Best credit cards for retirees of December 2024
CardRatings editors reveal the best credit cards for seniors including cash-back, travel and balance transfer offers. … View More
As a retiree, you have the world at your feet. Want to visit family? Perhaps you want to binge watch a new show and order in all day? Maybe it’s time to embark on that epic road trip that the daily 9-to-5 always prevented? Or have you always dreamed of visiting some far-flung and exotic locale? What if you finally undertake that new hobby or home improvement project you’ve considered for years but have never found the time to tackle? Luckily the best credit cards for retirees from our partners can help you along with any of these dreams and more.
Whether you’re on the hunt for cash-back rewards, travel rewards, a balance transfer offer or just the security of having a credit card rather than cash or a debit card, one of the top cards below could be just right for you. Remember to consider your credit history and be honest about your lifestyle and spending habits before applying; that way you can find the best credit card for seniors that fits right into your life. View Less
List of Winners
- CardName – Best for Tiered Rewards
- CardName – Best for Rotating Rewards
- CardName – Best for Customer-Choice Rewards
- CardName – Best Dining Out Rewards Redemption
- CardName – Best for Travel
- CardName – Best for Gas Rewards
- CardName – Best for Intro 0% APR
- CardName – Best for Balance Transfers
- CardName – Best for Grocery Purchases
- CardName – Best for Luxury Perks
- CardName – Best for Entertainment
card_name discontinued_disclaimer
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Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! Also, take advantage of an intro 0% APR on purchases and balance transfers for the first 15 months (then, RegAPR).
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on Chase travel; 3% cash back on drugstore purchases and dining; and unlimited 1.5% cash back on all other purchases.
PROS:
- This card's rewards – Chase Travel, to be precise – can be combined with rewards points earned through several other Chase cards and, in some cases, that can make these points even more valuable.
- Offering unlimited 1.5% cash back on all other purchases, this card has a higher cash-back rate than what is offered by some other no-annual-fee flat-rate cash-back cards.
- New cardholders receive intro 0% APR for purchases and balance transfers for 15 months (then RegAPR).
CONS:
- Although its 1.5% cash back is more than that offered by other cash back cards, you'll want to be strategic and take advantage of the bonus categories to make the most of this card.
- There is a foreign transaction fee on this card, which is a drawback for anyone who travels internationally or makes purchases in a foreign currency regularly.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 78.9 | 85.0 |
Rewards Program Satisfaction | 7.8 | 8.4 |
Customer Service | 7.7 | 8.6 |
Website/App Usability | 8.0 | 8.9 |
Likelihood of Continuing to Use | 8.6 | 9.0 |
Recommend to a Friend/Colleague | 7.9 | 8.1 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Bonus: Earn a $200 bonus after you spend $500 in the first three months.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Earn 5% back on up to $1,500 in purchases in quarterly bonus categories when you sign up (then 1%). Additionally, earn 5% cash back on travel purchased through the Chase Ultimate Rewards® portal, 3% at restaurants and on drugstore purchases, and 1% on all other eligible purchases.
PROS:
- Enjoy intro 0% APR on new purchases for 15 months (then RegAPR).
- Take advantage of up to $1,000 a year in cell phone insurance when paying your monthly cell phone bill with your FlexSM card.
- This card offers complimentary ShopRunner membership for free two-day shipping from more than a hundred online retailers and complimentary three-month DoorDash DashPass, followed by a 50% discount for the following nine months.
CONS:
- You have to remember to activate quarterly categories to earn the bonus 5% cash back.
- What's more, the 5% cash back for these categories is capped at $1,500 in combined purchases every quarter.
- International travelers may want to use a different card when out of the country since this card charges foreign transaction fees.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 74.3 | 80.6 |
Rewards Program Satisfaction | 7.4 | 7.8 |
Customer Service | 7.1 | 8.4 |
Website/App Usability | 7.5 | 8.2 |
Likelihood of Continuing to Use | 8.0 | 8.3 |
Recommend to a Friend/Colleague | 7.4 | 8.1 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
EDITOR'S NOTE
Consider adding CardName as well as CardName to your wallet to make the most of your rewards. With Freedom Unlimited® you earn unlimited 1.5% cash back on all non-bonus category purchases, which means you could choose to use it for all of the purchases that don't earn bonus rewards with Freedom Flex℠. Yes, it takes a little thought and planning, but it could really pay off big in the long run.
