Has anyone had any success applying for credit cards with cash in bank but no income?

Does anyone know if it’'s possible to get credit cards approved if you have no income but have a lot of money in the bank? E.g. just received a substantial redundancy payout but currently unemployed?

I am quite well off in cash and property but as we run our own businesses I have trouble filling the application form out with regard to income and expenses. We adjust our taxeable income to bring it below a certain tax bracket but I still earn a 6 figure sum. I have just been knocked back for the St George card and was told my expenses were too high for me to afford the card. I did not have a St George account and there isn’t much chance of getting one in QLD. I have read a previous post where 2 guys applied for the same card with similar income etc and the one who didn’t hold an account with that bank got knocked back. I’d like to know what the sweet spot is for expenses because obviously there some magic amount that they like. I was also knocked back for an Amex last year for the same reason. I pay my CC off in full every month and would have a perfect credit score but this doesn’t seem to help me.

I would hazard to say 99% of the time via an online application, you will be rejected if you have no income and say 10million in the bank. That is the fact of life with online applications as it is written to be automated and to address the general public (salaryman and women).

The way they assess credit is also assuming that you will fully utilise all credit limit of all your credit cards or credit facilities. Cash in the bank can be used up overnight. So it is a risk matrix/calculator exercise for them. They want you to use the card on an ongoing basis. Even better if you don’t pay off your balance in full.

If you would like to have better chances, I have read of better chances if you speak to a human being at a branch. Not helpful if you don’t have a branch accessible to you.

Good luck.