Credit Cards for Temporary Residents with a 457 Visa

457 Visa Immigration stamp
 
 
Many of the major banks offer Credit Cards to temporary residents subject to some specific eligibility requirements that vary by provider, these requirements typically include proof of a minimum annual income, and a current Temporary 457 work visa, Investor, Student or Business Visa.
 
 
Credit Card Minimum Income Requirements For Non-Australian Residents

As each of the Credit Card providers will have no “credit history” information to reference on non-Australian residents, they have no facts about how good or poor applicants are at repaying debt on products such as credit cards or loans.

This lack of “evidence” of repayment performance leads the credit card providers to adopt a relatively conservative approach to new credit card applications from non-residents.

This conservatism is clearly shown by the prevalence in the application eligibility criteria, of many of the card providers, of a minimum annual income. This income level is commonly $50,000 (pre tax), though exceptions do exist with American Express leading the way with three credit card featuring low income eligibility levels:

American Express Qantas Discovery credit card ($35,000 p.a.)

Intro offer: $0 annual fee, No Points cap, 0% p.a. on Balance Transfer for 12 months.

America Express Velocity Escape credit card ($40,000 p.a.)

Intro offer: $0 annual fee, No Points cap, 0% p.a. on Balance Transfer for 12 months.

American Express Essential credit card ($40,000 p.a.)

Intro Offer: $50 credit and 0% p.a. on Balance Transfer for 12 months. Low purchase rate of 14.99%, $0 annual fee and Smartphone screen insurance for up to $500.

 

The Credit Card application process for Temporary Residents

The application process varies by provider, with some facilitating on line applications, and all accepting applications at a branch.

To ease the process here’s a checklist of things to help get a fast approval of the card you select:

  • Have an Australian bank account with at least 3 months history in the form of bank statements.
  • Obtain official (on company letter head) confirmation of your employment contract, to include a statement of your annual salary, pre tax.
  • Photocopy your Visa which will be stuck in your passport
  • Photocopy the Id page of your passport, this is the page with your picture on it, this will act as a point of identification for the credit card provider.
  • Attain copies of paperwork which feature your name and the address at which you are living, this could be a lease agreement, utility bill or a bank statement

Which Credit Card Providers offer cards to Temporary Residents?

AMEX logo

 

 

American Express

American Express welcomes applications from non residents who have a current Business Long Stay Visa (sub class 457).

Their standard eligibility criteria also applies to applications which include:

  • Aged over 18
  • Have a good credit history and no payment defaults
  • Earn a personal gross (pre tax) annual income of at least $35,000 (this number is greater for a number of the cards)

Some cards may have additional specific eligibility criteria and you maybe asked to provide evidence to substantiate your application, this may include income, employment and bank account information.

American Express also offers a unique service to help you transfer your current AMEX card to Australia that may potentially allow you to avoid having to apply for a new card. 

ANZ Logo

 

ANZ

As one of the top 4 banks in Australia ANZ welcomes applications from non-permanent Australian residents who hold a current 457 visa.

The key criteria which applies across all ANZ credit cards is that applicants must have a minimum annual income of $50,000 (pre tax).

Their standard eligibility criteria also applies to applications which include:

  • you are over 18 years of age
  • you have a good credit rating

Westpac Logo

 

Westpac

Westpac are committed to helping temporary residents and offer a range of credit cards that can be applied for by Temporary Residents who hold a current 457 work visa. To apply for a Westpac credit card you will require the following:

  • A 457 Work Visa valid for at least a further 2 years
  • Confirmation of your employment
  • Income of at least $50,000 p.a. pre tax
  • An Australian Address - This can be a trusted friend or family's address or that of your Australian employer as this address is where all correspondence regarding your application will be sent.

In conjunction with Credit Cards Westpac also offer Temporary Residents the opportunity to apply for Westpac Debit Mastercard.

