Credit Cards For Self-Employed People

Compare credit cards suitable for self-employed individuals to find the best fit for your unique financial needs.

Bill Ryan Natividad avatar
Written by   |  
David Boyd avatar
Verified by
Updated 16 Dec 2024   |   Rates updated regularly

Comparing of 8 credit cards for self-employed people

FeaturedApply by 25 March 2025
American Express Platinum Business Card

American Express Platinum Business Card

4.2

Rewards program

Membership Rewards

Points per $1 spent

2.25 points

Sign up bonus

250,000 points

Annual fee

$875.00 for 1st year

Details

  • Get 250,000 bonus Membership Rewards points by applying before 25 March 2025, getting approved, and spending $12,000 on your card within the initial 3 months. Exclusive to New American Express Card Members.
  • Reduced first-year annual fee of $875 (regularly $1,750 per year).
  • Earn up to 2.25 pts per $1 spent.
  • Enjoy exclusive Platinum travel, experience, and dining privileges.

Pros & cons

Pros
  • The offer of 250,000 bonus Membership Rewards points when you meet the criteria.
  • Earn up to 2.25 pts per $1 spent and 1 point per $1 spent at the ATO.
  • Access to more than 1,400 lounges globally, including The Centurion® Lounge.
  • Gold status match at Marriott Bonvoy, Hilton Honors, and Premium status at Radisson Hotel Group.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.
  • Add up to 99 employee cards at no extra cost.
Cons
  • The annual fee of $1,750 p.a. after the initial year.
  • Since this is a charge card, the balance must be cleared every statement.
  • No balance transfer facility.
American Express Business Explorer Credit Card

American Express Business Explorer Credit Card

4.8

Rewards program

Membership Rewards

Points per $1 spent

2 points

Sign up bonus

50,000 points

Annual fee

$149.00 p.a. ongoing

Details

  • Earn 50,000 Bonus Membership Rewards Points when you apply online, are approved, and spend at least $3,000 within 3 months of approval. Exclusive to new American Express Card Members.
  • Includes 2 Centurion Lounge passes per year at Sydney and Melbourne airports.
  • Receive complimentary travel insurance when you book your return flight with your card.

Pros & cons

Pros
  • Earn up to 2 points per $1 spent on eligible purchases.
  • Earn 1 point per $1 spend on ATO and government transactions.
  • Use your points to pay off transactions, utilities, annual fee and more.
  • Redeem your rewards for flights, hotel reservations, or car rentals.
  • Transfer points to Virgin Australia, Air New Zealand and Hilton Honors.
  • Shop with your points at Apple, Ikea, JB Hi-Fi and more.
  • No fee for up to 99 employee cards.
  • Up to 55 interest-free days.
  • With the Amex App, you can Monitor business spend and activity 24x7.
  • Manage your account anytime and anywhere with Live Chat Service
Cons
  • There is an annual fee of $149.
  • A 3% foreign transaction fee is in effect.
  • There is no balance transfer offer.
  • Cash advances are blocked, which might be inconvenient for some.
American Express Gold Business Card

American Express Gold Business Card

3.5

Rewards program

Membership Rewards

Points per $1 spent

1.50 points

Sign up bonus

75,000 points

Annual fee

$169.00 p.a. ongoing

Details

  • Get 75,000 bonus Membership Reward points upon application approval and spending $1,000 on your card within the initial 2 months. Exclusive to New American Express Card Members.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • Experience enhanced flexibility with no pre-set spending limit.
  • Benefit from Travel Insurance covering up to $2.5 million in medical emergency expenses.

Pros & cons

Pros
  • Receive 75,000 bonus Membership Reward points when you meet the criteria.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • No cap on how many points you can earn.
  • No pre-set spending limit means more flexibility.
  • Spend with Dell Technologies to receive up to $75 credit until 31 December 2024.
  • Membership Rewards points can be transferred to a number of airlines, giving you options when booking travel.
Cons
  • The $119 fee for every additional card added.
  • Doesn't offer airport lounge access.
  • No access to concierge services.
Apply by 30 April 2025
Westpac Low Rate Credit Card (Balance transfer offer)

On Westpac's website

Westpac Low Rate Credit Card (Balance transfer offer)

