There are so many options for credit cards available these days that it is almost impossible to decide on the best credit card for seniors.
There are so many things to consider when choosing a credit card, and these options only become more important when it comes to seniors.
As you get older, you will experience many different lifestyle changes, including a lot of financial needs. This is why choosing a credit card is so important for seniors.
Let’s have a look at some of the best credit cards out there for seniors.
Best Credit Card For Seniors
OUR TOP PICK
Best Everyday Credit Card
This is a great credit card for seniors just looking to make some everyday purchases.
This credit card is useful for ordering things online and buying groceries.
It is good as an everyday card because you have the opportunity to accumulate rewards on each of the purchases that you make.
This credit card is great for a senior who is living on a fixed income, as they need to be a bit more aware of their spending, and the rewards mean a lot to them.
This is a great option for those with a fixed income because it has a flat cash-back rate.
You can get up to 2% back on your purchases if you make your repayments on time. You will get 1% cash back when you make the purchase and 1% when you pay the bill.
This credit card will also get a low APR and no annual fee. You will start with 0% APR.
Pros
- No annual fees.
- Up to 2% cash back, with 1% when you make the purchase and 1% when you pay off the bill.
Cons
- Not as many travel rewards.
EDITORS CHOICE
Best For Travel
One big part of most people's retirement is travel. When you retire, you have plenty of time to travel and explore all of the places on your bucket list.
This credit card includes many travel rewards that aren’t just tied to any individual vendors.
This is great because when you are planning a trip, you don’t want to have to book through specific vendors, as this can be a pain.
This card has an annual fee included, so it is good for seniors who don’t have a low budget.
The annual fee included with this credit card is $95. Using this card, you will have double the rewards points on every purchase.
When you sign up to use this credit card, you will get a one-time bonus of 60,000 miles. You will get this when you spend over $3000 from the time that the account opens to three months.
This credit card has no transaction fees when you use it abroad, and you will be insured when you travel away from home. You will also get $100 worth of credit when you sign up for this credit card.
Pros
- Great rewards when you book travel using this credit card.
- You don’t have to book the travel through certain vendors using this credit card; you can book through any vendor.
Cons
- There is an annual fee associated with this credit card.
BEST VALUE
Best For Savings
As you get older, saving can become very important to you. Whether you’re saving for your family or a big trip, having a credit card to help will be very beneficial to you.
This card will help you to build up your retirement savings. When you purchase with this card, you will get 2% cashback.
You will also get 2 points for every dollar that you spend on products that are eligible with the card.
Overall, you will get $1 for every $50 that you spend on this credit card.
There is no annual fee with this credit card, again helping to ensure that you make some savings with this card.
RUNNER UP
Best For Health
This credit card is great for seniors who are focused on health and well-being.
As you get older, your health becomes even more important, and you may start to experience some health issues.
This credit card offers 5% and 10% discounts at Walgreens. You can also get discounts on certain gym memberships and other health and wellness items.
With this credit card, you will be rewarded for any purchase that you make at Walgreens. This encourages seniors to get all of their medication from one place.
Pros
- There is no annual fee to take out this credit card.
- You get great rewards on Walgreens brand purchases.
Cons
- You won’t get rewards outside of health and wellness.
RUNNER UP
Best For Driving
This credit card is great for seniors who enjoy dining out. With this credit card, you will get benefits on driving and petrol.
You will get 3% cash back on restaurants and gas station purchases. This is a great credit card if you enjoy dining out and expect to spend a lot of time driving in your retirement.
While this credit card is great for driving, it does not offer any travel rewards or other rewards aside from driving and dining out.
You will get a $100 cash bonus if you spend over $500 in your first three months. You also won’t have to pay an annual fee with this credit card.
Pros
- No annual fee.
- Great cash back on driving and dining.
Cons
- No travel bonuses aside from driving.
RUNNER UP
Best For Miles
This credit card comes with an unlimited bonus. You will get your miles matched at the end of the first year of owning the credit card, no matter how many points you have earned.
You will also earn up to 1.5 times the amount of miles on each dollar of each purchase.
With this credit card, there is no annual fee. You will also be able to redeem miles in order to pay some of your bills each month.
You can turn the miles that you have earnt into cash if you choose to, or you can redeem them for hotels, restaurants, or airfares.
The miles that you build up on this credit card will never expire, so you can use them anytime.
Pros
- Mobile apps will help you to stay on top of your rewards.
- There is no annual fee involved with this credit card.
Cons
- You can only redeem the rewards for this credit card in certain travel agencies. This is detailed when you take out the credit card, and if you are looking to travel with the rewards, it is great.
RUNNER UP
Best 0% APR Credit Card
Figuring out how you will fund yourself through your retirement is a difficult, and it can require you to dip into your savings now and then.
When you need to make big payments, and you charge these payments to a regular credit card, you will end up having huge bills to pay off because of the high APR.
