Can I apply for a credit card if I’m on a disability pension?
Yes, there are credit cards that are available for people on a disability pension. To be eligible you will still be required to meet, or ideally exceed, the card's minimum income and other eligibility requirements.
The approval process might be a little more complicated than it is for someone with a conventional salary. You will need to provide details of your income, as you might not be receiving pay slips or the usual range of income documents you may be asked to upload a copy of your Centrelink Income Statement. Examples of documentation that show your income could be your pension statement or a detailed income & asset statement.
The bank will also view your credit score to assess your creditworthiness so you'll need to have a credit score that is in the fair range or higher. You can check your credit score here on our site - it's fast, easy and free.
Below are some of the banks that accept disability pension as a source of income:
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. You can view the income and other eligibility requirements in the eligibility section of each card. It might also assist if you have savings that you can use to support your financials on the application form.
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The products, banks and companies mentioned in this Ask Miles question and answer were correct at the time of publishing. The information published is general advice only and should not be taken as specific personal finance advice.