If you want to get truly fancy with your rewards earning, you can combine one or both of these cards with the CardName discussed below. Do that, and all the points you earn with your Freedom Flex℠ or Freedom Unlimited® cards could be worth 25% more value when redeemed through Chase Travel℠ if pooled under your Preferred® account.
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Bonus: Earn a $200 online cash rewards bonus if you spend at least $1,000 within the first 90 days of account opening.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases. Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases. Furthermore, if you are a Preferred Rewards client with Bank of America, you can boost your rewards earning on every purchase by 25%-75% depending on your tier.
PROS:
- With 3% cash back in a category of your choice and 2% cash back at grocery stores, this card offers plenty of opportunities to maximize rewards on the purchases you make most often. Plus, you get 1% cash back on all other purchases.
- No annual fee.
- You earn a welcome bonus of $200 online cash back when you spend at least $1,000 within the first 90 days after opening an account.
- If you’re a Bank of America Preferred Rewards member you could earn up to 25%-75% more cash back on every purchase made. That means the 3% choice category rewards could be worth as much as 5.25% and the 2% categories could be worth as much as 3.5% back!
CONS:
- The higher reward levels of 3% and 2% cash back are capped at $2,500 of combined purchases each quarter.
- You'll need a Bank of America or Merrill account if you want your cash rewards directly deposited.
- This card charges foreign transaction fees so it's not best for international travel.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 81.1 | 80.2 |
Rewards Program Satisfaction | 8.1 | 8.1 |
Customer Service | 7.9 | 8.1 |
Website/App Usability | 8.6 | 8.1 |
Likelihood of Continuing to Use | 9.0 | 7.9 |
Recommend to a Friend/Colleague | 7.7 | 7.8 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
EDITOR'S NOTE
Consider this: If you choose "online shopping" as your 3% choice category, everything from supplies you buy online for your new hobby to vacation attire you shop for online could fall under that 3% heading (up to the quarterly cap, of course). Given the number of products you can purchase online today, that means that 3% cash back could apply to a wide, wide range of purchases and/or expenses.
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Bonus:Earn 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards:Earn 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
PROS:
- The 60,000 bonus points offered to new cardholders is a solid bonus worth $750 in travel through Chase Travel.
- Enjoy a $50 Annual Chase Travel Hotel Credit
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠.
CONS:
- To earn the 60,000 bonus point welcome offer, you'll need to spend $4,000 within the first three months after opening an account which may be difficult for some users.
- As with many other travel rewards cards, this card charges an annual fee.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 80.3 | 86.6 |
Rewards Program Satisfaction | 7.8 | 8.6 |
Customer Service | 8.0 | 8.7 |
Website/App Usability | 8.3 | 8.8 |
Likelihood of Continuing to Use | 8.4 | 8.7 |
Recommend to a Friend/Colleague | 8.1 | 8.6 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Bonus: Enjoy a 25,000-point online bonus – worth $250 in travel or dining statement credit – when you spend $1,000 in the first 90 days.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Earn 1.5 points per $1 spent on every purchase. Those miles can be redeemed as statement credit to offset eligible travel and dining purchases on your card. Furthermore, if you're a Bank of America Preferred Rewards client, you can earn 25%-75% more rewards on every purchase.
PROS:
- The rewards program is super simple. You earn 1.5 points for every $1 you spend on all eligible purchases and then redeem those points as statement credit to cover eligible travel and dining purchases made to your card.
- Preferred Rewards clients can earn as much as 2.62 points per $1 spent depending on your Preferred Rewards tier.
- This card does not charge foreign transaction fees so it's great for traveling both near or far.
CONS:
- There is no annual fee with this card, but there also aren't a lot of bells and whistles common with travel rewards cards that do charge annual fees.