The Westpac Debit MasterCard enables you to access cash in more places and also provides you with extra security on your purchases online, over the phone and whenever you select the 'credit' button when you use your card in a store.

To apply for any Westpac Credit Card you will need to apply via Westpacs Migrant Banking Services which also features the full portfolio of banking products which Westpac offer new Migrants

Westpac also offer a comprehensive moving to Australia service which guides you through what is available and how you can apply, noteably they allow you apply and have your main banking services set up ahead of your arrival in Australia.

NAB logo

 

 

NAB

You can apply for any NAB credit card if you hold a current Temporary 457 work visa. To be eligible, you must be over 18 years old and have proof of an annual salary of at least $50,000 pre tax. Approval is subject to their credit assessment criteria.

HSBC logo

 

 

HSBC

As a global bank HSBC live up to their international network proposition and Welcome Credit card applications from Temporary residents who hold a current 457 visa.

To apply for a HSBC credit card you must meet a couple of specific eligibility criteria as follows: You must have proof of annual earnings in excess of $50,000 (pre tax) and have evidence that you have a work contract in Australia for a minimum of 2 years.

Comm Bank Logo

 

 

Commonwealth Bank

As Australia’s largest Bank Commonwealth Bank, known locally as Comm Bank, welcomes Credit Card applications from Temporary residents from its range of credit cards that include, Gold, Awards, Low Rate and Low Fee credit cards.

Their eligibility criteria for all credit cards includes the procession of a current Temporary 457 work visa and proof of a minimum annual income of $50,000 (pre tax)

Compare Temporary Resident Credit Cards

$35,000 p.a. minimum income credit card options

The Qantas American Express Discovery Credit Card

A great standard level credit card with rewards from American Express & Qantas and low income requirement at $35,000 p.a

Qantas AMEX Discovery Credit Card

 

    >> Full Card Review

 

  • $0 p.a. Annual Card fee
  • 0% p.a. on balance transfers for the first 12 months - This offer excludes any existing or previous Card Members. A one-off credit plan establishment fee of 1% applies to any balances transferred
  • 4 Supplementary cards - Pay no annual card fee for up to 4 Supplementary Cards for family members, all of which earn points to your account.
  • No points cap - on the amount of Qantas Points you can earn
  • Automatic Points Transfer - Each month any points earned will be automatically transferred to your linked Qantas Frequent Flyer Account
  • Low Minimum annual income requirement - $35,000 (pre tax)

$40,000 p.a. minimum income credit card options

The American Express Velocity Escape Credit Card

A great entry level card with excellent rewards from American Express & Virgin Australia

AMEX Velocity Escape Credit Card

 

   >> Full Card Review

 

  • $0 p.a. Annual Card fee
  • Generous Reward Points - Earn up to 2 Velocity Points for every $1 spent on your Card with Virgin Australia and 1 Point for every $1 spent everywhere else
  • 0% p.a. balance transfer for the first 12 months - This offer excludes any existing or previous Card Members. A one-off credit plan establishment fee of 1% applies to any balances transferred.
  • Supplementary cards - Pay no annual card fee for Supplementary Cards all of which earn points to your account.
  • No Points Cap - you can earn as long as your account remains current and in good standing. 
  • Low Minimum annual income requirement - $40,000 (pre tax).
  • Upto 44 days interest free - on purchases

American Express Essential Credit Card

Introductory Offer: $50 Credit PLUS 0% p.a on Balance Transfer for 12 months.

Offer conditions: Spend $500 on your new card within the 1st two months to be granted the credit.

