Credit card for retirees

[bunbunaz]

My wife and I plan to move to and retire in Japan later this year from the U.S. Rumor has it that in Japan credit card companies won't issue a card to someone who is not employed. We have decent assets (or else we wouldn't be retiring) but those assets are in the U.S. so my wife feels we should plan on using a U.S. based card without foreign transaction fees since Japanese banks won't take into account those assets when making a credit decision about us. I do still have one Saison credit card from when I used to live in Japan. As retirees is getting a credit card a no go in Japan?

[Tokyo]

I have not applied for a regular credit card since retiring a few years back because I already have several. But the following info may or may not be helpful.

One of my Visa credit cards was taken over by another company after retirement. The new company had no hesitation replacing that card. Also, during my 2nd year of every-day-is-Sunday life, I applied for a Visa Debit card with SMBC trust bank. They called and offered a free upgrade to Gold. I assume that means credit and debit card companies have nothing against oldies but then again I’ve got 25+ years of business with both. Good luck!

[RetireJapan]

As retirees is getting a credit card a no go in Japan?

Not sure. The main issue is not you being retired, but you having no credit history in Japan. It would probably be wise to bring at least one card from the US you can use at first.

Then once you are here you can try to build up your credit. Application forms have a 'status' section, so you would put down 'retired' and they would deal with you as such. Once you get one card it should be easier to get more, but that initial card might be tricky.

You can build up your credit via small loans loans (like car, etc.), buying smartphones in installments, and of course paying all your bills on time.

[EmaxisSlim Cultist]

I do still have one Saison credit card from when I used to live in Japan. As retirees is getting a credit card a no go in Japan?

This is an active card? That will help your case a lot.

[bunbunaz]

My Saison card is still active as well as my Mizuho bank account (was originally Sanwa when I opened it 20+ years ago). Hearing that credit history plays a role is good. I still remember sitting at the Saison desk in Ikebukuro and waiting for the person to call my college roommate's mom who had to vouch for me as even though I had a good job at the time I had no credit history in Japan and required a Japanese person to "sponsor" me. As you say, that first card is always the toughest. Thanks!

[TJKansai]

My Saison card is still active as well as my Mizuho bank account (was originally Sanwa when I opened it 20+ years ago). Hearing that credit history plays a role is good. I still remember sitting at the Saison desk in Ikebukuro and waiting for the person to call my college roommate's mom who had to vouch for me as even though I had a good job at the time I had no credit history in Japan and required a Japanese person to "sponsor" me. As you say, that first card is always the toughest. Thanks!

I would assume you are good. If you have accounts with an institution I am sure you can get a debit card, and it is probably easy to get at least a low limit credit card as well.

[jcherni]

Credit Cards are issued or not depending on the result of the KYC (Know your Client) done by the financial institution.

The criteria varies depending on the institution, but usually take into account your employment status, your income and assets (this would include pension income, etc.), your nationality, how long have you been in Japan, your credit score (if you have any), etc.

Since you have no employment nor assets in Japan, I would say that your situation is quite difficult.

On the other hand, I believe that you will have to show that you have economic means to live in Japan in order to get your Visa anyway (which will require that you prove that you can use your assets in the US to live here in Japan), so this may be also used on the Credit Card application (I think).



I'm not sure if it helps, but when I was in college (I had a scholarship, but that was my only income source) I applied to several credit cards, and in the end the only one that accepted my was the JCB card. So maybe you should try them first? (this was over 10 years ago though)

[captainspoke]

Now retired, I didn't realize getting a card afterwards might be a problem. I only have two--one domestic CC, and a foreign debit card.

One aspect of it that makes me hesitate to apply for another card is the stories of name problems. My bank accounts pre-date the time when banks and cards got prickly about names matching (bank acct and card names don't match, and cards don't match either my residence card or passport). Some years ago the tax office had initial trouble getting some money from a local acct (slightly different name), but I talked to the branch and it got 'handled' and has been okay since.

Leave well enough alone, I guess.