If you and/or your partner earn a higher than average Australian income, you may be eligible for a high-income credit card.

This type of credit card may reward bigger spenders with big budgets via generous frequent flyer or rewards programs and perks. It may also come with higher ongoing fees and interest costs, as it’s expected you can afford them.

Here is everything you need to know about qualifying for high income credit cards, as well as their perks and risks.

Find and compare high income credit cards

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Purchase Rate

Purchase Rate

20.74%

Annual Fee

Annual Fee

$395

Interest Free Days

Interest Free Days

55

Minimum income
$65k
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Purchase Rate

Purchase Rate

20.70%

Annual Fee

Annual Fee

$149

Interest Free Days

Interest Free Days

55

Minimum income
$70k
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Purchase Rate

Purchase Rate

19.99%

Annual Fee

Annual Fee

$250

Interest Free Days

Interest Free Days

44

Minimum income
$65k
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Purchase Rate

Purchase Rate

20.49%

Annual Fee

Annual Fee

$300

Interest Free Days

Interest Free Days

45

Minimum income
$75k
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Purchase Rate

Purchase Rate

21.49%

Annual Fee

Annual Fee

$149

for 12 months then $299

Interest Free Days

Interest Free Days

55

Minimum income
$75k
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Purchase Rate

Purchase Rate

20.74%

Annual Fee

Annual Fee

$295

Interest Free Days

Interest Free Days

44

Minimum income
$65k
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More details
Purchase Rate

Purchase Rate

20.74%

Annual Fee

Annual Fee

$450

Interest Free Days

Interest Free Days

44

Minimum income
$65k
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More details
Purchase Rate

Purchase Rate

20.70%

Annual Fee

Annual Fee

$149

Interest Free Days

Interest Free Days

55

Minimum income
$70k
Go to site
More details
Purchase Rate

Purchase Rate

20.74%

Annual Fee

Annual Fee

$295

Interest Free Days

Interest Free Days

44

Minimum income
$65k
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More details
Purchase Rate

Purchase Rate

20.74%

Annual Fee

Annual Fee

$375

Interest Free Days

Interest Free Days

55

Minimum income
$65k
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More details
Purchase Rate

Purchase Rate

20.49%

Annual Fee

Annual Fee

$250

Interest Free Days

Interest Free Days

45

Minimum income
$75k
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More details
Purchase Rate

Purchase Rate

21.49%

Annual Fee

Annual Fee

$700

Interest Free Days

Interest Free Days

44

Minimum income
$150k
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Purchase Rate

Purchase Rate

19.99%

Annual Fee

Annual Fee

$1200

Interest Free Days

Interest Free Days

55

Minimum income
$200k
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More details

Learn more about credit cards

What is a high-income credit card?

All credit cards come with income requirements in their eligibility criteria, as set by the provider. These typically sit around $30,000-$40,000 p.a. as a standard, and may be as small as $15,000-$20,000 p.a. for more basic, low-income credit cards. 

However, some credit card providers have much higher income requirements, typically for more premium or platinum credit card tiers. One of the most common features of a high-income credit card is that it will come with a higher than average credit limit – often into the hundreds of thousands of dollars.

Not only does this help to encourage the card holder to spend generously with the credit card, but ensures they can afford the ongoing costs, such as high annual fees and purchase rates.

High-income credit cards are also linked to rewards credit cards. By meeting certain criteria, you may be offered more generous access to rewards and perks. This can mean anything from complimentary travel insurance, VIP seating at events, concierge service, and even higher bonus rewards points on sign-up.

What do different credit card colours mean?

High income credit cards can be colour labelled according to their tiers. These may differ depending on your credit card make (Visa, Mastercard or American Express). Think the difference between a green and black AMEX card.

These tiers may be gold or silver (middle tier and more prestigious than your standard credit card) or platinum/titanium/black (top of the range). For high-income earners, you may be looking at platinum, titanium or even black credit cards in your comparison.

The biggest differences between the top tier colour ranges are generally the credit limits and income requirements. Titanium credit cards may typically come with higher credit limits than platinum cards – into the hundreds of thousands of dollars. However, it can just simply be part of branding, with providers offering differing credit limits, rewards and income requirements for platinum, titanium or black credit cards across the market.

