Is it possible for pensioners to have a credit card? Understand the limits

Will it be that credit card is possible for pensioners? This may be a very common question among this audience. Therefore, we have created content explaining the details, rules and many other related points. Find out if credit card is possible for pensioners!

What are pensioners?

Pensioners are individuals who receive a pension, which is a form of regular payment intended to provide financial support after retirement or as a result of a condition that prevents the person from working. 

Generally, pensions can come from different sources, such as:

• Social Security;
• Private Retirement Plans;
• Survivor's Pension;
• Alimony.

Therefore, pensioners are beneficiaries of a pension system that seeks to ensure financial stability in situations of retirement or economic dependence.

What is the credit card limit for retirees?

Credit limits for pensioners may differ from those offered to other types of applicants. This is due to factors such as:

• Monthly Income: the amount of pension received will influence the limit that the bank is willing to offer. In general, financial institutions assess the applicant's ability to pay based on income;

• Credit History: A review of the pensioner’s credit history, including on-time payments and existing debts, will also impact the limit. A good history may result in higher limits;

• Credit Score: A credit score is a score that reflects a consumer's financial health. A high score can facilitate approval and increase the credit limit.

In short, the credit card margin for retirees is 5% of the income they receive. This means that this is the maximum amount that can be used to pay the credit card bill each month.

 In total, retirees and pensioners can use up to 45% of their income for payment commitments.

Can a pensioner have a credit card?

Yes, pensioners can apply for both a regular credit card and a payroll credit card. 

The payroll deduction card offers some advantages, such as the discount of installments directly from the beneficiary's income, which makes payment easier. 

Furthermore, this type of card is accessible even for those with credit restrictions (negative) and generally has lower interest rates. 

Another advantage is that payment terms are usually longer, providing greater financial flexibility.

Which bank provides credit to pensioners?

Initially, some banks are known for facilitating the release of credit for pensioners. Banco do Brasil and Caixa Econômica Federal offer credit card and payroll loan options with special conditions. 

Bradesco and Santander also offer cards with competitive rates and a simpler approval process. Itaú, in turn, has affordable credit lines for this audience. 

Furthermore, to increase your chances of approval, it is important to maintain a good credit history, present adequate documentation, such as proof of income, and compare offers from different institutions.

Attention! It is important to note that you must have an available credit limit to have credit released easily.

This way, you can get your credit card without even having to leave your home, according to the rules of the chosen bank.

Written by

Juliana Raquel