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How to apply for a credit card

To obtain your first credit card, you’ll need to meet specific eligibility criteria and provide various forms of documentation. Here’s an overview of what you may need:

Eligibility requirements

• Age: You must be at least 18 years old.
• Residency: You should be an Australian citizen, permanent resident, or hold a valid visa.
• Credit history: A solid credit history is generally necessary, as credit card providers will assess your creditworthiness.
• Income: Meeting any minimum income requirements specified by the credit card issuer is essential.

Documentation needed

• Identification: A government-issued ID, such as a driver’s licence or passport, to confirm your identity.
• Proof of income: Recent payslips or bank statements to show your income level. Credit card companies often require copies of your last three payslips to verify your employment status.
• Address verification: Documents like utility bills or bank statements that confirm your current address may be needed.
• Credit history details: If you have existing debts, such as personal loans or buy now pay later (BNPL) services, you’ll need to disclose this information. You can check your credit score for free on ASIC’s Moneysmart website
• Asset information: Details about any assets you own, such as savings accounts, cars, or property.

Application process

• Compare options: Start by comparing different credit card products based on interest rates, fees, and benefits to find one that suits your financial needs.
• Check eligibility: Ensure you meet all eligibility requirements to avoid any impact on your credit score from declined applications.
• Submit application: You can apply online, in person, or over the phone, depending on the provider. Many issuers offer instant approval, meaning you’ll receive a response quickly.

Final considerations

Before applying, it's wise to review your credit score and ensure that you understand the responsibilities of managing a credit card, including making timely repayments to avoid high-interest charges. If you’re unsure about your ability to manage a credit card, you might consider starting with a debit card instead.

Balance transfer cards:

These cards are designed to help you manage existing debt by offering a 0% interest rate on balances transferred from other cards for a promotional period, usually lasting 6 to 24 months. This allows you to pay down your debt faster without accumulating extra interest. After the introductory period, any remaining balance will be subject to the card's standard interest rate, so it’s essential to clear your debt within this time to avoid extra costs.
Check out the list of cards here.

Premium credit cards:

Premium credit cards often come with higher interest rates but they also offer a range of valuable benefits. These cards typically provide features such as enhanced rewards programs, travel perks, and access to exclusive events. Cardholders may enjoy benefits like complimentary travel insurance, airport lounge access, and higher points earning potential on everyday purchases. While the annual fees can range from $150 to $500, many users find the perks worthwhile, especially if they travel frequently or spend significantly on their card. However, it's essential to pay off the balance in full each month to avoid accruing high-interest charges.
Check out the list of cards here.

Frequent flyer credit cards

These cards are tailored to travellers, allowing you to accumulate frequent flyer points with every purchase. Points can then be redeemed for flights, upgrades, or travel-related perks. Many frequent flyer cards also offer additional benefits like airport lounge access or complimentary travel insurance. They generally have higher fees and interest rates, so they are most beneficial for frequent travellers who can maximise the perks and pay off their balances regularly.
Check out the list of cards here.

Low annual fee credit cards:

No annual fee cards are ideal for those who want a straightforward credit card without the burden of ongoing costs. These cards allow you to make purchases without worrying about yearly fees, which can save you money over time. While they may lack the rewards or perks of other cards, they’re great for occasional users who want the convenience of a credit card without extra costs.
Check out the list of cards here.

Cashback credit cards:

Cashback cards reward you with a percentage of your spending back in cash, often around 0.5% to 2%. Cashback is usually credited to your account or given as a statement credit, reducing your overall balance. Some cards offer higher cashback rates in specific spending categories, such as groceries or fuel. This type of card is excellent for everyday spenders looking for tangible rewards without the complexity of points-based systems.
Check out the list of cards here.