Credit Card on a 457 visa
 

Hi, can anyone recommend a company who will give me a credit card on a 457 visa?! I bank with Westpac and they've just turned me down and I've previously been turned down by Virgin and another one (I think it was an ANZ frequent flyer one). I am on a salary of $85,000 and have already saved $8000 in my first 6 months here so I was convinced Westpac would be able to look at my account and judge me not to be a credit risk but apparently not. I've got an excellent credit history in the UK and obviously nothing here so it's a bit frustrating!

Thanks

Nick

Re: Credit Card on a 457 visa
 

Surprised they are giving you such a hard time. We got our first credit card over here with Aussie on a 457 - haven't had any problems with it. No idea what the interest rate is on it as we always clear it when we get the statement, but they def allow them to people on a 457.:thumbup:

Re: Credit Card on a 457 visa
 

A mate of mine got one with the Commonwealth bank while on a 457

Re: Credit Card on a 457 visa
 

I got one with the ANZ, but only the lowest one "First Days" it was called.

Re: Credit Card on a 457 visa
 

Do you actually need credit or just a card for shopping, internet etc?

The master card with Commbank is effectively what a debit card is in England.

Re: Credit Card on a 457 visa
 

I have PR and did not even try to get a credit card yet as I assumed I would be turned down for having no Australian history. I am not at all frustrated by it though, I understand their position, we just got visa debit instead.

Re: Credit Card on a 457 visa
 

I got turned down for a citybank platinum one despite having a perfect credit record, more than the requisite income and cash from a house sale on deposit, they didn't seem to understand that my last years tax return indicated about $20k income because I arrived late in the tax year.

Not bothered since as I don't need the credit and my Visa Debit works everywhere, although I'm meaning to check out if the various frequent flyer points make it worthwhile (the majority of credit cards here have $200+ annual fee).

Re: Credit Card on a 457 visa
 

Amex won't issue cards to 457s AFAIK, so that may be why. I got a Commbank Mastercard on a WHV as far as I can remember, but that was pre-GFC. I was turned down for a Commbank Amex while I was on a 457.

Re: Credit Card on a 457 visa
 

I got a visa from CBA with a crappy credit limit whilst on 457. Hubby just been turned down for Woolies FF card. Both on pretty good salaries, and now been PR for 2 years +. It's really frustrating, but my guess is that if you don't have a debt history (we always pay stuff off, and haven't had any loans in Oz) then you're a bit stuffed. I just want a credit card with enough limit to pay for flight tickets home ($12K) You have to limit the number of applications you make, as this can count against you.

Re: Credit Card on a 457 visa
 

Lack of credit history is unlikely to be the cause of being turned down for a card. The system here is not like the UK where you need to have a 'good' credit history. In Australia, 'good' history is not kept - just 'bad'.

Being turned down is more likely to be caused by a short time at your address, a short time at your employment (ie you cannot prove any stability yet) or low excess income available for repayments. Credit card companies will take into account your existing commitments plus any kids you have (that you need to feed) before working out what you can afford to repay. If it's not enough - they won't give you a card.

Re: Credit Card on a 457 visa
 

You have to be careful when you apply as they do a check every time. The more checks on the system, the more it means to them that:

1. You're applying for too much credit and will become a liability
2. You have been turned down by other companies and so are a potential risk

As said previously, it's not your credit history they look at, it's your income vs expenses/liabilities. The system records the number of "credit checks" done over a period of time so it is not in your interest to apply willy-nilly...

We got an ANZ FF CC on a 457 pre GFC. His Lordship was on a perm contract though and on good money, we had no other liabilities and after jumping through a few hoops, they gave it to us. After that they kept offering to increase our limit, upgraded us to a platinum at no extra cost:blink: and keep wanting us to spend more :eek:

We applied for a 0% balance transfer card last year with Bankwest. We are now PR and have a mortgage. They gave us a $32,000:eek: credit limit!!! We only asked for $10,000:huh:

This year, NAB will only give us $8,000 :sneaky: limit on a 0% transfer CC, most probably because we still have the $32k limit with Bankwest although we only have about $4k owing on it... I fully expect that we'll get a higher limit once we close the Bankwest one and so only are left with the $8k maximum potential credit.

This goes to show that it's often based on what they think you can or can't repay than on credit history.

Re: Credit Card on a 457 visa
 

Three years ago whilst on a 457 I got one off Westpac who I also bank with no problem - only a low credit limit one, just to help pay out of pocket work expenses until they pay my expense account. I applied in person at the branch the account is at.

My approach to this type of think is just to ask for a credit card without high lighting 457 visa. If they ask about visa status or you have to sign to the effect them tell them. If not - dont worry, normally they are only bothered about getting the commission for signing you up.

Re: Credit Card on a 457 visa
 

When we were on the 457 we had both a Mastercard and an Amex with Westpac - they offered, we didn't even need to ask! We asked for a low limit of $2000, but had to up it by $500 to cover school uniform! They asked me if I wanted to up it to $10,000!!!!!!!!!!!!!!!

Re: Credit Card on a 457 visa
 

Hi, I got a credit card about 2 months after arriving here on a 457. ANZ were happy if income was over $50,000 for those who didn't have PR. I was the basic 'first credit card'/low annual fee one.

Re: Credit Card on a 457 visa
 

We got a CBA one immediately on a temp visa, but with a low limit. We can't get the limit increased because we're retired, no regular income, just money in the bank when we need it. They don't take any notice of how much you spend and pay off regularly, just want to know what your regular income is :sneaky: