Retired credit card options - approval rate/banks

[Seat0B]

We're trying to get my wife a new credit card with her as the primary holder as a precaution should I "drop off the perch" before her

I think this is very wise.

 

[Seat0B]

Assets seem to be totally ignored, it's all about income to your account
The issue of ability to repay within 3 years is the Government requirement that is apparently causing problems with the banks having issues with giving a cc to a retiree

Which is intensely frustrating when one of the assets is a significant amount of cash held at that bank...which could easily be used to pay off a balance or to repay the whole shebang if you did unfortunately fall off the perch. Yes I am talking about my person experience here. And it was a LOT of cash. So frustrated with the whole thing.

 

[Tiki]

I really wish one of those Current Affair programs would call the banks out on this. If they are denying pensioners credit cards based on statistics and not individual performance it's not fair and responsible people should not be paying the price because irresponsible people are defaulting or not paying their bills.

 

[clifford]

I'd been knocked back by several banks, but was successful with Bankwest (the foreign fee free Mastercard), who gave me exactly what I asked for.

I just wonder if this was because I already held a couple of top level cards with CBA...

I do have a reasonable pension income plus a fair amount of cash at bank.

 

[levelnine]

I actually earn a shed load of points annually on regular spend.

You are definitely the exception rather than the rule.

Even if they spent 100% of their income on their credit card, the average retiree is earning enough income to get them one or two return trips Melbourne-Sydney on points with a $1/pt credit card. Not all that lucrative.

 

[SYD]

You are definitely the exception rather than the rule.

Even if they spent 100% of their income on their credit card, the average retiree is earning enough income to get them one or two return trips Melbourne-Sydney on points with a $1/pt credit card. Not all that lucrative.

Probably not. As discussed throughout this thread, there are plenty of us who aren’t “pensioners” but because we are no longer salaried employees, it’s difficult to get a new CC or increase the credit limit on the ones we have.

My example earlier for a credit limit increase for 28° MC isn’t even a points earning card but it’s invaluable for the regular international traveller.

 

[Gremlin]

I really wish one of those Current Affair programs would call the banks out on this. If they are denying pensioners credit cards based on statistics and not individual performance it's not fair and responsible people should not be paying the price because irresponsible people are defaulting or not paying their bills.

Really?!? When you apply for a credit card, you are asking someone to loan you money.

They are literally lending money with an unlimited term on an unsecured basis.

It’s THEIR money. They have EVERY right to determine who they lend to and on what terms.

 

[pyffii]

Went through the 3rd degree tonight with the Citi rep who was hopeless and kept asking for documents that had previously been uploaded and then had the audacity to say that the accountants letter of confirmation that was supplied via email was not acceptable and had to be in letter form !!!!....I then told her to ring the accountant....Geez its not supposed to be difficult and we hold 20 years of expenses ( we're in our 70's ) in CASH