I am currently in the process of applying for a new credit card. I am 60, retired with a good govt pension, working part time, with a healthy cash super I can draw on. The bank has asked for everything except what I pay for electricity. It's been 9 weeks and they still won't approve the card despite only asking for limit of $1000. This is not about the ability to repay or the new rules, this is about not making profit as a bank. The struggle is real.

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And even the well-prepared can be caught out as the banking sector changes. I retired five years ago with a comfortable (as defined by ASFA) account-based pension, no debts (mortgage paid out upon retirement), an excellent credit score and a credit card with a generous limit as a safety buffer. This year, my credit card provider (ME Bank, now owned by BOQ Group) announced it was getting out of the credit-card business and will cancel its credit cards in August. Finding a replacement, even with a much lower credit limit, has been difficult. So far, three rejections indicate banks consider PAYE employees (who may be retrenched next fortnight) a lower risk than a self-funded retirees (with an ABP account balance worth at least a decade of a comfortable pension). What cracks me is that my annual ABP exceeds what my nett disposable income (after income tax and mortgage repayments) was when I was a full-time PAYE employee, and that my ABP account has earned far more in interest/dividends (nett of fees) each year than my final gross PAYE annual salary was. Bizarre.

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Good article which demonstrates the archaic thinking behind the guidance rules for employees of our financial institutions. Marital relationships are a team effort. Both partners contribute and need to be treated as equal partners. As for risk, there is no additional risk with Jennette as should Alex pass away, she can draw a reversion pension from his part of their super. In short, there will just as much income after his death as before. Our financial institutions need to move forward from the Victorian era.

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Definitely sending this to my parents and everyone I know BEFORE they retire!

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Hi Mark, in the same position. I discovered Community First Credit Union has a National Seniors Credit Card and was successful. Still lots of hoops to go through but they're on our side. I was told they'd had quite a few "refugees" from M.E. bank to whom I've written a complaint at how badly they've handled this situation considering many long term M E. Credit Card users would now be retirees.

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We are still waiting on approval for a new credit card - one with no fees as our existing credit card has high fees and our 4 decade loyalty is not relevant with our current financial institution - ridiculous and our age group 'the boomers' are supposed to have all the assets/wealth according to the frequent comments from the generational commentators.

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Ask for more than $1000 limit , it won't be enough as you get older and it will be more difficult to increase in a few years time.

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I recently applied for a credit card with a well known bank I had an account with in the past. I was desperate for the frequent flyer points. I have been retired for 15 years with no debts, a government defined benefit super fund, another super pension capped due to the old 1.6 million limit and a healthy investment portfolio generating more taxable income than I ever earned in my working life.

According to the criteria I needed to have a minimum of $35,000 income for the card which I had many times over.

I had a number of discussions with the local bank and suggested that I was being discriminated against despite having adequate financial backing.

Eventually it was approved but retirees are being very badly treated by banks as their incomes are much more secure than many of these high fliers getting made bankrupt for tremendous debts.

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Same, Mark. I had a credit card with a $35,000 limit with a bank where I could collect Emirates points. When they discontinued their relationship with Emirates, I decided there was no point in my continuing with their credit card. It didn't matter what liquid assets I had, along with an immaculate credit record, I was knocked back by several banks because I was not a salary earner. Eventually one of the banks advised me to get an Amex card as "maybe they weren't so stringent".

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There is a very simple answer to this nonsense around credit cards for retirees, do what has been mandated in other countries - bring in 'secured' credit cards here. The applicant puts a security deposit, usually $10000 to $20000 with the bank the application is with. That deposit is kept by the lender for a period of 12 to 24 months as security for any defaults. After that period of time, if the credit card has been used correctly, the security deposit is released & the credit card becomes a normal unsecured card. ANZ do this for customers in Singapore & other countries but cannot do it here because of our backward thinking governments, who cannot see beyond the payslip.

We are self funded retirees with a credit score of 1084 - absolutely meaningless to the banks who's thinking is "duh! You don't have any payslips".

My wife, secondary cardholder, should also be allowed to take over the account after my departure from this life.

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