4.4

Rewards program

N/A

Points per $1 spent

N/A

Sign up bonus

$350.00

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.
Bankwest Zero Platinum Mastercard

On Bankwest's website

Bankwest Zero Platinum Mastercard

3.1

Rewards program

N/A

Points per $1 spent

N/A

Sign up bonus

N/A

Annual fee

$0.00 p.a. ongoing

Details

  • 0% p.a. for 6 months on purchases and balance transfers, with a 3% balance transfer fee. (Reverts to 18.99% p.a. thereafter.)
  • No foreign transaction fees, including when you're shopping at an overseas online store.
  • No annual fee to pay for the life of the card.
  • Put up to five eligible purchases on an interest-free payment plan with Easy Instalments.
  • Credit limits start from a minimum of $6,000.

Pros & cons

Pros
  • No annual fee makes this an option for occasional or backup use.
  • Interest-free purchases and balance transfers for 6 months.
  • No foreign transaction fees for foreign currency or overseas purchases.
  • Interest-free repayments for up to five eligible purchases with Easy Instalments.
  • Credit limits start from a minimum of $6,000.
  • Up to 55 days interest-free when you pay the statement balance in full.
  • Balance transfers revert to the purchase rate instead of the higher cash advance rate.
  • Use up to 95% of your credit limit for balance transfers.
Cons
  • There is a 3% fee on balance transfers, which can be added to the balance if desired.
  • You can't earn rewards points, but that's not unusual for a no annual fee card like this.
  • There is a $500 minimum balance transfer amount, although most people transfer more.
Qantas Premier Platinum Credit Card

Qantas Premier Platinum Credit Card

4.8

Rewards program

Qantas Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

50,000 points

Annual fee

$349.00 for 1st year

Details

  • Earn up to 80,000 bonus Qantas Points. Get 50,000 bonus Qantas Points when you spend $3,000 or more on eligible purchases within 3 months from card approval. Plus, an extra 30,000 bonus points if you haven't earned Qantas Points with a credit card in the past 12 months. Terms and Conditions apply.
  • Get 0% interest on balance transfers for 12 months with a 2% fee, reverting to the cash advance rate afterward.
  • The annual fee is reduced to $349 for the first year, then increases to $399 p.a. thereafter.

Pros & cons

Pros
  • Earn up to 80,000 bonus Qantas Points when you meet the criteria.
  • Earn 1.5 points per $1 on international transactions and 1 point on domestic spending.
  • An additional 1 point per whole $1 on selected Qantas products and services.
  • Comes with complimentary travel insurance (cover for Covid-19 included).
  • Get 2 complimentary lounge access every year.
  • Save up to 20% off each year on select Qantas and QantasLink flights within Australia when you book through Qantas Premier Concierge.
  • Compatible with Apple Pay and Google Pay.
  • Safeguard your identity with Mastercard ID Theft Protection™.
Cons
  • The annual fee increases to $399 p.a. after the initial year.
  • Additional card fee costs $50 p.a.
  • There is a 2% balance transfer fee.
Apply by 30 April 2025
Westpac Low Rate Credit Card (Cashback offer)

On Westpac's website

Westpac Low Rate Credit Card (Cashback offer)

4.4

Rewards program

N/A

Points per $1 spent

N/A

Sign up bonus

$350.00

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.
Apply by 3 March 2025
Coles No Annual Fee Mastercard

Coles No Annual Fee Mastercard

4.6

Rewards program

Flybuys

Points per $1 spent

0.50 points

Sign up bonus

10,000 points

Annual fee

$0.00 p.a. ongoing

Details

  • Earn 10,000 Flybuys bonus points when you spend $3,000 on eligible purchases within 3 months from card approval. Terms and Conditions apply.
  • No annual fee ever.
  • Earn 1 Flybuys point per $2 spent on eligible purchases.

Pros & cons

Pros
  • Earn 10,000 Flybuy points when you meet the criteria.
  • Earn 0.5 points per $1 spent on domestic and international spending.
  • Get access to complimentary insurance.
  • Add up to 4 additional cardholders at no extra cost.
  • Instalment plans are available for large purchases.
  • Up to 55 interest-free days on purchases.
  • Includes Coles Shield for fraud protection.
  • Supports Apple Pay, Samsung Pay, and Google Pay.
  • Credit limit ranges from $1,000 - $100,000.
Cons
  • The ongoing interest rate of 20.74% p.a. on purchases is relatively high.
  • Transactions made in a foreign currency incur a 2.5% fee.

