Low Income Credit Cards

Compare credit cards for low income earners, featuring a minimum $15,000 per year income requirement and with low interest rates.

Nilooka Dissanayake avatar
Written by   |  
Andrew Boyd avatar
Edited by   |  
David Boyd avatar
Verified by
Updated 16 Jan 2025   |   Rates updated regularly

Comparing of 21 low income credit cards

Bankwest Zero Mastercard

On Bankwest's website

Balance transfer

6 months at 0% p.a.

Purchase rate

6 months at 0% p.a.

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 p.a. ongoing

Details

  • No annual fee for the life of the card.
  • 0% p.a. for 6 months on purchases and transferred balances (with a 3% balance transfer fee). Returns to 18.99% p.a. thereafter.
  • Add up to 3 additional cardholders at no extra cost.

Pros & cons

Pros
  • The introductory balance transfer and purchase offers.
  • 18.99% p.a. interest rate on purchases is relatively low.
  • Up to 55 days interest-free on purchases.
  • As low as a $6,000 credit limit.
  • Temporarily lock your card anytime using the Bankwest App.
  • Easy Instalment Plans let you spread up to 5 purchases over four monthly payments at 0% p.a.
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons
  • Balance transfers incur a 3% one-off fee.
  • You cannot earn credit card points on this card.
Bankwest Breeze Mastercard

On Bankwest's website

Balance transfer

24 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$49.00 p.a. ongoing

Details

  • Get 0% p.a. interest on balance transfers for 24 months, with a 3% balance transfer fee (then 12.99% p.a. thereafter).
  • An annual fee of $49 p.a., making it an affordable option.
  • Add up to 3 additional cardholders at no extra cost.

Pros & cons

Pros
  • 0% p.a. on balance transfers for 24 months.
  • Low ongoing interest rate of 12.99% p.a. on purchases.
  • Up to 55 interest-free days on purchases.
  • As low as a $1,000 credit limit.
  • Temporarily lock your card anytime using the Bankwest App.
  • Easy Instalment Plans let you spread up to 5 purchases over four monthly payments at 0% p.a.
  • Compatible with Apple Pay, Google Pay and Samsung Pay.
Cons
  • No rewards program on this card.
  • The 3% BT fee.
  • There is a 2.95% foreign transaction fee.
Apply by 30 April 2025
Westpac Low Rate Credit Card (Balance transfer offer)

On Westpac's website

Balance transfer

26 months at 0% p.a.

Purchase rate

13.74% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$59.00 p.a. ongoing

Details

  • Get a 0% interest rate on balance transfers for 26 months with a 2% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
  • A low 13.74% p.a. interest rate on purchases helps keep costs manageable.
  • Split purchases over $100 into 4 payments over 6 weeks with PartPay, making it easier to manage larger expenses.

Pros & cons

Pros
  • 0% for 26 months on balance transfers gives you plenty of time to pay off your balance without interest.
  • The $59 p.a. annual fee keeps costs low, with no fee in the first year if you're already with Westpac.
  • Start with a credit limit as low as $500, helping you manage your spending.
  • Supports Apple Pay, Google Pay, and Samsung Pay.
Cons
  • A 2% balance transfer fee applies.
  • No complimentary travel insurance, which is typical for a low-rate card.
Apply by 30 April 2025
St.George Vertigo Visa Credit Card

On St.George's website

Balance transfer

24 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$55.00 p.a. ongoing

Details

  • Get a 0% interest rate on balance transfers for 24 months with a 1% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
  • Start with a credit limit as low as $500, helping you keep your spending in check.
  • Add 1 additional cardholder at no extra cost.

