Credit cards for retirees and pensioner applicants
Want to get a credit card when you're on a pension or retired? Compare your options here and learn how to apply.
There are a range of credit cards you can apply for when you’re on a pension or retired. However, you may need to meet some extra conditions and provide additional documentation before a credit card company approves your application.
This makes it essential to do your research before applying for a credit card as a pensioner or retiree. You can use this guide to learn about the New Zealand credit card providers that accept retired and pensioner applicants, as well as the documents you need to improve your chances of approval.
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Mistakes to avoid when applying for a credit card
Not doing research on credit cards for retirees and pensioners
When you apply for a credit card as a retiree or pensioner, you may need to meet specific eligibility requirements and submit a range of documents to support your application. Comparing credit cards and researching your options before you apply will help you make sure you meet these requirements and can increase your chances of approval.
If you’re unsure of what you need to provide for a specific credit card, you can read the relevant product disclosure statement (PDS) or contact the provider to confirm any queries you have before applying.
Bear in mind if the credit card company rejects your application, it will have a negative impact on your credit file, so doing this research will help maximise your chances of approval.
Applying for several cards in a short period
If your provider rejects your previous credit card application, don’t immediately apply for another one. Instead, consider why your application wasn’t accepted. If you didn’t organise the necessary documents, confirm which ones you’re missing before applying again. If it was due to your credit history, you need to take some time to improve your credit score before applying again.
If you’re retired or on a pension, there are a variety of credit cards options to choose from. However, as you need to meet some extra terms and conditions, it’s essential to do your research and compare a range of credit cards for retirees and pensioners so you can apply for one that fits your circumstances and needs.
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