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How to apply for a credit card when you’re self-employed

Am I eligible to apply for a credit card if I am self-employed?

Alison Loveder
Alison Loveder

Last updated:

If you’re self-employed, you can still apply for some credit cards, as long as you meet the eligibility requirements. However, you may be required to submit different documents than if you are retired or employed by a company. Here’s a summary of the providers who accept self-employed applicants and the documents you need to provide to increase your chance of approval.

ProviderWho can apply and the documents you’ll need
American Express
  • Self-employed: Yes, but you must have been trading for 18 months. If you are an existing Amex customer this is 12 months. Your accountant or tax agents details are required.
ANZ
  • Self-employed: Yes, you need to provide copies of your last two years’ balance sheets or annual accounts. Your accountant’s name and contact number is required.
ASB
  • Self-employed: Yes. They require bank statements for at least 3 months, as proof of your income.
Bank of New Zealand
  • Self-employed: Yes, but you will have to provide signed financial statements for the previous 2 years, a signed personal statement of financial position and a personal tax return.
Kiwibank
  • Self-employed: Yes. You need to provide evidence of at least six months consistent earning to prove you can service the debt.
TSB
  • Self-employed: Yes, but TSB requires you to be an existing customer and provide your end of year tax information. If you become a customer, you need to have at least a 6 month history of banking with them.
Westpac
  • Self-employed: Yes, but each application is assessed on a case by case basis. You will need to provide 2 years financial history.

Mistakes to avoid

Applying without researching

If you’re self-employed, you need to provide additional documents and meet special eligibility requirements to receive approval. Rejected applications have a negative impact on your credit file, so you need to conduct the necessary research to improve your chances of approval in the first place.

If you’re unsure of what you need to provide, see the relevant product disclosure statement (PDS) or contact the provider to confirm the terms and conditions you need to meet.

If you do your research to ensure you meet the eligibility requirements and have the necessary documents, you increase your chances of approval. How to ensure your credit card application is approved.

Applying for several cards in a short time period

If you applied for a card and it was rejected, don’t apply for another one immediately, as this puts a dent in your credit file. Instead, do some research to establish why you weren’t accepted. If you didn’t have all the correct documents, make sure you have the most recent versions when you apply again in a few months. If the rejection was because of your credit history, you can start improving your credit file, which will increase your chance of approval next time. Learn how to improve your credit score here.

If you’re self-employed, you should have no trouble applying for a credit card as long as you prepare beforehand. Follow this guide, to ensure you meet the eligibility requirements and remember to organise the necessary documentation.

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