Work Visas and credit cards

[eternalkiwi]

I would concur with what Trigirl said, as you are forming a legal contract the term resident would refer to a legal resident (PR).

The option Dean mentioned is one straightforward way to gain a card if one partner has PR or Citizenship. As the person who has PR or citizenship is the Primary card holder, they have the contractual relationship with the card issuer and are liable for all charges on the card. Visa, Mastercard, Amex & Diners provide this option.

For international students banks sometimes do require fixed term deposits though this varies on each banks policies and also on a case by case basis.

[Jaywalker]

Thought I would just share my experiences with this to date.

At the moment, it appears that no banks will front up with a credit card. I have tried applying with several and all have refused since I am here on a work visa.

I have tried applying online (and feigning ignorance on the PR part of the declaration - naughty, I know, but I'm getting desperate), but then I receive a letter from the bank asking me to call them. I do, and the first question I get asked is whether or not I am a New Zealand resident. I am not prepared to lie to their faces and so am turned down.

My next step is to attempt to open an account with Westpac, who provide a Visa debit card, although a quick trawl through their website suggests that I will be required to be a NZ resident even for this!

I'll keep you all informed, but this is turning into quite a headache. All I want to do is be able to book a few cheap flights and buy a few books off the net!

[constablechuck]

Update, I called the BNZ and discussed it with them, it turns out that by "resident" they do in fact mean permanent resident in the context of your immigration status, I suggested that they may wish to specify that upfront because simply asking if someone is a "resident" could be confusing, maybe my advice will make it to their "suggestion box", I had to break it to my wife that she will have to settle for EFTPOS until she gets PR.

As a side note, I noticed that NZ Post offers pre-paid credit cards.

[Kim39]

You mentiion going to several banks and you get the same answer. Well have you tried the ASB. When we arrived 16 months ago we popped along to the local ASB branch in Cambridge. Once all the formalities were out of the way regarding monies that needed transferring, we were offered firstly a mortgage if we wanted it, even though we were here only on a 2yr work permit, we immediately refused. Then the conversation was switched to credit cards. We refused to begin with, but they pushed a little and told us to think for 5 mins as they went through the benefits with us. Now having had a few back home and managed to ditch all debt on them when we moved, we thought no, but we then thought long and hard and decided to take the offer but at a limit that we thought was managable. So the proof is there, they do offer them out.
Could it be that your cards back home have such an amount that they may think you are a risk? Its only a thought.

Kim

[jaycee]

I too have a credit card from ASB - I am an international student but don't have a tertiary banking package. I have no job, not even part-time. I do own property here, but I don't think that was a factor in the decision. I applied in person and the banker I dealt with let me see everything on her screen as she worked, including my credit history (1 check done by Telecom). My UK credit history wasn't checked. She offered me the card on the basis of income from my savings in the UK, with a limit of $15K if I wanted it (I opted for $3K as I only want the card for online purchases), and I didn't have to prove that income.

I'd recommend ASB (my branch is Remuera) - they have been very helpful about everything - and also that you go and talk to someone in person rather than applying online - not only because face-to-face is the most effective means of communication, but you also avoid having to fill in the forms yourself!

[zxof]

how about hsbc? they accepted my application when i was on wtr visa (technically work visa), amex I know.. not so popular here in NZ, but still quite useful and no annual fee for the first year.

[constablechuck]

We closed all of our accounts in the U.S. but I don't think they looked at our U.S. credit report anyway, my wife applied to BNZ online and she was approved for a 10K credit line, however when we called to clarify what the residency requirement was they withdrew the offer and told her to re-apply after she had PR.

I was approved for a card within 2 days but I'm weary of carrying a balance at 12.65% interest (and that's the low interest card), back in the U.S. I was paying 7.9% interest and no annual fee, I will think very carefully before making a major purchase on credit here since it is expensive to carry debt at these high interest rates.

[eternalkiwi]

From my experience it is banks standard policy to require PR for Credit Card applicants, though at lest some of these banks do provide their staff to issue cards on a case by case basis.
I guess the key factors they would consider are your asset (equity) level and the level of income you have available to support the credit limit.
I know National Bank and have heard ASB do issue cards in these situations with a low credit limit.

Shawn

[sidabrine]

I was told by ASB, BNZ, National and Westpac representatives that they don't issue credit cards for non residents. ANZ first told that they'd issue a credit card if I can prove that I earn more than 60k, but when applied got an apology call: "sorry, but you have to earn over 75k". The call was from a person that I've met face to face before. I guess, he just didn't like my face...

[Angelonthemove]

We have $2,500k credit card on work permits with ASB. No credit checks done on UK.

Just had our bank account 2 months and were stuggling with salaries coming in after rent had gone out so used it to tide us over, they were more than happy to transfer the funds to our account to cover a DD. We now just use it for online purchases.

they have been offering us mortgages from day one. 20% deposit needed without PR, and 100% mortgages with PR yup to $500k on our salaries. $750k if we had a deposit.

Hope that helps