Pros & cons

Pros
  • Get a limited edition exclusive rainbow design card.
  • A 13.99% p.a. variable rate keeps interest costs lower on purchases.
  • Low annual fee of $55 p.a.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Note that the balance transfer rate reverts to 21.99% p.a. after 24 months.
  • The 1% balance transfer fee is low but it can add up with large transfers
  • No rewards program which is typical for a basic card.
NAB StraightUp Credit Card

On NAB's website

Balance transfer

N/A

Purchase rate

0% p.a. ongoing

Interest-free days

N/A

Annual fee

$0.00 p.a. ongoing

Details

  • Get the latest credit card from NAB - straightforward, affordable, and above all, interest-free!
  • No Use, No Pay. Should your NAB StraightUp credit card remain unused throughout the entire statement period, the monthly fee will be reimbursed. No unexpected charges!
  • Use your card for foreign currency transactions and get zero foreign transaction fees!
  • Consistent fixed minimum payments determined by your credit limit, providing you with assurance of monthly payment amounts.

Pros & cons

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 balance transfers or cash advances.
Apply by 30 April 2025
Westpac Low Rate Credit Card (Cashback offer)

On Westpac's website

Balance transfer

N/A

Purchase rate

13.74% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$59.00 p.a. ongoing

Details

  • Get up to $350 cashback when you apply online by 30 April 2025. Receive a $50 cashback monthly for spending over $1,000 in the first 7 statement periods.
  • A low 13.74% p.a. interest rate on purchases helps keep costs manageable.
  • Split purchases over $100 into 4 payments over 6 weeks with PartPay, making it easier to manage larger expenses.

Pros & cons

Pros
  • Get up to $350 cashback when you meet the criteria.
  • The $59 p.a. annual fee keeps costs low, with no fee in the first year if you're already with Westpac.
  • Start with a credit limit as low as $500, helping you manage your spending.
  • Supports Apple Pay, Google Pay, and Samsung Pay.
Cons
  • No rewards program although there is a cashback offer.
  • No complimentary travel insurance, which is typical for a low-rate card.
NAB Low Rate Credit Card (Balance Transfer Offer)

On NAB's website

Balance transfer

24 months at 0% p.a.

Purchase rate

13.49% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$59.00 p.a. ongoing

Details

  • Get 0% p.a. on balance transfers for 24 months with a 3% balance transfer fee. Reverting to a variable cash advance rate of 21.74% p.a. after the promotional period.
  • With a low annual fee of $59, this card helps keep your costs manageable.
  • Apply online in minutes and get a response in 60 seconds.

Pros & cons

Pros
  • The card has a variable purchase rate of 13.49% p.a.
  • Add a cardholder at no extra cost.
  • The credit limit starts at $1,000, making it a good option for those seeking a manageable starting limit.
  • Unlock exclusive offers on shows, events, and movies with your Visa Credit Card.
  • Includes Fraud protection.
  • Compatible with Apple Pay, Google Pay, Fitbit Pay, Garmin Pay and Samsung Pay.
Cons
  • This card doesn’t have a rewards program, but it may suit those who prefer a straightforward, no-frills option.
  • There is no complimentary insurance, which is typical for a low-rate credit card, but it could still be a good option if you're looking for a low-cost choice.
  • There is a 3% balance transfer fee.
Westpac Lite Mastercard

On Westpac's website

Balance transfer

N/A

Purchase rate

9.9% p.a. ongoing

Interest-free days

Up to 45 days on purchases

Annual fee

$108.00 p.a. ongoing

Details

  • No foreign transaction fees, making it a great choice for overseas spending
  • A low 9.90% p.a. variable purchase rate helps you save on interest.
  • A low $9 monthly card fee makes it an affordable option for everyday use.

Pros & cons

Pros
  • Low-interest rate.
  • Get an additional cardholder at no extra cost.
  • The credit limit ranges from $1,000 to $20,000, giving flexibility based on your needs.
  • Access Westpac Extras for additional offers and perks.
  • Includes fraud protection for added security.
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • No rewards program, which is common for a low-rate card.
  • The monthly fee adds up to $108 a year.
Westpac Low Fee Credit Card

On Westpac's website

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 for 1st year

Details

  • $0 annual fee for the first year.
  • A $30 annual fee applies after the first year, but it’s waived if you spend $5k each year.
  • Split purchases into 4 payments over 6 weeks for easier repayment.

