No Credit History - What Credit Card Can I Get with Good Bonus Points on Sign up?

LMrmijaki on 01/10/2018 - 16:20
Last edited 01/10/2018 - 16:34 by 1 other user

23 Year old with no previous credit applications.

Looking to get my first credit card, would like to get one with a good sign up bonus of QFF

There are a few in the market I have looked at but scared of being knocked back and negatively affecting my credit rating (currently 594 according to getcreditscore)

Currently a full time student also working full time paid monthly at 45k a year. About 60k worth of assets inc cash, vehicle, shares, crypto etc

Is there no point signing up for a platinum or black cards?

Any help appreciated,

Thanks

Financial Credit Card

Comments

  • Unorthodox on 01/10/2018 - 16:32

    Have a look at the current Westpac & ANZ offers (don't think Bankwest has any at the moment).

    Note that many of the Black cards would require substantially more income.

    The recent ANZ Travel Rewards provides 80K Velocity Points and you should easily meet that requirement + return flight per year.

    Something to consider is that those bonus points require an X amount to be spent for redemption: ie: the QFF ones from Westpac required $3,000.
    - The concern is that you shouldn't be spending $3000 on discretionary spending simply to meet that requirement.

    Effectively: what are your spending habits, how much will the annual fee set you back, and objective of the points.

    • Mrmijaki on 01/10/2018 - 16:46

      Thanks for the input.

      I am booking a holiday for myself and my girlfriend in the coming weeks (about 3k worth of flights). This should cover the minimum spend along with my usual expenses (petrol, food, events etc)

      Objective of the points is to use on the holiday

      Spending habits are around 1.5k a month, depends on the month.

  • Therage on 01/10/2018 - 16:41

    I wouldn't worry about the 594 credit rating, have got many cards in the past with a score in the 500's.

    Your biggest issue is going to be finding cards that require an annual salary of < 45k a year, this will likely take a lot of the black /platinum cards off the table as well as all really large signup bonuses.

    There are lists of current Qantas earn cards on websites all over the internet (finder, pointshacks, pointsguy to name a few). So have a look at all the major banks and see which cards meet your income / points criteria.

    • Mrmijaki on 01/10/2018 - 16:47

      Problem is some don’t have the minimum income.

      St. George’s for example do not have on any of their listings.

      • Therage on 01/10/2018 - 16:51

        You are correct they dont seem to list them on the website but they will surely have one internally.

        There is the Amplify Signature (90k points) which has a $15000 minimum limit so you would need income to be able to support that.

        The Amplify Platinum (50k points) has a $6000 limit which may be a better go.

        Could always ring up the bank and ask but you often dont get very clear answers from the call centers.

        If you are looking down the Amex path they take into account joint income I believe.

        • Mrmijaki on 01/10/2018 - 17:12

          What does a minimum limit mean?

          • onevstheworld on 01/10/2018 - 17:34

            @Mrmijaki: It's the minimum limit a CC can have. If your income does not qualify you to exceed that limit, you cannot obtain that card.

            E.g.
            A bank's cards have the following minimum limits:
            Standard $500
            Platinum $6000
            If your income qualifies you for a maximum credit limit of $10,000, you can apply for either card.
            If you income qualifies you for a max credit of $5000, you can only apply for the standard card.
            If your income only qualifies you for a $400 limit, you cannot get a CC from this bank.

            I believe each bank has different criteria for assessing your limit.. based on income, job, expenses, credit score, etc. These calculations are not public.

            Finally, don't recklessly go apply for a $15,000 limit card. A rejection will be a negative mark on your credit score.

            • Mrmijaki on 01/10/2018 - 17:46

              @onevstheworld: Thanks for the explanation.

              Definitely not looking to go for a top tier card, I am just wanting something that gives decent points on sign up to use later on (with other benefits)

              The whole reason I opened this thread was because of your last line

  • Mrmijaki on 01/10/2018 - 16:44

    2 comments above,

    I am booking a holiday for me and my girlfriend for next year (around 1.5k each) this will cover the minimum spend

  • hawkeye on 01/10/2018 - 17:27

    Put an app in for CC a couple of years back didn't really care whether they gave it to me or not.
    They asked to send in proof of income I just ignored it and let it slide.
    About 2 months later they approved the card and sent it out without any proof of income.

    If you put an app in but don't complete the paperwork you haven't been rejected so it wont effect or be recorded against you but if you get it by the banks own greed you win.

    Saying this I'm a bit older and own everything whether they checked that dunno but looking at their logic may show you've got another 45 years of work ahead of you to be able to pay it back so why not.

    • Godric on 01/10/2018 - 17:40

      Did your salary go into a bank account with that institution?

      Rather odd to not have had your income verified and give you a Credit Card

      • hawkeye on 01/10/2018 - 18:56
        +1

        I'm self employed sole trader and only work 6 months PA in Oz

  • Godric on 01/10/2018 - 17:37

    Australian Credit Cards

  • relentless on 01/10/2018 - 21:20

    Does checking your credit score cause your credit score to drop?

  • [Deactivated] on 01/10/2018 - 22:16

    ANZ

  • ShopResponsibly on 02/10/2018 - 10:37

    If you shop at woolies, you might want to try their credit card. Apply by 7th Oct. https://www.ozbargain.com.au/node/395321
    20,000 bonus Rewards points* (that's $100 off your shop!)
    $0 annual fee for the first year2 (a saving of $49)
    10% off your first shop once every month1 on selected dates (that's a saving of up to $600 a year!)
    Up to 3 Credit Card points per $1 spent on eligible purchases in store (4,000 points ​= $20 shopping card)
    3 points earned for every $1 spent on Woolworths Select and Woolworths brand range of products purchased in-store at Woolworths Supermarkets.
    2 points earned for every $1 spent on products purchased at Woolworths Supermarkets, BIG W, CALTEX WOOLWORTHS co-branded fuel outlets, BWS, Dan Murphy’s, and Cellarmasters.
    1 point earned for every $1 spent on other eligible purchases.

  • fishka2 on 02/10/2018 - 13:35

    Just a NB. There are some debit cards that allow you to earn points as well. Maybe not as many points and without signup bonus but might be useful to consider. I’m aware of qantass MC from bankwest for one. Also many travel sites and blogs promote best cc for travel and points. Just a food for thought

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