5 Best Credit Cards for Retirees

For Seniors Citizens everywhere, saving money is oftentimes a goal that us hard to make. You want to prepare for the future for your kid’s education, planning events with the grandkids, and of course there’s …

For Seniors Citizens everywhere, saving money is oftentimes a goal that us hard to make. You want to prepare for the future for your kid’s education, planning events with the grandkids, and of course there’s retirement money. It is sometimes easier to get a credit card with low interest to help out for certain big time purchases. There are many benefits to having a credit card. One obvious reason is the fact you do not have to pay for a purchase in one big shot. Plus, there are many cards that offer bonus points or cash back if you pay the card on time and within the first few months.  

Credit cards can also help seniors manage their finances. For example, putting a utility bill on a credit card eases the stress of forgetting to pay your light bill. This way the electricity is never shut off. Of course, you still need to remember to pay the credit card each month. Luckily, all, if not most credit cards these days offer the autopay option. 

Finding the best card with all the extra benefits a person needs is sometimes tricky. After all, there are many options available to individuals and seniors looking for the best credit card that will fit their lifestyle.  Here are the top 5 credit cards for retirees. Each card offers benefits in some way, such as earning rewards, interest-free financing, or cash back options. Plus, they may even offer protection on purchases or help build your credit if your score is low and needs a little help.  Here are 5 of the best credit cards of 2021. Now all you have to do is decide.

1. Capital One (two kinds)

Quicksilver Rewards

  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn a one-time $200 cash bonus once you spend $500 on purchases within 3 months from account opening
  • 0% intro APR for 15 months; 15.49% – 25.49% variable APR after that
  • No Transfer Fee
  • No Foreign Transaction Fees
  • Annual Fee: $0
  • Monitor your credit with CreditWise. It’s Free!
  • credit level: applicants must have at least good credit to apply.

VentureOne Rewards

  • Earn unlimited 1.25 miles per dollar on every purchase, every day
  • Earn 20,000 bonus miles once you spend $500 on purchases within the first 3 months from account opening
  • redeem your miles as a statement credit toward the cost of your purchases.
  • Purchase Rate: 0% intro APR for 12 months; 15.49% – 25.49% variable APR after that
  • Transfer Info: no transfer fee
  • Annual Fee: $0
  • Credit Level: Applicants need an excellent score.
  • 92 %of reviewers recommend the VentureOne Rewards Card

Will my rewards ever expire? According to their site, “your rewards are yours for the life of the account —they will not expire.” Keep in mind, though, if the account is closed, the rewards therefore are lost and not redeemable.

2. Chase Freedom Unlimited®

  • 0% intro APR for 15 months from account opening on purchases. After the intro period, a variable APR of 14.99%–23.74%.
  • $200 Cash Back the first 3 months.
  • Earn 3% cash back on dining & drugstores
  • Earn 5% on travel purchased through Chase Ultimate Rewards.
  • No Annual Fee
  • Earn 5% cash back on Lyft rides through March 2022
  • Get a complimentary 3 months of DashPass, DoorDash’s subscription service, that means unlimited deliveries for a $0 delivery fee on eligible orders over $12 on DoorDash and Caviar.

3. Discover it® Cash Back

  • Earn 5% cash back on everyday purchases at different places each quarter, such as Amazon.com, Grocery stores, Restaurants, Gas stations, or when you pay using PayPal
  • Get a 0% intro APR 14 months on purchases. Then 11.99% to 22.99%
  • Get an unlimited dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
  • Free Social Security number alerts. Perfect for peace of mind of seniors.
  • Tap to pay option.
  • FICO® Credit Score for free.
  • No annual fee
  • Average Customer Ratings score- 4.8 out of 5.

4. Citi® Diamond Preferred® Card

  • 0% Intro APR for 18 months. After that, the variable APR will be 14.74% – 24.74%, based on your creditworthiness.1
  • No Annual Fee
  • balance transfer fee of $5 or 3% of the amount of each transfer, whichever is greater.
  • CITI Entertainment- special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more. Great for seniors who have an active lifestyle.

