If you’re in Australia on a work or study transfer or a temporary resident hoping to apply for permanent residence, there are several benefits to having an Australian credit card:
Avoid exposure to currency fluctuations
Using an overseas-issued credit card for Australian purchases means your card issuer will convert the amounts into your card’s currency, exposing you to potentially unfavourable exchange rates and fees. Matching the currency of your purchases with the currency of your payments avoids these risks.
Avoid foreign transaction fees
Purchases made in Australian dollars on a foreign credit card are treated as overseas transactions, often incurring a fee (commonly 3%). Using an Australian-issued card for local transactions avoids these fees.
Simplify monthly repayments
Paying off an Australian credit card is straightforward with an Australian bank account. In contrast, repaying a foreign credit card involves complex international transfers and additional fees.
Build a credit score in Australia
Establishing a good credit history in Australia is beneficial for renting, signing up with utility providers, or applying for loans. Using and managing an Australian credit card responsibly helps build your credit score.
Australian banks that accept temporary residents
The Big Four banks (ANZ, Commonwealth, NAB, and Westpac), along with American Express and some other banks, issue credit cards to holders of the Temporary Skill Shortage Visa (subclass 482). These cards offer various interest rates, rewards programs, frequent flyer points, benefits, and annual fees.
Eligible visa types for credit cards
The Department of Home Affairs lists all visa types, detailing their eligibility for credit cards. Commonly accepted visas include:
- Temporary Skill Shortage Visa (TSS) (subclass 482)
- Other temporary work visas (subclasses 400, 403, 408)
- Business, talent, skilled, investor, and employer nomination visas
- Temporary Work (International Relations) Visa (subclass 403)
- Temporary graduate visas (subclasses 476, 485)
- Refugee and humanitarian visas
- Resident return visas (subclasses 155, 157)
Required documentation
To apply for a credit card, you will need:
- Photocopy of the personal details page of your foreign passport
- Photocopy of your Australian visa page for VEVO verification
- Photocopy of your foreign birth certificate or citizenship certificate
- Photocopy of your foreign driver’s licence (if not providing an Australian licence)
- Current Australian address and previous overseas address
- Employer and income details
Documents in languages other than English may need certified translation.
Passing the 100-point check
Australia's compulsory personal identification system requires documents proving identity and residence. A foreign passport typically scores 70 points, and additional documents like an Australian driver's licence add points.
Minimum income requirement
Temporary residents may need to demonstrate a higher income level due to limited access to overseas credit history. The TSS visa's minimum income threshold is currently $53,900, which should qualify for many credit cards.
