Credit Cards For Retired Seniors

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Scotiabank Passport Visa Infinite* Card

Credit Cards for Retirees

With the Scotiabank Passport Visa Infinite*, you get 25,000 points after only $1,000 in card purchases . And each year, if you make at least $40,000 in Card purchases, youll earn 10,000 additional points .

With the Scotiabank Passport Visa Infinite* Card, you get 2 points per dollar you spend on:

  • grocery stores
  • Entertainment
  • Transportation

You can redeem your points for any travel purchases . The Scotiabank Passport Visa Infinite* Card also offers:

  • no foreign transaction fee
  • 6 complimentary passes to airport VIP lounges
  • Premium insurance for your travels or purchases
  • Concierge services

The Platinum Card From American Express

Welcome offer: Earn 100,000 bonus points after you spend $6,000 on purchases in the first six months from account opening.

Annual fee: $695 .

Why we like it: While the annual fee can be a bit shocking at first, the Platinum Card offers premium travel perks and benefits plus everyday lifestyle credits that add up to well more than the annual fee if you are able to use them.

This includes up to $200 in prepaid hotel credits per year, up to $240 in streaming credits per year, reimbursement for a Walmart+ membership, up to $200 in airline incidental credits, up to $200 in Uber Cash , Clear membership fee reimbursement and access to a wide range of airport lounges , among other benefits. Note that enrollment is required in advance for select benefits. The card also offers several travel protections and shopping protections.

The card also earns Membership Rewards points that TPG values at 2 cents apiece: 5 points per dollar on flights booked directly with an airline, 5 points per dollar on prepaid flights and hotels from Amex Travel and 1 point per dollar on other purchases. This wont be your best card for everyday spending, but using it to pay for travel and taking advantage of the perks can really elevate your travel experience.

Read our full Platinum Card review for all the details.

Apply here: The Platinum Card from American Express

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.

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Key Perks Of The Chase Sapphire Preferred Card

The Chase Sapphire Preferred Card is one of the best travel cards out there, and it’s an ideal choice for seniors and retirees who love to explore the world. The first significant perk is a whopping 60,000 points welcome bonus after spending $4,000 on purchases from account opening in the first three months. This bonus alone is worth anywhere from $600 to $750, depending on how you redeem them.

After the first year, you’ll receive an annual $50 statement credit for hotel stays as long as you booked them through Chase Ultimate Rewards. After you add travel insurance and the other benefits with partners like Lyft, DoorDash, and Gopuff, you’re looking at close to $900 worth of benefits.

What makes this a great travel card is that:

  • You can redeem your points for travel at a valuation of 1.25 cents per point through Chase Ultimate Rewards.
  • You can transfer points at a 1:1 rate to many popular airline loyalty programs, where you can get even more benefits.
  • The card doesn’t add foreign transaction fees.

Additionally, the card’s rewards on travel purchases are also great. You get 5x points on travel booked through Chase Ultimate Rewards , 3x on dining, online grocery purchases, and select streaming services, and two points on all other travel purchases, and one point on everything else.

Practice Good Credit Card Habits To Maintain Your Credit Score

Is It Always Best to Pay Off Credit Cards Before Saving for Retirement ...

Once you reach your 50s or 60s, you may not be as concerned about qualifying for something like a mortgage or a car loan.

You cant, however, afford to let your credit score go down the tubes.

If you need a new roof and you dont have an extra $10,000 to spare, a home equity loan or line of credit could save the day. In that scenario, youd need a good credit score to land the best loan terms.

Whether you plan to use a credit card a little or a lot in retirement, the same basic rules apply for keeping your credit rating on the straight and narrow. That includes:

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Best Low Ongoing Apr Cards For Seniors

Depending on the source of your retirement income, you may receive sporadic payments or be required to withdraw funds in certain increments or at specific times of the year. This inconsistent income can mean you may need to carry a balance from time to time as you await funds to hit your account.

While introductory low-interest offers can be a good stop-gap for a specific occasion, they dont last forever. A better option for those who may need to periodically carry a balance is a credit card with a low ongoing APR, like our picks below, that can provide year-round savings.

Most credit cards will have a specific range of potential APRs, i.e. 14.99% to 19.99%. Those who are approved for a given card will be offered an APR from within the set range, with the specific APR dependent upon the cardholders credit profile.

Although improving your credit is the best way to ensure a low APR, you can reduce the chances of receiving a high APR by choosing a card with a low APR range. Keep in mind that most credit cards have variable APRs, so your APR can change with the US Prime Rate over time.

Seniors Debt And Credit

In the generations that came after the Depression and WWII, seniors have been among the Americans in the best financial position. Thanks in large part to the growth in the social security system, older Americans were associated with low levels of debt, solid credit, and relatively stable income from pensions and social security. In other words, for many decades, economists didnt worry about seniors.

Over recent years particularly the 21st century all that has changed. With the social safety net decaying, seniors now have far more issues with debt and credit than they once did. For instance, according to the Federal Reserve, while less than 10% of seniors still owed on their mortgage in 1989, today more than 30% owe around $100,000.