Pros & cons

Pros
  • Provides protection against fraudulent transactions for added security.
  • The credit limit ranges from $500 to $30,000.
  • Compatible with Apple Pay, Samsung Pay, and Google Pay.
Cons
  • There is a 3% foreign transaction fee for overseas transactions.
  • No rewards program which is not surprising for a low-fee card.
St.George No Annual Fee Credit Card

On St.George's website

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 p.a. ongoing

Details

  • A basic credit card with no annual fee—ever.
  • Start with a credit limit as low as $500, helping you keep your spending in check.
  • You can add up to three additional cardholders at no extra cost, making it a convenient option for sharing account benefits.

Pros & cons

Pros
  • Get up to 55 interest-free days on purchases.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • This card does not include a rewards program, which is consistent with its positioning as a straightforward, no-frills option.
  • Ongoing rates are not low.
  • A 3% overseas transaction fee applies to international purchases
Apply by 30 April 2025

Balance transfer

24 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$55.00 p.a. ongoing

Details

  • Get a 0% interest rate on balance transfers for 24 months with a 1% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
  • Start with a credit limit as low as $500, helping you keep your spending in check.
  • Add 1 additional cardholder at no extra cost.

Pros & cons

Pros
  • A 13.99% p.a. variable rate keeps interest costs lower on purchases.
  • Low annual fee of $55 p.a.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Note that the balance transfer rate reverts to 21.99% p.a. after 24 months.
  • The 1% balance transfer fee is low but it can add up with large transfers
  • No rewards program which is typical for a basic card.
Apply by 30 April 2025

Balance transfer

24 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$55.00 p.a. ongoing

Details

  • Get a 0% interest rate on balance transfers for 24 months with a 1% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
  • Start with a credit limit as low as $500, helping you keep your spending in check.
  • Add 1 additional cardholder at no extra cost.

Pros & cons

Pros
  • A 13.99% p.a. variable rate keeps interest costs lower on purchases.
  • Low annual fee of $55 p.a.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Note that the balance transfer rate reverts to 21.99% p.a. after 24 months.
  • The 1% balance transfer fee is low but it can add up with large transfers
  • No rewards program which is typical for a basic card.
ANZ Low Rate Credit Card

On ANZ's website

Balance transfer

30 months at 0% p.a.

Purchase rate

13.74% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 for 1st year

Details

  • 0% p.a. for 30 months on balance transfers with a 3% balance transfer fee (then reverts to 21.99% p.a.) Terms and Conditions apply.
  • The first-year annual fee is waived, saving you $58 upfront
  • Offers the option to repay eligible purchases in 3, 6, or 12-month instalments.

Pros & cons

Pros
  • Long 0% balance transfer period to tackle existing debt.
  • Get a continuous low rate of 13.74% p.a. on purchases.
  • You can add up to 3 additional cardholders at no extra cost.
  • Offers 24/7 anti-fraud protection, keeping your transactions secure around the clock.
  • The starting credit limit is $1,000, helping you keep your spending in check
  • Compatible with Apple Pay, Google Pay, Samsung Pay, and Garmin Pay.
Cons
  • There is a 3% BT fee.
  • No rewards program, which is expected for a low-rate card focused on affordability
  • No purchase or travel insurance is included.

Wizitcard Credit Card

Wizitcard Credit Card

Balance transfer

N/A

Purchase rate

0% p.a. ongoing

Interest-free days

N/A

Annual fee

$228.00 p.a.

Details

  • Save money and stay in control with a 0% interest rate forever.
  • A practical alternative to traditional credit cards and buy now, pay later options.
  • Get an instant digital card and start using it right away.

Pros & cons

Pros
  • The $19 monthly fee simplifies costs compared to an annual fee.
  • No ongoing fees or charges when the card isn’t in use or has no balance.
  • Get a credit limit ranging from $500 to $1,000.
  • Know your repayments in advance which makes budgeting easier.
  • Supports Apple Pay and Google Pay.
Cons
  • There is a $1 late payment fee.
  • While modest, the $1,000 limit suits controlled budgets.
Virgin Money No Annual Fee Credit Card

On Virgin Money's website

Balance transfer

N/A

Purchase rate

6 months at 0% p.a.

