There are hundreds of secured credit cards Australia that one can easily take advantage of. Whether you are looking for a credit card without proof of income Australia, or the easiest credit cards to get approved for in Australia, it is still important to know that there are options for you.
It is important to note that many credit card providers maintain a minimum income for credit card Australia as $20,000 AUD to $45,000 AUD annually in order to get approved for. That does not mean that if you are on the Centrelink program you will still not be able to get a credit card.
With so many options available, deciding which one to choose can be overwhelming. We’ve done the research to help make your decision easier by compiling the best types of no-credit, bad debt, and no-credit instant-secured Credit Cards in Australia.
What are Secured Credit Cards Australia?
Secured credit cards are offered to individuals with a bad or limited credit history or who have been refused unsecured credit. A cash deposit secures them the cardholder puts them up as collateral. The card’s credit limit is based on the size of the cash deposit, usually between 50 and 100%.
Secured credit cards are designed to help consumers build or rebuild their credit history. The cardholder’s credit activity is reported to the major credit bureaus and can help establish or improve a person’s credit rating.
Currently, secured credit cards are not available for Australians. All credit cards in Australia are unsecured, but if you default in meeting up with your credit payments or you pay late, your bank can limit or restrict your account. However, secured credit cards are available in the United States and others countries.
No Credit Check Credit Cards Australia
No credit check cards are a type of secured credit card for individuals with bad or no credit history. These cards do not require a credit check, meaning your past credit activity doesn’t matter. This makes them ideal for people with bad credit or who want to start building a good credit score from scratch.
In Australia, No Credit Check credit is not available; it is only limited to payday loans. While other countries offer No Credit Check credit cards, you cannot find them in Australia.
Examples of payday loans you can go for include Klover, Dave, Honest Loans, Varo Money, Cleo, Figure Loans, etc.
Bad Credit Credit Card Approval
Bad credit cards are specifically designed for people with bad credit histories who have been denied unsecured credit cards. These cards typically come with higher fees and interest rates than regular cards, but they can help you rebuild your credit score. They’re also a good option if you don’t have the money to put down a large cash deposit for a secured card.
Currently, in Australia, getting a credit card with a credit check from a lower-risk provider is impossible. Being rejected by a credit card provider because of your score can make matters worse for you. The best solution here is to go for the best credit cards that perform soft checks that won’t display your credit history.
Top Secured Credit Cards Australia (Easiest Credit Cards to Get Approved For in Australia)
Below are some of the top secured credit card providers in Australia for the easiest credit card approval.
1. NAB’s Straight-Up Credit Card
This is one of the best cards for Australian that offer a 0% interest fee and no fees on international purchases. Your credit limit determines how much you will be charged for the monthly fee. However, the minimum monthly fee is $10, and the credit limit is $1000.
Also, NAB offers a “no use, no pay” deal. This makes NAB’s Straight-Up credit card the best hassle-free secured credit cards in Australia and also one of the easiest credit cards to get approved for in Australia.
2. The Bankwest Breeze Classic Mastercard
Another easiest credit card to get approved for is Bankwest Breeze Classic Mastercard. It is a low purchase rate and low fee card with a minimum credit limit of $1000.
Also, it allows you to add three additional cardholders to your account at no cost. You can enjoy a free balance transfer offer for 15 months. It is not just a good secured credit cards Australia but serve as one with the minimum income for credit card Australia.
3. Citi Rewards Card
Citi Rewards Card is one of the easiest credit cards to get approved for in 2023 if you are ready to pay the annual fee of $149 and your monthly bill to avoid being charged a high interest rate of 21.49%.
This card offers access to complementary insurance services, such as purchase cover, phone insurance, and international travel. Also, you get to redeem your points on many items, such as gift cards and frequent flyer points.
4. CommBank Neo Credit Card
This is another easiest card to get approved for in 2023 that charges no interest and is without any hidden fee. This is the best option for Australians looking for credit cards to use sparingly or only in emergencies.
The maximum credit limit of a CommBank Neo credit card is $3000, thus perfect for Australians that want a credit card without the risk of high-valued debt.
5. ING Orange One Low Rate Credit Card
Another easiest card to get approved for that is a low fee, and low rate, and the perfect choice for Australian consumers is ING Orange One Low Rate Credit Card. This card does not charge annual fees. It only charges $10 when you include another additional cardholder. Late fees are $20, but if your cardholder pays on time, you won’t be charged the late fees and 11.999% interest rate.
However, it does not offer complimentary insurance policies, balance transfers, and cashback offers. It is not the best for rewards.
No Credit Check Credit Cards Instant Approval Australia
There is no such thing as “No credit check credit cards instant approval Australia. Anyone can get a credit card without necessarily being checked about their credit history. However, there is a minimum annual income requirement. Credit cards are specifically designed for people with bad or limited credit histories who need access to funds quickly. These cards do not require a credit check and can be approved within minutes, giving you access to funds immediately.
The secured Visa card is the most popular type of no-credit-check credit card instant approval in Australia. The cardholder must make a refundable security deposit that will serve as collateral for the credit line. Depending on the card provider, this security deposit can be anywhere between AUD$50 and AUD$ 2,000. Usually, the customer’s credit limit will equal the security deposit amount.
Another type of no-credit-check credit card in Australia is the prepaid Mastercard or Visa. This is another great way to build credit over time. Customers load funds onto the card and then use it like any other debit or credit card. Because there is no credit check, customers are not limited in how much they can spend.
Finally, some banks and financial institutions offer unsecured no-credit-check cards. The customer does not have to make a security deposit with these cards, but the line of credit is typically much lower than that of a secured card. These cards may also come with higher interest rates, so comparing and contrasting different offers is important before signing up for one.
Minimum Income For Credit Card Australia
Many credit card providers in Australia require that you have an annual income of about $20,000 AUD to $50,000 AUD. Therefore, the minimum income for credit card Australia is $20,000 AUD to $50,000 AUD annual income per card holder. If you earn anything lower than this, the credit card provider might disapprove your credit card request and you are expected to learn how to try an alternative.
while credit cards providers do not check your credit history, it is important to note that you bank statement is a must to qualify for a credit card in Australia.
If you are unemployed but on Centrelink benefits, you can get a credit cards if your annual income from Centrelink meets the minimum income for credit cards in Australia as stated above. Aside from the fact that credit card providers require a minimum proof of income, it doesn’t discriminate against low-income earners or unemployed citizens.
As far as you can prove your income, you will be granted a credit card. However, some credit card providers such as MoneyMe have expressively said they can’t issue you a credit card if your sole earning source is via Centrelink benefits, and as such, you need to get something done to support your Centrelink income in order to qualify for a credit card.
Credit Card Without Proof Of Income Australia
There is no such thing as credit card without proof of income Australia. Every credit card provider in Australia requires proof of income to verify who qualifies for a credit card. The only eligibility criteria for credit card in Australia is proof of income and without it, no one would approve your credit card.
Don’t be deceived into thinking that anyone would want to dash you free money by giving you access to their spending card without you showing that you earn income worthy of paying back your credit spend.
Now that we have discussed the best secured credit cards Australia, it is important to point out that no matter what kind of no-credit-check credit card you choose, it’s important to understand each product’s terms and conditions and the associated fees. Paying off your monthly balance and staying on top of your payments is key to building good credit.