Essential Credit card

 

Full Card Review >>

 

  • $0 p.a. Annual Card fee
  • Low Purchase rate - at 14.99% p.a.
  • 0% p.a. on balance transfers for the first 12 months - excludes any existing or previous Card Members. 
  • Smartphone Screen Insurance - up to $500
  • Low Minimum annual income requirement - $40,000 (pre tax)

Qantas American Express Premium Credit Card

Introductory Offer: 30,000 Qantas Points

Qantas AMEX Premium Card

>> Full Card Review

 

 

  • 0% p.a. on balance transfers for the first 12 months. This offer excludes any existing or previous Card Members. A one-off credit plan establishment fee of 1% applies to any balances transferred.
  • Up to 55 Interest Free days - on Purchases
  • 1 Supplementary card - Pay no annual card fee for a Supplementary Card that earns points to your account.
  • No points cap on the amount of Qantas Points you can earn
  • Complimentary Qantas Club lounge invitations - 2 Invitations each year after your first Card spend on selected Qantas products and services

$50,000 p.a. minimum income credit card options

The American Express Platinum Edge Credit Card

Introductory Offer: 10,000 Membership Rewards Bonus Points 

Offer Conditions: Spend $500 on your Card within the first 2 months of card membership to be granted the bonus Membership Rewards Points

AMEX Platinum Edge Credit Card

 

>> Full Card Review

 

Key features of The American Express Platinum Edge Credit Card

  • 0% p.a. on balance transfers for the first 12 months - A one-off credit plan establishment fee of 1% applies to any balances transferred
  • Complimentary enrolment in the Membership Rewards Ascent program - $80 saving.
  • A complimentary domestic economy return flight - with Virgin Australia every year.  
  • Exceptional reward point earn rates - earn up to 3 points per $1 spent as follows:
  • 3 points per dollar spent at the major supermarkets 
  • 2 points per dollar spent at major petrol stations 
  • 1 point for every dollar spent on all other purchases 
  • 8 Airline Partners - Option to transfer your rewards points to 8 Airline partners
  • Complimentary Travel Insurance - domestic and international Travel Insurance Cover

$65,000 p.a. minimum income credit card options

The Qantas American Express Ultimate Credit Card

Introductory Offer: 100,000 Qantas Points 

Qantas AMEX Ultimate Credit Card

 

>> Full Card Review

 

  • 0% p.a. on balance transfers for the first 12 months - A one-off credit plan establishment fee of 1% applies to any balances transferred.
  • 1 Supplementary card - Pay no annual card fee for a Supplementary Card that earns points to your account.
  • No points cap - on the amount of Qantas Points you can earn
  • Complimentary Qantas domestic return economy flight - every year after your first Card spend on selected Qantas products and services
  • Automatic Points Transfer - Each month any points earned will be automatically transferred to your linked Qantas Frequent Flyer Account
  • Complimentary Insurances - You can benefit from complimentary travel insurance that will cover you both domestically and overseas

‚ÄčAmerican Express Velocity Platinum Credit Card

Introductory Offer: 100,000 Velocity Points

AMEX Velocity Platinum Credit Card

 

>> Full Card Review

 

  • 0% p.a. on balance transfers for the first 12 months - A one-off credit plan establishment fee of 1% applies to any balances transferred.
  • Virgin Australia Lounges - Two complimentary Single Entry passes to the Virgin Australia lounge each year at selected domestic airports
  • Complimentary domestic return flight with Virgin Australia - to selected cities, now and every year after your first Card spend
  • Supplementary cards - Pay no annual card fee for Supplementary Cards all of which earn points to your account.
  • No points cap - on the amount of Velocity Points you can earn
  • Automatic Points Transfer - Each month any points earned will be automatically transferred to your linked Velocity Frequent Flyer Account
  • Exceptional reward point earn rates - earn up to 3 Points per $1 spent

Compare and review Temporary Resident Credit Cards - Check out the eligibility requirements and deals offered by each of the credit cards on offer to temporary residents, compare the details of each card side by side and dig deeper to read detailed reviews on each card. Read more

Which credit cards are on offer to which Visa holders? - Establish which credit card providers will consider your credit application relative to the visa you hold, be it a temporary work, bridging, Holiday, Student or Spouse Visa. Read more