If you’re self-employed or a contractor, you can still apply for most credit cards as long as you meet the eligibility requirements.
You usually need to include some extra details and documents, such as your Tax Assessment Notices from the ATO (Australian Taxation Office), your accountant's contact details or a copy of your work contract. This helps the credit card provider confirm your income and work situation as part of the application process.
Usually, you'll be able to apply for a mix of personal and business credit cards. But it depends on the credit card provider and how your business is set up.
Here, you'll find details of what different providers will ask for when you're applying as someone who is self-employed (whether that's as a sole trader, business owner or partner).
| Provider | The documents you’ll need |
|---|---|
| American Express | Your accountant’s details are required. |
| ANZ | Your most recent personal tax return and ATO Notice of Assessment (it must be less than 22.5 months old). |
| Bank Australia | Provide your most recent tax return (both personal & business) along with the corresponding ATO official notice of assessments. |
| Bankwest | Two of your most recent Notices of Assessment from the Australian Taxation Office showing your earnings for these financial years. You may also need to provide copies of your taxation and financial reports from your accountant. These must be from within 18 months of the application submission date. |
| Bank of Melbourne | You will need to provide:
|
| BankSA | You will need to provide:
|
| Bank of Queensland | You’ll need to supply any one of the following options:
|
| Bendigo Bank | You'll need to provide your accountant's name and contact details as well as details of your income, assets and liabilities. This is where your most recent tax return statement would come in handy. |
| Citi | One of the following options are required:
|
| Coles | You'll need to provide two most recent Notices of Assessment. If you haven’t got that, then you’ll need to provide a tax return that shows your individual taxable income both audited and prepared by your accountant. Otherwise, you may call 1300 265 727 for further options |
| Commonwealth Bank | You must provide information of at least 12 months of your income. |
| Latitude Financial Services | Notice of Assessment for the previous financial year is required. If you haven’t got that, then the next document is a tax return, which shows your individual taxable income prepared by your accountant. If you’re not self-employed for a full year, you’ll need a letter from your accountant detailing the personal taxable income for the time you’ve been self-employed. |
| HSBC | You’ll be required to provide your most recent individual Notice of Assessment and HSBC may ask for further documentation if required. |
| ME Bank | You will need to provide:
|
| NAB |
Make sure all documents show both your full name and your agency/ institutions name & ABN. |
| St.George | You must provide a recent tax information and a Notice of Assessment. If you’ve been self-employed for less than a year, you won’t be able to apply. |
| Suncorp | If you’re self-employed, you need to provide a recent tax statement or payslip. If you’ve been self-employed for less than 2 years, you’ll also need to provide information about your income before then. You’ll also need to provide your accountant’s name and contact details. |
| Virgin Money | As Virgin Money credit cards are issued by Citi, they follow the same rules as the bank.
|
| Westpac | Most recent Notice of Assessment that must be less than 18 months old and last 2 months of business bank statements. |
Banks and credit card providers typically view contractors and sub-contractors as self-employed. As a general guide, aim to provide 2 years of financial information from the ATO or prepared by your accountant. And if you have questions about an application, call the credit card provider so they can talk to you about your situation.
If you want to apply for a credit card as a sole trader or someone earning money through an ABN, these factors can help you improve your chances of getting approved.
When you apply for a credit card, the bank or credit provider will check your credit history and credit score. This is the case whether you're self-employed or work for an employer and apply for credit in your own name (it can be different for business credit cards that offers joint and several liability).
So, finding out what's listed on your credit file will help you make sure it is accurate. It's also free to get a copy of your credit file and can give you an idea of the types of credit cards you'd be eligible for when you apply.
You'll need to provide recent bank statements, tax returns and your accountant's information to demonstrate your income. Some banks will only consider self-employed applicants if they've been in business for more than a year.
Some credit cards also list a minimum income requirement that you need to meet before you can apply. Even if that's not listed, you should aim to include as much information as possible on the application. If you're unsure if you meet the criteria, get in contact with the card issuer before applying to check if you're eligible.
If you're a sole trader or fall under the self-employed umbrella, you could choose between a business credit card or a personal card. It depends on how your business is set up and what you want to use the card for.
What are the main features you want on your credit card? Asking this question will help you narrow down your search.
For example, if you'll use a credit card regularly and pay it off each month, you could reward your spending with a frequent flyer credit card. If you need a card to free up cash flow and plan to carry a balance from month to month, you could consider a card that charges a low interest rate.
| Response | |
|---|---|
| No | 38.17% |
| I don't make business-related purchases | 31.62% |
| Yes | 16.59% |
| I don't have a credit card | 13.62% |
While personal credit cards have basic requirements around age, residency status and income, business credit cards typically add the requirement of an active ABN (Australian Business Number).
The amount of time your business has been operating is also a common requirement. For example, you may need to show that your business has been trading for at least 12 months. You'll also need to confirm that you plan to use the account primarily for business spending.
As well as these requirements, some business credit cards only accept applications if your business is registered for GST and meets an annual turnover above the GST threshold of $75,000.
Have a question about your credit card application? Just call the bank or credit provider to talk about your situation.
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I have just started as a contractor to a finance broking business so only generated approx $15k in commissions so far. I’m after a card i can get to put my business expenses like software subscriptions etc through? What can i apply for given i dont have 12 mths ABN yet etc?
Hi Jarrad,
Unfortunately, it’s typically more difficult for people to get approved for a credit card when they have recently started new employment (including contractor work). It would be ideal to wait a bit longer to build up payment history, but it is possible that providing enough supporting documentation (such as ATO tax assessment notices for the past few years) would be sufficient if you met the eligibility requirements for a card.
With less than 12 months of details for our ABN, you may want to consider a personal credit card with a low income requirement. Another option is to consider an expense management card which is designed to help businesses manage their costs – some offer a line of credit that may be suitable. I hope this helps.
I just wanted to ask, what if im a self employed i have a business buy it does not registered to the b.i.r and i don’t have any bank account. . My business earn 45,000 monthly. . Am i still eligible to apply for a credit card ? Thanks in advance
Hi Camille,
Thanks for your question.
Kindly note that our guide above is applicable only to credit cards that are available to Australian residents.
The credit card brands in your country might have a different set of eligibility criteria when it comes to accepting credit card applications from self-employed. Generally, when you apply for a credit card, you’ll be required to show proof of your income, which could include a bank statement or income tax return.
Cheers,
Anndy