Self-employed Australians often face unique financial challenges that set them apart from traditional 9-to-5 employees. Separation of business and personal finances is a problem faced by many self-employed gig workers, consultants and contractors.

What to consider for self-employed individuals

  • Variable income: Self-employed individuals may experience fluctuating income levels, necessitating a credit card with flexible payment options.
  • Tax efficiency: Credit cards that offer rewards or benefits tailored to business expenses can help self-employed individuals maximise tax deductions.
  • Expense tracking: Access to detailed transaction records and expense categorisation features can streamline accounting processes for self-employed individuals.
  • Credit building: Building a strong credit profile is essential for self-employed individuals to access financing options and secure favourable terms in the future.

Types of credit cards for self-employed individuals

Credit card providers offer a range of options designed specifically for self-employed people. These cards come with features and benefits catering to entrepreneurs' and freelancers' unique financial needs. Understanding the different types of credit cards available can help the self-employed to make informed decisions based on their own unique requirements.

Business credit cards

  • If you have a registered business, a business credit card offers benefits such as expense tracking tools, business-specific rewards, accounting software integration, and higher credit limits tailored to company expenses.
  • These cards can help separate personal and business finances, simplifying tax reporting and financial management.

Personal credit cards with business benefits

  • Personal credit cards that offer business-related perks, such as rewards for business spending or travel benefits, can be suitable for self-employed individuals with lower transaction volumes who may not qualify for business credit cards.
  • These cards provide a convenient way to access credit while enjoying benefits that align with entrepreneurial pursuits.
  • Personal credit cards can help individuals build their credit profile so they can apply for a business credit card at a later stage in their business.

Eligibility criteria and application process

The eligibility criteria and application process for credit cards tailored to self-employed individuals may vary based on the card provider and individual circumstances. Understanding the requirements and steps involved in applying for a credit card can streamline the process and enhance your chances of approval.

Eligibility criteria

  • Proof of income: Self-employed individuals may need to provide details such as tax returns, profit and loss statements, or business bank statements to verify income.
  • Business registration: Some cards require proof of business registration or an Australian Business Number (ABN) for eligibility.
  • Credit history: A strong credit history demonstrates creditworthiness and may increase the likelihood of approval for credit cards with desirable terms and rewards.

Application process

  • Online application: Many credit card providers offer online application options, allowing self-employed individuals to submit their information and supporting documents at their convenience.
  • Verification process: Card issuers may thoroughly review the applicant's financial documents and credit history to assess suitability for the card.
  • Approval timeline: Once the application is submitted, the approval process timeline may vary, with some applicants receiving instant approval and others requiring additional verification steps.

Benefits of credit cards for self-employed individuals

Credit cards tailored for self-employed individuals offer a range of benefits that can enhance financial management, streamline business operations, and provide valuable perks. Understanding the potential advantages of these cards can help self-employed individuals leverage them effectively to support their entrepreneurial endeavours.

  • Reward programs: Earn rewards, cashback, or points on business and personal expenses, maximising benefits for everyday spending.
  • Expense tracking: Access detailed transaction records and expense categorisation features to monitor spending and simplify accounting processes.
  • Financial flexibility: Enjoy flexible payment options, credit limits, and repayment terms that align with the variable income patterns of self-employed individuals.
  • Travel and insurance benefits: Some credit cards offer travel insurance, purchase protection, and other valuable perks that can benefit self-employed individuals on business trips or purchases.

Tips for maximising credit card benefits as a self-employed individual

Navigating credit card benefits as a self-employed person requires strategic planning and knowledge of available features. By effectively implementing best practices and leveraging credit card benefits, self-employed individuals can optimise their financial management and capitalise on rewards.

  • Separate business and personal expenses: Use dedicated credit cards for business expenses to streamline accounting processes and maximise tax deductions.
  • Monitor spending closely: Regularly review transaction records and set spending limits to stay within budget and avoid unnecessary debt.
  • Redeem rewards wisely: Understand reward programs, your redemption options, and expiration dates of rewards points to maximise the value of earned rewards.
  • Stay informed: Keep abreast of credit card updates, policy changes, and new benefits to make informed decisions about credit card usage.

Help choosing a credit card for self-employed people

Explore tailored credit card options for the self-employed.

  • FAQs

  • Pros & cons

What documents are typically required to apply for a credit card as a self-employed individual?

When applying for a credit card as a self-employed individual, the documents you'll typically need include proof of income, such as tax returns or bank statements showing your earnings. You may also be asked for identification documents, such as a passport or driver's license, and proof of your business, like a business registration or invoices indicating your self-employed status. These requirements help credit card issuers assess your financial stability and creditworthiness.

What are the key differences between business credit cards and personal credit cards with business benefits?

The key differences between business credit cards and personal credit cards with business benefits often lie in their features and intended use. Business credit cards are designed specifically for business expenses and may offer rewards, benefits, and credit limits tailored to business needs, such as higher spending limits or rewards for office supplies and travel. Personal credit cards with business benefits might provide some perks useful for business owners but are generally intended for personal spending. Business credit cards also offer more detailed reporting features to help with tracking and categorising business expenses.

How can self-employed individuals build or improve their credit history with a credit card?

Self-employed individuals can build or improve their credit history with a credit card by making purchases and paying off the balance in full and on time each month. Consistently demonstrating responsible credit behaviour, the most valuable card can positively impact your credit score. Additionally, keeping balances low compared to the credit limit and not opening too many new accounts at once can help improve your credit standing.

Are there specific tax benefits associated with using a credit card for business expenses as a self-employed individual?

Using a credit card for business expenses as a self-employed individual can offer specific tax benefits. These include the ability to easily track and categorise business expenses, which simplifies the process of claiming deductions on your tax return. Some credit card fees and interest charges on business expenses may be tax deductible. A self-employed individual can offer specific tax benefits using a credit card for business expenses, depending on local tax laws. It's important to consult a tax professional to understand which expenses qualify for deductions.

What should self-employed individuals consider when comparing credit card offers for their specific financial needs?

When comparing credit card offers, self-employed individuals should consider several factors tailored to their financial needs. These include the interest rate, annual fees, credit limit, rewards programs, and additional benefits like travel insurance or purchase protection. Evaluating how these features align with your business expenditures and personal spending habits can help you choose a card that offers the most value.

Pros

Business expense management

Credit cards offer self-employed people a convenient way to manage business expenses. Separating personal and business transactions simplifies accounting and tax preparation, providing a clear overview of business expenditures.

Cash flow flexibility

For self-employed professionals, maintaining cash flow can be challenging. Credit cards allow for the deferral of payment until the statement due date, providing temporary relief from immediate cash outlays and aiding in smoother cash flow management.

Rewards and perks

Many credit cards available to the self-employed have rewards programs that can offset business expenses by earning points per dollar spent. Rewards can be in the form of points, cashback, vouchers, etc.

Build credit profile

Responsibly using a credit card can help someone self-employed build a solid credit profile. This is crucial for those who may later seek business loans or lines of credit, as lenders will look at credit history as part of the approval process.

Cons

Higher interest and fees

Credit cards can carry high-interest rates and annual fees, particularly those with extensive rewards programs. If balances are not paid in full each month, the interest charges can quickly negate any rewards earned, leading to increased costs for the business.

Debt accumulation risk

The ease of using credit cards can lead to overspending, particularly during lean business periods. This poses a risk of accumulating debt that can be difficult to pay off, potentially leading to financial strain on the business.

Variable credit limits

Credit limits are based on the applicant's creditworthiness and income. Since self-employed people often have an income that fluctuates from month to month, this can mean lower credit limits that may not cover all business needs.

Eligibility challenges

Securing a credit card can be more challenging for self-employed people due to the perceived risk by lenders. Applicants may need to provide extensive documentation of their income and business viability, which can be a cumbersome process.

    As seen on

    Media - The Sydney Morning Herald
    Media - Yahoo Finance
    Media - News.com.au
    Media - Daily Mail Australia
    Media - Australian Fintech
    Media - Dynamic Business