- Often the best value with credit cards travel rewards comes from the ability to transfer rewards to hotel and airline travel loyalty programs; however, that's not an option with this card, so the value is pretty set.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 80.3 | 78.6 |
Rewards Program Satisfaction | 7.9 | 7.7 |
Customer Service | 7.9 | 8.2 |
Website/App Usability | 8.6 | 7.9 |
Likelihood of Continuing to Use | 8.3 | 8.3 |
Recommend to a Friend/Colleague | 8.0 | 7.6 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
EDITOR'S NOTE
Don't travel much? You may want to consider the card_name which offers 3% Cash Back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); plus a one-time $250 cash bonus after you spend $500 on purchases within the first three months from account opening (See Rates and Fees).
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Bonus: NA
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Earn 4% cash back on gas and EV charging purchases worldwide, including gas at Costco, for up to the first $7,000 per year in spending (1% after that). Additionally, earn 3% cash back on restaurant purchases and eligible travel purchases worldwide, including airfare, hotels, car rentals, travel agencies cruises, and Costco Travel; 2% cash back at Costco and Costco.com; and 1% on all other purchases.
PROS:
- This card earns one of the best rewards rates on gas and EV charging stations on the market.
- Rewards aren't limited to gas/EV charging stations, or even just Costco purchases for that matter. Earn bonus rewards on travel and dining out as well.
- Road-tripping abroad? Don't forget this card! It does not charge foreign transaction fees so it's great for all of your international travel needs.
CONS:
- Rewards redemption is automatic and only occurs once a year.
- You'll need to wait until February of each year to redeem your cash rewards from the previous year's purchases.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 83.3 | 86.3 |
Rewards Program Satisfaction | 8.3 | 8.6 |
Customer Service | 7.7 | 8.5 |
Website/App Usability | 8.1 | 8.8 |
Likelihood of Continuing to Use | 9.5 | 9.3 |
Recommend to a Friend/Colleague | 8.6 | 8.4 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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PROS:
- After your first year as a cardholder Discover will match, without any limit, all the cash back you earned that year.
- Cardholders get 5% cash back on different spending categories each quarter, up to $1,500 spent in those categories each time you activate, and all other purchases earn 1% cash back.
- Cash back can be redeemed as a direct deposit, statement credit or used to pay for purchases on Amazon or via PayPal.
CONS:
- To get 5% cash back, you'll need to activate each quarterly bonus category. Cardholders who forget will only receive 1% cash back.
- The 5% cash back rate offered is excellent, but it's capped at $1,500 of purchases each quarter.
- Although Discover is now more widely accepted than ever, you may find some merchants aren't set up to take payments using this card.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 80.3 | 84.9 |
Rewards Program Satisfaction | 8.0 | 8.5 |
Customer Service | 7.8 | 8.5 |
Website/App Usability | 7.7 | 8.7 |
Likelihood of Continuing to Use | 8.9 | 8.9 |
Recommend to a Friend/Colleague | 8.1 | 8.2 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Welcome Bonus: Earn $200 cash back after you spend $1,500 on purchases in the first six months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. Addtionally, if you need a few extra months to pay off an existing balance from another card, that introductory 18 months of no interest on balance transfers could certainly be considered a bonus for your wallet. After the intro period, the regular APR of RegAPR applies.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
Rewards:Earn 2% on every purchase with unlimited 1% cash back when you buy, and an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. Not too shabby for a no-annual-fee credit card.
PROS:
- At 18 months the intro 0% APR period for balance transfers is one of the better offers on the market.
- Being able to earn up to 2% cash back on all purchases makes this one of the best no-annual-fee flat-rate cash-back cards you can own.
- There is no annual fee, and there is no charge for the first late payment.
CONS:
- You won't get the 2% cash back all at once which could be considered a drawback. This card provides 1% cash back at the time of purchase and 1% cash back at the time of payment.