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 p.a. ongoing

Details

  • A straightforward card with a $0 annual fee.
  • 0% p.a. for 6 months on purchases (reverts to 19.99% p.a.).
  • Comes with the usual security features such as Fraudshield, Zero Liability policy and more.

Pros & cons

Pros
  • No annual fee ever.
  • Up to 4 additional cards, also with a $0 annual fee.
  • Access to promos of merchant partners using the Virgin Money app.
  • Get up to a $100,000 credit limit for big purchases and expenses.
Cons
  • The revert interest rate for purchases is relatively high.
  • There’s no introductory balance transfer offer, but it’s offset by a competitive purchase rate offer.

What are low income credit cards?

You can still be eligible for a credit card if you have a low income, but your options may be more limited compared to someone with a higher income. Many credit cards have minimum income requirements, with some starting as low as $15,000 per year.

However, even if a credit card doesn’t specify a minimum income, you’ll still need to meet the lender's broader eligibility criteria, which may include factors such as credit history, employment status, and ability to manage repayments.

Low income credit cards are typically basic, no-frills options that are more accessible to individuals with lower incomes. While they may not offer the premium perks found on higher-end cards, such as frequent flyer points, complimentary travel insurance, or airport lounge access, they can still serve as useful financial tools.

These cards often come with lower annual fees and interest rates on purchases, which can help you manage costs more effectively. They may be a suitable option if you're primarily looking for a credit card to cover everyday expenses without incurring high fees or interest charges.

Expert opinion on choosing a low income credit card

What to consider before applying for a low income credit card

  1. Minimum income requirements. Check if the card lists a specific minimum income requirement. Be sure to verify what types of income are accepted, as some providers might not count certain government benefits payments. If no income is specified, check other eligibility criteria, such as credit score and the minimum credit limit available.
  2. Fees. Look for cards with low or no annual fees to keep costs low. It’s also important to be aware of other fees, such as late payment fees, cash advance fees, and international transaction fees. Minimising fees is essential for managing your budget effectively on a low income.
  3. Interest rates. Low income credit cards often come with lower interest rates on purchases, an especially important feature if you can’t pay your balance in full every month.
  4. Interest-free days. Cards typically offer up to 44 or 55 interest-free days on purchases, but only if you pay your balance in full each month. Choosing a card with more interest-free days gives you a little extra time to manage your payments without incurring interest.
  5. Benefits. Low income cards generally don’t come with premium perks, so don't expect to see many points-earning cards or cards with travel benefits.

Credit Card Compare expert on what to look out for

David Boyd of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, explains what you should look out for before applying for a credit card, especially if you are a low income earner.

Before applying for a credit card, check what its eligibility criteria are. Where possible, we try and make it clear how much income is required to be eligible on Credit Card Compare. The more features a card has like earning rewards, travel insurance, and lounge access, the higher the minimum income tends to be.

Do not risk applying until you know you earn enough to qualify and that you can prove it. If in doubt, contact the issuer first, confirm how much income is needed, check your credit report, and then apply.

How to manage a credit card wisely

Managing a credit card responsibly on a low income requires careful planning and disciplined spending.

  1. Use your credit card for essential expenses only. Focus on using your card for necessary purchases, like groceries or bills, rather than discretionary spending. This helps you stay within your budget and prevents your balance from growing too quickly.
  2. Avoid carrying a balance. If possible, try to pay off your full balance each month. Carrying a balance means you'll incur interest charges, which can add up quickly, especially with high interest rates. If paying in full isn’t feasible, always aim to make payments on time to avoid late fees.
  3. Create a repayment plan if you carry a balance. Set a realistic budget that allows you to pay off as much of your balance as possible each month. Aim to pay more than the minimum to reduce interest charges and clear the debt faster.
  4. Be mindful of your credit limit. Try to keep your balance well below your credit limit. Not only does this avoid getting charged for accidentally going over your limit, but staying under 30% of your credit limit can also positively impact your credit score because it keeps your credit utilisation ratio down.
  5. Set reminders for payments. Missing a payment can lead to late fees and damage your credit score. Setting up calendar reminders or automatic payments will help ensure you stay on top of your credit card bills and avoid penalties.