However, unlike standard plastic credit cards, titanium credit cards are made from – as the name suggest – titanium. The idea is that the credit card (and your income) will be heavier and more noticeable when you’re flashing around your card.

What are the benefits of high-income credit cards?

There are a few benefits to being eligible for a high-income credit card, including:

  • Higher credit limit. Typically, a high-income credit card will see the cardholder offered a greater credit limit than standard. This can range as high as hundreds of thousands of dollars, as it’s expected you can afford this limit based on your income.
  • Rewards and frequent flyer points. A high income may see you eligible for credit cards with rewards programs or frequent flyer programs. You may be offered a greater variety of perks, such as gift cards, flights and accommodation. You may also be offered a higher earn rate towards your rewards points on eligible purchases. 
  • Bigger sign up bonus. Often, issuers will offer new cardholders a sign up bonus to entice them onto their books. The biggest sign up bonuses for a credit card are reserved for more premium credit card products. This may include bonus rewards points on card approval, cashback offers and gift cards.
  • Travel perks. You may be eligible for generous travel credit card rewards, such as airport lounge access, flight upgrades and more.
  • Complimentary insurance. You may be offered a range of complimentary insurances, such as international travel insurance, domestic travel insurance, rental car insurance and purchase covers, including extended warranty protection.
  • Concierge service. High income credit cards may also come with concierge services, in which a representative from your card provider can act as a personal assistant of sorts, helping with travel arrangements, holiday activities, dining, entertainment, gifts, shopping and much more.

What interest rates are charged on high-income credit cards?

As you are looking at a more premium product, a high-income credit card will typically come with a higher purchase rate or cash advance rate.

Not only is it assumed that you will be able to afford to pay off your balance in full each statement period, your card provider will also assume your income can support a higher purchase rate.

It’s still worth comparing purchase rates and cash advance rates on your credit cards when searching for high-income options. Keeping this ongoing cost as low as possible can help you to maintain a responsible usage of the card and prevent growing debt.

If you're looking for credit card perks without the high interest charges, you may want to consider a low rate credit card that offers a frequent flyer or rewards program. For example, Qantas frequent flyer credit cards are also offered in tiers across a range of card providers. Meaning, you don't need to have the most premium card with the highest income requirements to nab a credit card that offers frequent flyer rewards.

What fees are charged on high-income credit cards?

Similar to interest rates, high-income credit cards also typically come with higher ongoing fees than your standard or low-fee card. Again, this is because it is assumed you can afford these premium card costs, and it helps the provider to fund the rewards and perks being offered to you.

These fees may include:

  • Annual fees
  • Monthly account keeping fees
  • Foreign transaction fees (overseas ATM fees, currency conversion fees)
  • Balance transfer fees
  • Late payment fees
  • Paper statement fees

How do I qualify for a high-income credit card?

Each credit card issuer will come with its own minimum income requirements dictating a minimum annual income you need to qualify for its highest tier cards.

As mentioned earlier, basic credit card income requirements are around $30,000-$40,000p.a. A high-income credit card may require the cardholder have an income of $80,000 or more, with the most premium options with income requirements ranging in the hundreds of thousands.

Some high-income credit cards may be so prestigious, they're only available via invitation. For example, the rumour is that to be eligible for a Black American Express card, you need an annual income of at least $250,000(USD), with some reports claiming it's into the millions. You can request consideration for this card, but cardholders are often given invitations to sign up. 

One of the best places to start to find out if you may qualify for a high-income credit card is to look at its product disclosure statement and terms and conditions online. There you’ll not only find a breakdown of the income needed to apply, but also view the interest rates and ongoing fees charged. This can help you to compare your card options more carefully.

You’ll want to ensure you’re as prepared as possible around meeting the credit card eligibility criteria before applying, as being rejected for a credit card will impact your credit score.

If your income alone does not meet the high-income credit card’s requirement, you may want to consider bringing someone else on to the application. Keep in mind that mixing money with relationships (spouse, family or friends) can lead to financial stress. Both of your credit history’s will be reviewed upon the card application. You’ll both be responsible for meeting minimum repayments on time and ensuring you keep your debt levels down.

Frequently asked questions

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

Can I get a credit card on part-time/casual work?

Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.

Does ING increase credit card limits?