- While this card is a great choice for balance transfers, the introductory 0% APR doesn't extend to purchases.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 77.2 | 84.7 |
Rewards Program Satisfaction | 7.9 | 8.5 |
Customer Service | 7.5 | 8.4 |
Website/App Usability | 6.9 | 8.3 |
Likelihood of Continuing to Use | 8.2 | 8.8 |
Recommend to a Friend/Colleague | 7.7 | 8.4 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Bonus: Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new card within the first six months.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Earn 6% back on up to $6,000 spent at U.S. supermarkets annually (then 1% thereafter), unlimited 3% back at U.S. gas stations, and 1% back on other purchases. Users can also earn 6% back on select U.S. streaming services and 3% back on transit purchases.
PROS:
- The earn rate that can be earned at U.S. supermarkets is huge. This is an excellent card for grocery shopping.
- This card also rewards well for at U.S. gas stations. If you're spending a lot of time on the road, or perhaps are planning a big roadtrip, make sure to bring it along.
- New cardholders receive 0% intro APR on purchases and balance transfers for 12 months from the date of account opening (then RegAPR).
CONS:
- If you don't spend a lot at U.S. supermarkets, the annual fee might not be worth it.
- There is a foreign transaction fee on this card so it's not the best for international travel.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 78.5 | 78.2 |
Rewards Program Satisfaction | 7.6 | 7.8 |
Customer Service | 7.7 | 8.0 |
Website/App Usability | 8.1 | 7.7 |
Likelihood of Continuing to Use | 8.3 | 8.2 |
Recommend to a Friend/Colleague | 8.2 | 7.5 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
EDITOR'S NOTE
Like the sound of the Blue Cash Preferred® card but you're not interested in paying an annual fee? Perhaps its no-annual-fee sister card, the CardName may be a better fit (See Rates and Fees). This card earns 3% cash back at U.S. supermarkets, U.S. gas stations and on U.S. online retail purchases (up to $6,000 spent in each category per year, then 1%), and 1% back on other eligible purchases. Not quite as lucrative as the Blue Cash Preferred® card when it comes to supermarket purchases, but still notable, especially considering the fact that it doesn't charge an annual fee.
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Bonus: Earn 80,000 Membership Rewards points after you spend $8,000 on eligible purchases on your new card in your first six months of card membership.
Annual Fee: AnnualFees
Foreign Transaction Fees: foreign_fee
The Rewards: Earn 5X points per $1 spent on flights booked directly with airlines or through amextravel.com (on up to $500,000 on these purchases per calendar year). You'll also earn five points per $1 on prepaid hotels booked through amextravel.com. Additional perks include access to the Global Lounge Collection of airport lounges across the globe, an airline fee credit of up to $200 per calendar year to cover baggage fees and more with one pre-selected airline, and credits with Saks Fifth Avenue, Equinox, on certain hotel purchases and more each year. Enrollment required for select benefits.
PROS:
- This card makes it easy for travelers to earn rewards by awarding five points per $1 spent on some airfare and hotel bookings.
- Included airport lounge access, and up to $200 airline fee credit, make this card a nice partner for your travels.
- The Membership Rewards points earned with the Platinum Card® are extremely valuable and the new cardmember bonus of 80,000 Membership Rewards points earned after spending $8,000 in the first six months can help to get you well on your way to your next redemption.
CONS:
- If you are someone that prefers to have low or no annual fee cards the Amex Platinum may be a poor fit for you.
- Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all. If you are looking to carry a balance from month to month this probably isn’t the card for you.
- You'll only receive five points per $1 spent on airfare and hotels if you book through Amex or directly with an airline. There's not a lot of rewards earning potential here outside of those limited categories mentioned above.
- Enrollment required for select benefits.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 77.1 | 77.8 |
Rewards Program Satisfaction | 7.9 | 7.7 |
Customer Service | 7.5 | 8.1 |
Website/App Usability | 7.4 | 7.8 |
Likelihood of Continuing to Use | 8.3 | 7.9 |
Recommend to a Friend/Colleague | 7.4 | 7.6 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Bonus: You can think of the the intro APR periods as bonuses in and of themselves (there isn't a traditional rewards bonus). New cardholders can enjoy 0% intro APR for 21 months on balance transfers (from the date of first transfer and transfers must be completed within four months) and for 12 months on new purchases. After the promotional periods, regular RegAPR APR applies.
