These include your regular expenses, debts and credit rating, which is obtained by running a check with a credit reporting agency. Your credit history is an important consideration for the bank, determining whether they think you are responsible enough to use a credit card. If you’re earning an average Australian wage and have a decent credit rating, you should be able to qualify for a very large selection of credit cards listed here.

Q: What other factors should I consider before applying? A: It’s important to think about how you want to use your credit card, how you manage your money and the various features and rates before choosing an average income credit card.

If you want a card for occasional purchases or reserved for emergencies, look for a credit card with no annual fee and a low interest rate.

If you want to spend on your card but may have an ongoing balance on your account, it is important to find a deal with a low purchase rate to minimise the cost of using the credit card.

If you want to make a one-off purchase and pay it off over a few months, look for a card with a 0% purchase rate introductory offer.

If you have a debt on an existing credit card you are keen to pay off, select a card with the option of a low rate balance transfer.

*Q: Can I join a rewards program? A: As you can see on our comparison table, many of the cards for average earners provide access to rewards programs including frequent flyer programs, shopping rewards and cash back. If you plan to apply for a card linked to a loyalty program or other, ensure they fit in with your spending habits and lifestyle.

Q: How do I apply? A: When you’ve selected the credit card that suits your income, simply click the ‘Application’ button to go to the bank and begin the simple online application on their website. Once you’ve completed the application, many banks will let you within seconds if you have qualified or not. If your application has been approved, expect to receive it in the mail within a week or so.

Q: How can I improve the chances of my application being approved? A: Banks look for various things in your application including that your details are correct. That means making sure that your address, existing debts and monthly repayments, and other personal information is truthful and complete. Additionally, you can enhance your chances of approval by improving your credit score by, for example, getting current on all your payments and checking your credit file for inaccuracies. If you are approved for the card you should also endeavour to manage it correctly, build your credit score, and regularly check to see if you qualify for an upgrade.