This credit card has a 0% APR when you first set it up, and it gives you a way to make big purchases and pay them back slowly without suffering from interest payments.
This credit card gives you 0% APR for the first 18 months of opening the card. After this, the APR goes to 17%-25%.
With this card, you will have the opportunity to lower your interest rate by 2% each year if you are good at making timely payments.
You will be able to apply for a reduction in your APR if you spend at least $1000 per year on your card, and pay it back on time.
With Chase Credit, you will also have access to your credit health, so you can ensure that you have a good credit history.
Pros
- No annual fee.
- Low-interest rates.
Cons
- APR can rise after 18 months.
RUNNER UP
Low Ongoing APR
This credit card is great because it provides a low ongoing APR rate. With this card, you will only pay interest if you carry a balance from one month to the next.
You will also get travel benefits with this card, including travel accident insurance, baggage delay, and trip cancellation.
There is no annual fee included with this credit card, and you will not have to pay any transaction fees.
This credit card is only available for those who are in the military and their families.
Pros
- No annual fees.
- Low interest.
Cons
- Only available for those who have been in the military.
Frequently Asked Questions (FAQs)
What Does A Senior Want From A Credit Card?
A senior wants a credit card that can help them to make the most of their retirement by providing rewards that will benefit them. Straightforward systems and flexible options are the best options for seniors.
However, while it is important to have travel rewards that allow seniors to benefit from their retirement, it's also important to be aware of the fact that some seniors will be living on a fixed income as they are no longer earning the wages that they would have earnt throughout their life.
This is why cards that have low-interest rates and low fees are also very appealing to retired people. This helps them to stay on top of their finances and keep them under control.
How To Make The Most Of These Credit Cards?
In order to make the most of your credit card, you need to make sure that you choose the best type of credit card for you. You should choose your credit card based on your financial situation and your lifestyle.
If you like to travel, you should get a credit card that provides good rewards for your travel. Many credit cards offer you rewards and miles you can build up if you purchase your travel on the credit card.
What Should You Consider When Choosing A Credit Card?
There are many things to consider when choosing a credit card. These include:
Check Your Credit Score
Before you choose your credit card, you need to make sure that you’re choosing a credit card that can suit your credit score. For some credit cards, you will need a much higher credit rating than for others.
You will find this out when you try to take out the credit card, but it is a good idea to have an understanding of your credit score and which credit cards are feasible for you.
Interest Rates
You should consider the interest rates when you are choosing your credit card. It is important to know how much interest you are willing to pay, so have a look at the APR of the credit card.
Remember that the APR that is offered in the first year is often different from the APR that you will get after the first year. Make sure you consider this when choosing the credit card.
You don’t want to have to pay lots of money for something that you didn’t expect to pay that much for simply because of your interest rates.
Fees
You should ensure you’re aware of the annual fees involved with the credit card. You should also be aware of the penalties that you can incur if you don’t manage to make your payments on time.
You need to make sure that you can pay off the credit card fees you are building up because you don’t want to get into debt from this.
Rewards
Rewards are a big part of credit cards, especially for seniors. If you are planning to use your credit card for travel, you can get a lot of rewards for this.
You can build up miles with some credit cards, and you will be able to use these miles on travel in the future.
Cashback is also another great reward because you will see some of the money from your purchases back again.
What Will Seniors Usually Want Benefits For?
Often, seniors want to travel a lot in their retirement, so having a credit card that offers you rewards when you do that is very beneficial.
Some seniors are also quite tight on money because they no longer have the income that they received throughout their lives. This is where cashback and low-interest rates come in handy for seniors.
Saving is also something that a lot of retirees would like to do with their credit cards, so it is very useful to have a credit card that offers help with savings.
As well as this, retirees often have big things to pay for because many changes are happening in their lives. For instance, it is very common for seniors to move house or have big payments to make.
How Do You Avoid Debt With Credit Cards?
You should always ensure you have the funds to pay off whatever you buy with your credit card.
It is very important to make sure that you don’t buy something that you can’t afford, as this can mean that you start to get yourself into debt.
This is why it is important to be aware of interest rates, because sometimes the amount that you owe can be a lot higher than you expected to pay or that you would have paid if you had bought the product outright.
Final Thoughts
There are many different things that a senior should look for in a credit card. The credit cards on this list all have different benefits, so depending on what you are looking for, there will be something to suit everyone.
Whether you are planning to spend your retirement jetting around the world or dining out at delicious restaurants, you should choose a credit card that will give you the best rewards for your purchases.
As a current Mortgage Underwriter with 15 years of experience, I have seen my fair share of money-related issues. Whether that be high levels of debt, not enough credit, or simply a lack of funds - I’ve had clients who fit into these categories.
Here I will share tips, tricks, and experiences on how you can get yourself back in control of your finances.
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