Annual Fee:AnnualFees
Balance Transfer Fee: BalanceTransferFees
Foreign Transaction Fees: foreign_fee
The Rewards: This isn't a rewards card, so no traditional rewards are earned on purchases. The big reward with this card is the generous 0% intro APR period.
PROS:
- The intro period on balance transfers is one of the longest we've seen.
- This card has no annual fee.
- If you have excellent credit, the standard interest rate of RegAPR APR can be very competitive.
- One of the best benefits of this card is access to Citi Entertainment®. Get special access to purchase tickets to thousands of events annually, including presale tickets and exclusive experiences for the year's most anticipated concerts, sporting events, dining experiences and more.
CONS:
- You need excellent credit to be approved for this card.
- This card has no rewards program, so if cash back or accruing miles is important to you, you might want to look elsewhere.
Current Scores | Past Scores | |
---|---|---|
Overall Score | 74.3 | 76.6 |
Features Satisfaction | 7.3 | 7.4 |
Customer Service | 7.4 | 7.8 |
Website/App Usability | 7.7 | 7.9 |
Likelihood of Continuing to Use | 8.2 | 8.2 |
Recommend to a Friend/Colleague | 7.2 | 7.6 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Can a Senior Citizen Get a Credit Card?
Absolutely. Thanks to equal credit opportunity rights you can’t be discriminated for a credit card due to your age.
That said, it isn’t your age that can get a rejection notice from a credit card issuer, but some financial factors that senior citizens face could come back to haunt you when it comes to applying for a credit card.
For instance, have you paid off your home? That’s awesome, and while you’d think a credit card company would love that, having a mortgage is one of those factors that lenders like to see. They like see a mix of evidence that you’re borrowing money and paying it off, and a mortgage – or a car loan – looks really good to them. So when that car loan and mortgage is paid off, a lender is less than impressed (or rather, the algorithm that the lender has set up).
If you haven’t had a credit card for awhile, that might also be held against you. That said, if you are a senior citizen who has a regular source of income (i.e., Social Security, pension), and especially if you use credit cards fairly regularly, you really shouldn’t have a problem getting a credit card. At least in theory.
It’s also easy to see why, if you’re retired you would want a credit card, especially one that offers rewards. If you have somewhat of a limited income, or your revenue is tied to your investments and the whim of a sometimes shaky economy, well, clearly you have good reason to want to pay for groceries and gas and get cash back every month – why not spend less every month if you can? You also may want to redeem points for airline miles and eventually go on that epic vacation you’ve been dreaming of. Nobody can begrudge you that.
How We Picked the Best Credit Cards for Seniors
When choosing the best credit cards for seniors we condsidered the credit cards perks that we thought someone early into retirement would care about, like simplicity and minimal fees. Each card on this list is highly rated for its ease of use, value of rewards, and reputable customer service. Retirement should be a time of relaxation– the cards on this list can help retirees do just that.
From cash back on groceries to mega bonuses earned towards travel, we’ve included something for every type of retiree in this list. We’ve even included a premium credit card option for those who want to take a “lifestyle of the rich and famous” retirement approach. The cards on this list are carefully reviewed by our editors, and the list is regularly updated to ensure the best credit cards for retiree offers are always front and center.
What Is the Best Credit Card for Seniors?
Flexibility is a beautiful thing no matter what stage of life you’re in, but especially so for retirees. Because it offers 1.5% cash back on every non-bonus category purchase made, the CardName tops our list for the best credit card for seniors. Additionally, it offers 5% on travel purchased through Chase Travel, 3% on dining at restaurants and on drugstore purchases, and 1.5% on all other purchases. So whether you’re shopping for household essentials or planning a cross-country road trip, this card will reward you for every purchase you make along the way.
