Credit Cards for Self Employed

cliffdevi on 06/02/2024 - 14:58

Am self employed for over 2 years.
Have a coles credit from a while back (payg days) that I want to cancel and get something better with actual benefits.
Have recently refinanced my home loans and now can apply for credit cards

Issue is my 2022 tax return had about half the income (was still establishing) of my 2023 tax return.
My home loans are joint with my partner.

Are there any credit cards that just look at one years Tax return?
Also how do I put down my home loan expenses (as its in both our names) while the credit is going to be mine?
Just half it?

Thanks

Financial Credit Card

Comments

  • Dollar General on 06/02/2024 - 15:03
    +2

    Why don’t you just wait another year?

  • WoodYouLikeSomeCash on 06/02/2024 - 15:23

    Issue is my 2022 tax return had about half the income (was still establishing) of my 2023 tax return.

    Approx. what was the income? Was there any reason specifically (e.g extra money into super, etc.)? Banks will consider your businesses tax returns and how long your business has been operating so chances are you may not be able to get a loan next year either due to the business being relatively new.

    • AustriaBargain on 06/02/2024 - 17:08

      If OP is a sole trader then there's just his personal tax return. All business income is personal income.

  • onceupon8 on 06/02/2024 - 18:55

    You need to put more details (including dollar amounts) to get a meaningful response.

  • justdigi on 07/02/2024 - 08:39

    Not knowing your full situation, how you are registered as self employed (e.g. sole trader, Pty Ltd or limited partnership) and how much income, makes it hard to give advice.

    However when I was a sole trader I had a Go MasterCard. It’s registered to you and your business name printed on it, but you’re personally liable and not the business.

    This is a great stepping stone to one where the business is liable after a few years. No rewards program, but you can get interest free at lots of stores.

  • miwahni on 07/02/2024 - 23:13

    A lot of institutions will consider the entire home loan debt as being yours, because you're liable for the lot if your partner stops contributing towards payments. Look for a bank that will treat spouse as a common debt reducer, or one that will take his / her income into account as a non-applicant spouse.

    • cliffdevi on 08/02/2024 - 09:47

      know any examples?

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