Which bank would issue a credit card without requiring a minimum regular income? I'm a jobless full-time postgraduate student, own a house in Sydney, no mortgage/debt, a few hundred K's in local bank accounts. I've gone to a couple of banks and they both said I'd need a regular income for my application to be approved. I do have overseas credit cards from my parents, but I want my own.
How to Get a Credit Card without Any Regular Income?
Comments
Yes. Having my own card will give me more freedom.
Why? Why not just use a debit card and spend your own money? What is the difference, other than maybe earning a few rewards points?
Can you just use a debit card? It sounds like you have the funds to back any spending.
And once you have a stable income, there is no reason the banks you deny you a card.Debit cards have a daily limit of up to $2000.
Scheme debit don’t. Unless you’re referring to cash withdrawals/gambling.
I'm sure you could contact your bank to change the limit if you needed it
I believe ING allow $4400 p/day using both transaction accounts' debit cards.
Selecting an account based on debit cards daily maximums should allow you higher spending. $4400 per day, surely that's plenty given you can always withdraw cash for a couple days beforehand is say buying a used car.
Good idea. Without regular income, what you need is a credit card.
And something doesn’t add up… you have “a few hundred k”, but you want a credit card? Same story with banks giving you one, you have a few hundred k, but you can’t use that? How big of a credit card limit do you want?
Member since 2 hours ago… Owns own house, has hundreds of thousands in savings… steels like troll bait to me.
More and more things are going cashless nowadays. Credit cards are a convenient payment method. Sometimes you need to spend more than 2K in a single transaction. I signed up to post a question. They're not really my 'savings', more like spending money.
You have few hundred K spending money, wow.
For cashless payment you can use CBA tap and go or a visa debit card.
For the bank point of view no matter how much you have in your bank it can be taken all out in a second, it pose a large risk to borrow you the money. The house is under your name so it can also be sold and gone unless you have mortgage so they knew there are bank willing to take the risk.
Fair point, but anyone could also lose their job. Debit cards have the same daily limits as your ATM withdrawal limits. Anyway, I thought someone might know a way.
@kerfuffle: No, I'm an international student. I did ask and they said $2000 is the maximum daily limit allowed by the system. Thanks anyway.
@F136FB: Good luck finding a bank that'll give you a credit card as an international student …
Can you open a credit card account from your bank in your home country and use it here without your parents knowing? Since you're post-grad i.e. over 18, I highly doubt you need your parents' permission to open one.
@F136FB: international student own a house without mortgages and few hundred K spending money. Get multiple bank card and you can have $2000 from each of the bank
DEBIT CARD!!!!!!!!!!!!!!!
Like the 15 other people have said the same thing
Seems like an international student to me. I know of many that roll into Audi dealerships and buy cars just to get around when they first arrive. The salesman love em.
Back in the day CBA used to allow low limit credit cards for students. Not sure how much their lending policies have changed but I would be trying applications as a student given you’re post grad.
Get an Amex card, they don’t ask you to upload payslips for verification.
I had to when I applied for mine (as an Australian citizen); this was in 2013
Perhaps look at ANZ or Westpac for a Debit card. (I'm guessing you are with CBA - they seem to have this $2k limit)
It is very unlikely that any bank will offer you a credit card if you are a non permanent resident and don't have regular income.
Thank you. I've opened an ANZ account. You are right, but need to select 'Credit' not 'Savings', I thought 'Credit' was only for credit cards.
I really don't think there is going to be any bank that's going to do that for you, or at least going to offer a card that suits your need. The only possible type of card they may issue is like others have mentioned a student type credit card, but those cards aren't going to give you a large credit limit which looking from your responses, it's also what you're looking for in the card.
You probably want to talk to one of the high net worth banking teams as a representative of “your family” if you have lots of assets. They are more used to dealing with getting around issues like spending limits that slow down your lifestyle.
Amex might be worth it too. They might be prepared to offer you a charge card if you approach them via their high end team.
Basically, you need to break the usual rules, so you will need to deal with people who can do that. All the big banks have such teams, but probably Citibank or hsbc might be good starting points.
Make sure you take along a rich sense of entitlement so they know you are the kind of people they know how to do business with!
If you need to spend more than $2K in a single day you can get a bank cheque.
It's your parents money you are spending. I don't see the problem with them having access to your transactions through their cards.
If you want your own credit card perhaps consider getting your own earnings?
Maybe time to work? And stop asking free money from parents and bank? I doubt any bank would do it anyway. But who knows…
I do not want to take away local jobs or ask for free money from the government/Centrelink, even if I could. I'd like to focus on my studies and my parents asked me not to work for that. This is hardly a burden to them either.
Perhaps just sit tight until you graduate and start working. I don't see why you can't continue using your parent's card until you're able to establish your own credit history. All in good time, young Bigles. No different to anyone else really.
Have a look at this topic on Whirlpool: Applying for CC with no income.
Quoting ZeroDelta:
If you have $200k+ in cash and aren't trying to squeeze every basis point of interest out of it, consider parking it in HSBC. You would qualify as a Premier customer and you get a no-questions-asked credit card as part of the package, pre-approved limit is $18k
That's a pretty cool product. Didn't think something like that could exist.
I made an inquiry with HSBC Australia. I was informed that even as a Premier customer I'd still need to apply for the credit card and the application would still be subject to similar lending criteria set by APRA (including a regular income and so forth).
I got a gold Amex card years ago by claiming I was a large share trader, unfortunately I blew it all on gambling and had to go bankrupt….hence I’m a reformed ozbargainer
Like what dafil said. Get a HSBC premier account in your home counetry (I presume in asia?) which should be very easy for you (I have done it myself when i was student many many years ago). you can then apply a Mastercard credit card from local HSBC.
As far as I know you can't but it is a terrible idea.
I'm guessing you're an international student? If your parents gave you one, maybe ask them?