5. AARP® Essential Rewards Mastercard® from Barclays

  • $100 cash back bonus, after spending $500 on purchases in the first 90 days²
  • no annual fee
  • 0% introductory APR for 15 months on balance transfers made within 45 days of account opening.
  • Complimentary FICO® Credit Score
  • Earn unlimited 2% cash back on Medical expenses2
  • Earn unlimited 3% cash back on Gas and Drug Store purchases (excluding Target® and Walmart®)2
  • 1% cash back on all other purchases.
  • $0 Fraud Liability Protection

Can senior citizen apply for credit card?

As a senior citizen, applying for credit cards is almost like anyone else. Like other adults over 18, when applying for credit, you need to prove your identity, show legitimate income, and report any financial circumstances you may have, such as a past bankruptcy. As long as a senior meets all these requirements, there should not be any problems getting a credit card. According to the law, Banks have no right declining credit to anyone due to their age. Banks also cannot disregard or discount income coming from Social Security or pensions. The law also states creditors cannot create their own terms, such as raising higher interest rates or fees, just solely on the age of the applicant. Yet, some factors on how much credit they can offer the applicant may vary in certain cases, since creditors focus on the income you have coming into the home, rather than what you are worth.

Here are possible reasons income may prevent a senior from receiving the credit they are looking for. Consider each one carefully before trying to get a credit card. After all, some debt is always better than no debt.

  • Income is normally lower in retirement.
  • If you paid off your mortgage.
  • A senior who co-signs on a loan.
  • The senior has no debt or rarely uses their credit they have.

Is the AARP credit card a good deal?

AARP is a nonprofit organization, working to help the lives of seniors over 50 live better. The AARP card is designed to offer benefits and rewards to AARP member seniors. Though the card is for those 50 and older, individuals do not necessarily need to be 50 to apply for the card. Any adult can apply and enjoy the many benefits of the AARP credit card. However, members of AARP do receive more benefits than nonmembers. These benefits include the cash back rewards option, cash deposit redemptions, travel rewards, and extra rewards on everyday purchases. However, there are two exclusive benefits to the AARP partnership. Furthermore, for every restaurant purchase acquired by using your AARP Credit Card, the AARP foundation will receive 10 cents from the purchase in support of the charity “Drive to End Hunger.” All the benefits of having good credit, yet helping the communities around the U.S. to end, or at least minimize the hunger issue we deal with every day in this Nation. Now tell me, is this a good credit card deal or what!

Does AARP offer a credit card?

Yes. As mentioned above the AARP Essential Rewards Master from Barclays is a great choice for seniors. It not only offers $100 Cash Back Bonus, it also provides a no annual fee charge. Once approved, members earn a $100 cash back bonus when they spend $500 or more on purchases within the first 90 days of the account opened. Members also earn 3% cash back on gas station and drug store purchases (excluding Target® and Walmart® stores). Read the above summary to get a bigger picture of what benefits there are for the card. What also makes the AARP crest card worth having is that you will never be responsible for any unauthorized charges made on your account. Barclays also donates up to $1 million to the AARP Foundation annually. This is done because of their commitment to social interactions among senior citizens. Which is a great cause, since we all know that to keep senior citizens active both physically and mentally, they need that special interaction with family and friends.

As reported on their site, the AARP Foundation makes a clear effort to equip older adults with the tools needed to stay physically and mentally healthy and connected to their communities. Barclays will also donate $10 for every new AARP® Essential Rewards Mastercard® from Barclay’s credit card account, including 1% of all eligible electronic and telecommunication purchases made with the card

There is an AARP Credit card available through Chase Bank as well. However, they may not offer the exact amount of credit line and/or benefits as does the AARP Barclays will offer to seniors. You can check out this credit card by clicking the above link.