Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Low-income credit cards

Compare credit cards for low-income earners in New Zealand and find one that suits your financial situation.

Name Product Purchase Rate Annual fee Balance Transfer Rate
AIRPOINTS
American Express Airpoints Card
0% for 6 months (changes to 19.95% p.a.)
$0
N/A
Be rewarded with 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and sped $750 on your new card within the first 3 months of membership. This offer is available to new Card Members only.
LOW RATE
ANZ Low Rate Visa Credit Card
12.9% p.a.
$0
1.99% p.a.
Balance transfer offer: Pay 1.99% p.a on balances transferred for the first two years. Ts&Cs apply.
AIRPOINTS
Kiwibank Air New Zealand Airpoints Low Fee Visa
16.9% p.a.
$25
1.99% p.a. for 6 months
1.99% on balance transfers for 6 months.
ANZ CashBack Visa Credit Card
19.95% p.a.
$60
N/A
BNZ Lite Visa
12.9% p.a.
$30
N/A
BNZ Advantage Classic Credit Card
20.95% p.a.
$40
N/A
Get 1 Flybuys point for every $40 of eligible spend or $1 cash reward for every $150 of eligible spend.

LOW RATE
Westpac Low Rate Mastercard
12.9% p.a.
$0
5.95% p.a. for the life of the balance
Low rate of 5.95% for all balance transfers for the life of the balance.
Westpac hotpoints Mastercard
20.95% p.a.
$44
5.95% p.a. for the life of the balance
Low rate of 5.95% for all balance transfers for the life of the balance.
Westpac hotpoints Platinum Mastercard
20.95% p.a.
$119
5.95% p.a. for the life of the balance
Low rate of 5.95% for all balance transfers for the life of the balance.
AIRPOINTS
Westpac Airpoints Business Mastercard
20.95% p.a.
$145
5.95% p.a. for the life of the balance
Low rate of 5.95% for all balance transfers for the life of the balance.
AIRPOINTS
Westpac Airpoints Mastercard
20.95% p.a.
$55
5.95% p.a. for the life of the balance
Earn 1 Airpoint Dollar with every $130 spent and get 55 days interest-free credit on all purchases.
Westpac BusinessPlus Mastercard
20.95% p.a.
$100
5.95% p.a. for the life of the balance
Earn 1.25 hotpoints for every dollar of eligible business spend.
BNZ Advantage Visa Platinum Credit Card
18.95% p.a.
$90
N/A
1 Flybuys point for each $15 you spend or $1 in cash rewards for each $90 of eligible spend.
AIRPOINTS
ANZ Airpoints Visa Credit Card
19.95% p.a.
$65
N/A
Earn 1 Airpoints Dollar for every $130 you spend on your card.
AIRPOINTS
Westpac Airpoints Platinum Mastercard
20.95% p.a.
$150
5.95% p.a. for the life of the balance
Low rate of 5.95% for all balance transfers for the life of the balance.
loading

Compare up to 4 providers

There are credit cards in New Zealand that provide people in lower-income brackets, students and pensioners with credit access. They usually offer competitive rates and fees to help keep your account costs down.

If you want a credit card and have a lower income, you can use this guide to compare types of low-income credit cards that may be suitable. Before applying for any card, be sure to check theminimum income requirements and other eligibility criteria.

What are the benefits of a low income credit card?

  • Lower minimum income requirements. As the name suggests, low-income credit cards usually have lower minimum income requirements. You need to provide proof of your income with recent payslips and bank statements. You may also need to confirm your place of employment and provide your employer’s contact details (when relevant to your circumstances).
  • Competitive annual fee. Low-income credit cards usually charge lower annual account-keeping fees than more premium cards. You might even find a card that doesn’t charge an ongoing annual fee or has a $0 annual fee promotional offer.
  • Lower interest rates. Some low-income cards also double as low-interest rate cards. This means you could choose a card that charges a lower purchase rate, for example, the Kiwibank Low Rate Visa at 12.9% p.a. Look out for low-income cards with a low or 0% promotional interest rate.
  • Interest-free days. Most credit cards offerinterest-free days on purchases, though the number of days (such as up to 55 days) varies from card to card. To take advantage of these interest-free days, you have to pay your account’s closing balance entirely every month.
  • No frills features. Most low-income credit cards don’t offer expensive extras like rewards, access to concierge services, travel benefits or complimentary insurance cover.
  • Build credit. If you use a low-income credit card, with low-interest rates, you can use the card to build up your credit rating if you pay off the balance each statement period. With healthy creditworthiness, you have an increased chance of approval when applying for other loans in the future.

        credit-score-banner895x200

        What should I consider when comparing low-income credit cards?

        If you want to apply for a low-income credit card, here are the key factors to consider when weighing up your options.

        • Minimum income requirements. Not all cards have the same minimum income requirements, but we do have credit cards in New Zealand with a minimum income requirement of $20,000 or less. Bear in mind that your income is assessed against your expenses. So if you meet the minimum income, but your expenses are too high in relation, your application may still be declined.
        • Source of income.Most lenders require that you report at least one source of income on your application. If you are unemployed or do not earn a regular salary, other income types may be considered. Depending on the provider and the card, this could include Work and Income payments, child support, rental income and other types of income specified by the provider. These requirements vary between providers, so it’s a good idea to check the eligibility criteria and contact the bank directly if you have questions about your income and eligibility.
        • Credit history. If you have a poor credit history, work on repairing your credit before applying for a credit card. Making sure you provide all the required information in your application also increases chances of approval.
        • Affordability. Before you apply for a card, make sure you work out if you can afford it. If you borrow more than you can repay and build up debt, this harms your credit rating. Use the reviews on Finder and read the relevant product disclosure statement to make sure you understand the cost of a credit card before applying.

        How can I apply for a low-income credit card?

        If you’ve compared your options and found a credit card that suits your needs, you can apply online in around 10 to 20 minutes. Before you start, make sure you meet the other eligibility requirements. As well as the minimum income, it includes being over 18 years old and meeting the New Zealand residency status requirements listed for the card.

        Details you need for the application

        ccf-low-income-250x250When you apply for a credit card, you need to share information about your personal and financial circumstances. While each application is different in structure, here is a rundown of the key information you’ll be asked for:

        • Personal details. This includes your full name, date of birth, residential address and living arrangements. If you’ve only lived at your current address for a few years, you may also need to provide details of your previous address.
        • Identification. You will be asked for your driver’s licence number or another form of ID such as your passport or Kiwi Access Card (previously the 18+ Card). This helps confirm your identity and allows the credit card provider to request access to your credit file.
        • Employment information. This includes your salary, position, length of employment and employer contact details. You may be asked for recent payslips to confirm the information you provide. If you’re self-employed or retired, you may require details such as your latest tax assessment notice, income from government benefits, superannuation or contact details for your accountant.
        • Financial information. As well as your primary source of income, you will be asked about any additional money you earn. This includes interest from savings accounts or other assets such as shares or property. You also need to provide details of existing debt (including loans and other credit cards) and monthly household expenses.

        Depending on the credit card provider, they may require more details once the application is submitted. This could include supporting documentation such as payslips, bank statements and copies of your forms of identification.

        Back to top
        Go to site