Expert opinion: Is getting a credit card worth it for low income earners?

Andrew Boyd of Credit Card Compare

Andrew Boyd, co-founder of Credit Card Compare, shares his opinion on whether it's worth getting a credit card if you are a low income earner.

Getting a credit card isn't just useful for everyday spending. It can be used to build up your credit score and having a good credit score is important because it opens the door to a range of financial opportunities in the future such as buying a car or home.

Benefits of low income credit cards

Low income credit cards are designed to help individuals manage their finances while keeping costs low.

  1. Low annual fees. Low or no annual fees are a common feature, making them more affordable to hold compared to premium cards.
  2. Lower interest rates. Low income credit cards typically come with lower purchase interest rates compared to premium cards (because they usually don't earn rewards points or have other benefits). This means that if you carry a balance, the interest charged on that balance will be lower, reducing your overall debt accumulation.
  3. Access to credit. While credit limits may be on the lower side, this can help you manage your spending more responsibly.
  4. Simplified features. Low income credit cards usually come without complicated rewards programs or added perks, making them straightforward to use. This simplicity can be beneficial, especially if you're considering applying for your first credit card.
  5. Build or improve credit history. Responsible use of a credit card — such as making regular payments and keeping balances low — can help improve your credit score over time. With a better credit score, you may be eligible for a car or home loan or higher credit limits in the future.

Help choosing a low income credit card

What you need to know about applying for a credit card on a lower income.

  • FAQs

  • Pros & cons

  • Alternatives

  • Why trust us

  • Tips

Can you build credit with a low income credit card?

Using a credit card responsibly by making timely payments can help you build a positive credit history, regardless of your income level.

Can you increase the credit limit on a low income credit card?

It is possible for your credit card's credit limit to increase. To do so, you'll need to demonstrate responsible usage by making timely payments and maintaining a good credit history for a period of time first. Contact your card issuer to inquire about the process.

Can you get a credit card on a low income?

Yes, it is possible to get approved for a credit card with a low income. However, the range of credit cards available is smaller and those that are available are unlikely to have many of the additional benefits offered on higher level credit cards.

Can you get a credit card without proof of income?

No. You'll need to be able to prove your income, even if it is from a casual job. What's acceptable as proof of income may vary, but includes payslips, bank statements, tax returns, accounts, and a letter from your employer. A bank may need more than one form of proof.

Pros

Accessibility

Even with a lower income, you can access credit cards designed to be more affordable, offering low fees or competitive interest rates. This makes it easier to manage your finances without high costs.

Credit building

Timely repayments on these cards can positively impact your credit history, paving the way for better financial opportunities in the future.

Financial management

A low-income credit card can serve as a budgeting and financial discipline tool, helping to track spending and manage expenses effectively.

Cons

Debt risk

The ease of access to credit can lead to debt accumulation, especially if repayments are not managed carefully. High interest rates on missed payments can exacerbate this issue.

Potential high fees

Despite being targeted at lower-income individuals, some cards have significant fees, diminishing their affordability.

Limited choices

Your selection of credit cards may be restricted due to income requirements, potentially excluding you from cards with more attractive rewards or lower interest rates.

Credit score impact

Missing payments or applying for multiple cards quickly can harm your credit score, affecting future creditworthiness and access to financial products.

Buy now, pay later services

Services like Afterpay, Zip Pay, or Klarna allow you to purchase items and pay them off in instalments without interest, provided you stick to the repayment schedule. BNPL options can be useful for managing small purchases without resorting to a credit card, though it's essential to keep up with payments to avoid late fees or negative impacts on your credit score.

Prepaid cards

Prepaid cards allow you to load a set amount of money onto the card, which you can then use for purchases. Since you’re using your own money, there's no risk of overspending or debt. Prepaid cards can also help build financial discipline, as you’re limited to the funds available on the card. However, check for any associated fees, such as reloading or monthly maintenance fees.

Debit cards

A debit card allows you to make purchases without borrowing money, meaning you're only spending what’s available in your bank account. This option helps avoid the risk of accumulating debt, as you’re not charged interest. Debit cards can also come with no or low fees, making them a simple and cost-effective alternative to low-income credit cards.

