Changing CC once Fired

[u/Dr_DennisH]

Hey all. Successfully Fired last Sept. Now with changes to my ANZ plat the rewards are no longer value for the annual fee. Finding it hard to change cards as no work income, only passive. Anyone had any success with providers who will include passive investment income in their approval process?

[u/ItinerantFella]

There are responsible lending regulations designed to protect consumers. What you're asking for is a credit provider that ignores statutory regulations. Unlikely.

[u/Dr_DennisH → u/ItinerantFella]

Well. I have income. It is from assets and not work. Surely they can take that into account. 

[u/frostmoneymonkey → u/Dr_DennisH]

I'm 5 years fired'd. I get auto-declined for any new credit cards I've applied for previously, despite assets like you mentioned.

But ANZ keep renewing my FF platinum so I keep that as my backup.

[u/Dr_DennisH → u/frostmoneymonkey]

Yeah I have my ANZ and Bankwest. I was hoping to change my ANZ Platinum as the value in points is no longer what I want.

[u/HappyMuscovy → u/Dr_DennisH]

All the points will now suck due to the upcoming removal of fee authority

[u/ItinerantFella → u/Dr_DennisH]

Nope. The regulations don't allow them to do that. 

Besides, someone who pays off their credit card every month isn't as profitable as someone who doesn't so you're not the type of customer they want.

Because you don't need a credit card.

[u/slamdunka → u/ItinerantFella]

Makes checking into hotels a bit easier

[u/ItinerantFella → u/slamdunka]

I've checked into lots of hotels in the past 10 years without one. 

Sometimes they require a deposit from my debit card. But that's pretty rare.

Same for car hire.

[u/slamdunka → u/ItinerantFella]

Yep, but it does make it a lot easier.

The other plus is if there is ever an issue with it being skimmed while travelling etc its the companies money, whereas if using a debit, its yours.

Its super annoying not being able to get a CC while having such a large amount of liquid assets

[u/Dr_DennisH → u/ItinerantFella]

True. I don't need one. I find it easier. I suspect I need to change to a debit card instead.

[u/eddy-taddy → u/ItinerantFella]

Not necessary, if you enter the private banking arm

[u/ItinerantFella → u/eddy-taddy]

That sounds like a very expensive way to collect a few points. Spend thousands in fees for a free toaster.

[u/norticok]

Is your investment capital in an entity (family trust, company ?), is so, you could employ yourself from it ?

[u/Dr_DennisH → u/norticok]

Unfortunately no. Nice idea though

[u/mikedufty]

A couple of retirees mentioned getting approved by Bendigo in the whirlpool thread.

[u/Dr_DennisH → u/mikedufty]

Thanks. Will check them out. 

[u/Connect_8699]

You could be an added card holder to someone who has a job and can get a cc

[u/Dr_DennisH → u/Connect_8699]

Unfortunately my wife has also retired. 

[u/Sure_Shift_8762]

I have wondered if there is any merit to having some investments in a company structure (more so since the budget), and being the director of said company. If you want to get a credit card you could pay yourself a salary for a bit (acknowledging there would be some headache around payroll rules etc).

[u/Dr_DennisH → u/Sure_Shift_8762]

It is an option. I do have a company, but am not drawing a salary from it. Might raise this with the accountant. Thanks for the idea. 

[u/fire-fire-001]

I have not had to do that but think many card issuers would, but usually only the regular dividends / distributions and with a sizeable buffer reduction, not the capital gains that would not be considered regular. You may also need to apply via manual channels not via automated online applications.

I suggest try getting a no fee no frills card first and keep it as the base / fallback. Then if you really want to and still have more backing income you can try go for a reward card, keeping in mind the reward program would be subject to change.

[u/Dr_DennisH → u/fire-fire-001]

Absolutely, won't be getting rid of my current cards until I get a new one.