You may want to increase your credit card limit for many reasons, such as having access to more spending money. However, if you are using the Orange One credit card issued by ING, you may not be able to do so. 

ING customers can choose a credit limit of their preference when applying for the Orange One credit card. Depending on your financial situation, this limit can be anywhere between $1,000 and $30,000. If you qualify for a Rewards Platinum card, the minimum credit card limit will likely be $6,000. 

Ideally, you should set your credit card limit knowing how much you can afford to repay each month and keep your expenses lower than this level. With most credit cards, you should have the option of requesting a credit card limit increase at a later time, although you will need to qualify for any increase. With an ING credit card, limit increases are out of the question (at the time this was published), which means you may want to apply for a higher credit card limit from the beginning. Remember that you have the option of decreasing your ING credit card limit at a later time.

How do I apply for a BOQ credit card limit increase?

If you’re an existing BOQ customer, you can request a BOQ credit card limit increase over a phone call. However, you should remember that owning and using a credit card is a matter of financial responsibility, so it might be worth thinking this decision through. 

When requesting a credit card limit increase, you’ll need to be just as responsible in terms of how much you earn and can set aside to repay the outstanding card balance. A credit card company may approve a credit limit increase only if you can show that you have either the income or the disposable income, which is the amount you have left after all expenses have been paid out.

For this purpose, you may need to submit your latest income documents and bank statements for an increase. You may want to estimate how much you usually have left after deducting your expenses, and then use this amount to try and convince the credit card company. Also, you may prefer to pay off the card balance in full each month and thus avoid paying interest on the card, helping you back up any claims of financial responsibility, as well. 

Remember that you may not be able to apply for a credit card limit increase beyond any limitations on the type of card you own. For instance, if you own a card whose ceiling is $10,000, and your current limit is $5,000, you won't likely be able to apply for a $10,000 credit card limit increase.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

What does ANZ credit card insurance cover?

ANZ offers complimentary insurance on some of its credit cards, which can provide some protection against unforeseeable incidents, like the theft of your card. Depending on the type of credit card you own, you may be eligible for different insurances. For instance, most ANZ credit card customers may qualify for Purchase Protection Insurance and Extended Warranty Insurance. Customers who own premium credit cards may also be eligible for Guaranteed Pricing, Rental Vehicle Excess, International Travel, and so on.

Consider checking your ANZ credit card insurance features listed in the Insurance Policy Information booklet to know which items are covered. Also, while ANZ issued the credit card, they are not the insurer. For this reason, you may need to send your insurance claims - and get your ANZ credit card insurance refund - to the insurance provider.

How does ANZ increase my credit card limit?

If you’re the primary cardholder on an ANZ credit card, you can increase your credit limit by logging into your credit card account and choosing the “Increase your credit limit” option. You can also submit an ANZ credit card limit increase application form by visiting any ANZ branch or by mail or fax. When completing the form, it's important to remember to specify how much you want the limit increased. You can estimate this by first calculating the amount of credit card debt you can afford to repay based on your income and expenses, and then declaring that in your application. 

Irrespective of whether you’re completing your ANZ credit card limit increase application online or in print, you’ll need to provide updated employment information, income, and expenses, which the company will have to verify. You'll also need to authorise ANZ’s access to your credit history, as your current credit score and recent credit history tell the company about your financial responsibility, and whether or not you'll be able to repay the additional debt you’re applying for. 

In some cases, ANZ may ask you for additional information, or the agent processing the application may reach out to you after your application is received. After verifying your credit score as well as your personal and financial information, however, ANZ may approve a credit card limit increase proportionate to your repaying ability, though it may not be the same as the increase you requested.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

How can I increase my Bankwest credit card limit?

When you apply for a Bankwest credit card, you get assigned a pre-set credit limit, which will end up being the most that you can spend on your credit card before having to pay it off. Your credit limit is chosen for you and your current financial situation, and you should remember not to overspend, irrespective of the limit, in order to avoid racking up a massive bill.

However, banks and lenders understand that your needs will change, and have made it possible for you to increase your credit card limit, allowing you to get extra cash when you need it most. Moreover, with a higher spending limit, you may be able to get access to certain perks and benefits with your Bankwest credit card.

To increase your Bankwest credit card limit, you can visit any of the bank’s branches or call 13 17 19 and follow the steps outlined.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.