Methodology

When selecting which cards to feature in our low-income credit card comparison table and how to rank them, we considered several factors tailored to individuals with limited financial resources. These attributes help determine which cards offer the best value for low-income earners, taking into account affordability and essential features that support responsible financial management.

  • Minimum income requirement: The minimum annual income required to qualify for each card. Lower income thresholds were considered more inclusive and suitable for those with limited earnings.
  • Annual fee: We looked at both the initial year’s annual fee and the ongoing fees. Cards with low or no annual fees are prioritised as they reduce financial burden, making them more accessible to low-income earners.
  • Purchase rate: The ongoing interest rate on purchases is a key factor for those who may occasionally carry a balance. Cards with lower purchase rates were rated more favourably to help minimise interest costs for low-income users.
  • Interest free period: The number of interest-free days on purchases is important for cardholders who can pay off their balance in full each month. Cards offering 44-55 interest-free days were preferred as they provide more flexibility in managing repayments without incurring interest.
  • Minimum credit limit: We considered the minimum credit limit offered, with lower credit limits being more manageable for low-income earners who want to avoid the temptation of overspending.
  • Late payment fees: Cards with lower or no late payment fees were ranked higher, as missing a payment can disproportionately impact low-income earners. These fees can add up, so reducing or eliminating them helps cardholders manage their costs more effectively.
  • Foreign transaction fees: For those who occasionally make international purchases, we considered the foreign transaction fee. Lower fees were ranked better, helping cardholders save on unnecessary costs.
  • Balance transfer options: Although not always a top priority for low-income cardholders, balance transfer offers with low rates and fees were considered beneficial, particularly for consolidating existing debt at a lower interest rate.
  • Additional features: While perks like rewards programs or insurance aren’t always the main draw for low-income credit cards, we did take them into account for added value. Cards offering basic but useful features without high fees were preferred.
  • Eligibility criteria: Cards with simpler or more lenient eligibility criteria, such as no strict employment requirements or acceptance of government benefits as income, were rated more favourably for low-income earners.

Our rankings are designed to highlight credit cards that balance affordability with essential features for low-income earners. However, it's important to consider your own financial needs and compare key details, such as interest rates and fees, before making a decision.

Sources

  1. Check your credit score – Finty
  2. Credit scores and credit reports – Moneysmart
  3. Credit card balance transfers – Moneysmart
  4. Credit card debt statistics – Credit Card Compare
  5. Credit card financial assistance — Australian Banking
  6. Credit card lending in Australia — APO
  7. Financial hardship – Moneysmart
  8. Loans and credit cards – ASIC
  9. Managing debt – Moneysmart
  10. Payments data – RBA
  11. Developments in the card payments market — RBA
  12. Number of credit cards in use in Australia — Statista
  13. Responsible lending — ASIC
  14. Buy Now Pay Later — Financial Rights

Take advantage of interest free days

Many low-income credit cards offer up to 44 or 55 interest-free days on purchases, as long as you pay off your balance in full. Try to plan your purchases so that you maximise the use of these interest-free days, allowing you to avoid paying interest altogether.

Set up automatic payments

To avoid late payment fees or forgetting to make payments, consider setting up automatic payments for at least the minimum amount due. This ensures you're always on time, helping maintain a positive credit score while avoiding unnecessary fees.

Pay more than the minimum amount

If possible, try to pay more than the minimum required payment each month. This will help you pay off your balance faster and reduce the amount of interest you accumulate, especially if you're unable to pay the full amount by the due date.

Set a low credit limt and stay within your budget

When applying for a low-income credit card, you may want to request a lower credit limit. This can help you avoid overspending, especially if you're working with a tight budget. A lower limit reduces the temptation to make large purchases and ensures that your repayments are manageable each month.

Avoid cash advances

While low-income credit cards might offer the option of cash advances, these usually come with high fees and interest rates. Avoid cash advances unless it's an absolute emergency, as the cost can quickly outweigh the benefits of using your card.

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