Like with anything though, everyone’s plans will look different, and so will credit card expectations. Maybe retirement for you means more traveling, or maybe it means more time at home with grandkids. If you plan to frequently fly, the best card for you may be an airline-rewards credit card, but if you plan to drive a lot, you would likely be better off with a card that rewards you for gas purchases. When it comes to deciding which card is best for you, evaluate your needs, and pick a card that meets them. It’s easy to get distracted by lucrative welcome bonuses or other credit card perks, but the best credit card is the credit card you’ll actually use, so pick something that you know fits with your retired lifestyle – no matter how relaxing or adventerous those plans may be!
How to Make the Most of These Cards
Having a credit card is not just a convenient way to make purchases. If you use your credit cards strategically, you can reap many benefits. The following are some ways to get the most out of your credit cards:
- Take advantage of rewards. If you get a rewards card, you may be able to earn cash back on qualifying purchases, which can go a long way to offset the costs of annual fees. If you earn enough cash back, some of your purchases may actually end up being “free.”” Also, rewards for gift cards and travel can help you save a significant amount of money over time.
- Pay balance in full. By watching your spending habits and only buying what you can afford to pay for every billing cycle, you can position yourself to pay your balance in full each month. This will save you money on monthly interest, as well as help boost your credit score.
- Maximize spending with welcome bonuses. If you choose a card that has a welcome bonus, it can be another way to save money. Some cards offer welcome bonuses of $100 or even up to $500 based on making a certain dollar amount of purchases within the first months of having the card. These bonuses could go a long way towards your retirement pleasures.
Why Retirees Should Consider a New (or Additional) Credit Card
As a retiree, you’ve likely spent a number of years by now building a credit history and credit score. In theory, you’re in the best financial shape of your life after having spent your working years being financially responsible. That means banks and credit card issuers have every reason to offer you the best of their products and those products often come with money-saving or luxury-bestowing features and perks.
Additionally, you aren’t working every day now, which means that the credit card you’ve been using for the past several years may not be right for you anymore. Your day-to-day has changed, and your credit card probably should too.
Whether you’ve been a credit card user for years or are now considering diving into the credit card rewards world, here are some reasons to shop for a new credit card as a retiree:
1. Take advantage of an introductory 0% interest period. Did you notice that many of the cards above feature some length of a 0% intro APR on purchases and/or balance transfers? Those 0% intro interest periods could save you a bundle if you have a purchase, emergency, trip or some other expense that you need a few extra months to pay off.
2. Enjoy added security as you shop online or travel. Credit cards are simply more secure to carry, especially when you travel, than a wallet full of cash (or even a debit card, for that matter, thanks to how the laws are written). Lose a credit card or have someone steal your identity and your credit card company will protect you against fraud and federal laws will back that up. Lose your cash or debit card, and you could be out hundreds of dollars. Simply having a credit card for secure shopping is a solid reason to keep one around.
3. Rack up rewards. Let’s be clear: we’re in it for the rewards. Credit card reward options are vast these days and can be incredibly lucrative. You don’t have to be a travel rewards expert to reap the benefits of travel rewards. You don’t have to be an accountant to understand that getting cash back is always a nice perk. The level of focus you want to put on rewards is up to you, but you certainly will have everyday expenses; why not earn rewards on those at the very least?
A journalist for nearly 20 years, Brooklyn has published work on a broad range of topics including personal finance and business as well as travel and human interest pieces. As a finance expert, she has provided commentary on credit cards, card rewards and personal finance for outlets including Forbes, Fox Business and many others. Her own wanderlust and travel experiences...Read more
Survey Methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents’ scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to “How likely are you to recommend this card to a friend, coworker or family member?” was double weighted. “Current Scores” reflect scores from the most recent survey (2023); “Past Scores” reflect scores from the 2022 survey.
Ranking Methodology: CardRatings experts review the fine print, details, perks, rewards and features of hundreds of cards and compare them side-by-side with similar cards. A card that makes an excellent balance transfer card may not make a great cash-back rewards card even though it offers those rewards. While the Best of the Year list is announced annually, that list – and all other “best of” lists on CardRatings – are regularly reviewed and updated as issuers change the terms and features of each card often.
For the rates and fees of American Express cards mentioned in this article, please see the following links: CardName (See Rates and Fees); CardName (See Rates and Fees); CardName (See Rates and Fees)
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
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The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
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