At the opposite end of the spectrum, however, are a growing number of seniors with little or no credit the credit invisible or unscorable according to the three main credit reporting agencies: Equifax, Experian, and TransUnion. And credit invisibility can be as destructive, ultimately, to a seniors finances as debt.

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Blue Cash Everyday Card From American Express

Welcome offer: Earn a $200 statement credit after you spend $2,000 on purchases on your new card within the first six months.

Annual fee: $0 .

Why we like it: This card has no annual fee, earning categories that match common daily spending and introductory rates on APR and buy now, pay later plans that can help you save money while financing large purchases. Cardmembers enjoy $0 Plan It® fees for BNPL plans created during the first 15 months after account opening. This can help you finance large purchases coming up, and then plan fees are 1.33% of the purchase amount after the introductory period, in addition to the standard purchase APR. Cardmembers also enjoy an introductory APR of 0% for purchases in the first 15 months, then a variable APR between 15.49% and 25.49%.

Another reason to like this card is its earning structure. Cardmembers earn 3% cash back at U.S. supermarkets on up to $6,000 of spending per year , 2% back at U.S. gas stations and 1% back on all other purchases.

Read our Blue Cash Everyday card review for all the details.

Apply here: Blue Cash Everyday Card from American Express

I Need To Rebuild Credit

Sunday Reader Question: Maximizing Travel Credit Cards in Retirement

When you have a low credit score, a secured credit card is a good way to rebuild it.

What makes secured credit cards different is that they require a refundable security deposit from the cardholder upon account opening. The deposit is usually equal to the starting credit limit for the secured card.

Since the card issuer has that security deposit, it can be more flexible about the applicants it approves. Even if your credit score is in the “bad credit” range, you could still get approved for a secured card and start to rebuild your credit.

COMPARE PICKS:Best Secured Credit Cards

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Key Benefits Of The Chase Sapphire Preferred Card

The Chase Sapphire Preferred Card is one of the best travel cards out there, and its a perfect choice for seniors and retirees who love to explore the world. The first significant benefit is the 60,000 point welcome bonus after you spend $4,000 on purchases from account opening in the first three months. The value of this bonus alone ranges from $600 to $750, depending on how you redeem them.

After the first year, youll receive an annual $50 statement credit for hotel stays as long as you book them through Chase Ultimate Rewards. After you add travel insurance and other benefits with partners such as Lyft, DoorDash, and Gopuff, Youre looking at gains worth around $900.

What makes this a great travel card is that:

  • You can redeem your points for travel through Chase Ultimate Rewards at a valuation of 1.25 cents per point.
  • You can transfer points at a 1:1 rate to many popular airline loyalty programs, where you can get even more benefits.
  • The card does not add foreign transaction fees.

Additionally, the card rewards great on travel purchases. You get 5x points on travel booked through Chase Ultimate Rewards , 3x on meals, online grocery shopping, and select streaming services, and all other travel purchases At two points, and at one point everything else.

Key Benefits Of The Blue Cash Preferred Card

The biggest advantage of the Blue Cash Preferred Card is the cards cashback rates, which are off the charts. For example, this card lets you pay 6% on grocery purchases at select US supermarkets and an additional 6% on select US streaming services. Apart from these two categories, you get 3% back on transit and gas and the standard 1% cashback on all other purchases.

The card also brings car rental loss and damage insurance, which can cover a good portion of your car rental cost if you ever need to rent a vehicle. But, while this benefit comes with most premium cards, the important point here is that the Blue Cash Preferred Card does not attract an annual fee. That is, you are getting this benefit for free.

So, if you are planning to take a road trip during your golden years to live a sober lifestyle, watch your favorite shows and meet friends and family, this could be the perfect card for you.

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Hsbc Visa Platinum: Opportunity To Earn Both Cashback And Miles

  • Annual fee: S$192.60
  • 5% cashback on local dining, groceries & petrol
  • 0.4 miles per S$1 general spend, unlimited
  • Up to 21% fuel savings with Caltex, Shell
Analyst’s Review

HSBC Visa Platinum Card is a very affordable no-fee card that allows seniors to earn miles or cashback on their purchases. To begin, its S$192.60 annual fee can be waived with an annual spend of S$12,500. Its rewards structure is quite unique compared to other cards on the market, offering both miles & cashback for transactions. Cardholders earn 0.4 miles/S$1 spend and 5% rebate on local groceries, dining, and petrol purchases. Miles earned can be used to pay for/offset future airfare purchases. These 3 categories account for the majority of the average consumer’s budget, so it is easy to start earning and maximizing rewards.

It is important to note that in order to qualify for the 5% cash rebate, consumers must spend at least S$600/month, otherwise, they will earn 0.4 miles per S$1 on all spend. Earnings are capped at S$250/quarter . By spending S$1,667/month, a cardholder not only maxes out their rewards cap, but they also exempt themselves from paying the annual fee. Overall, the HSBC Visa Platinum Card gives cardholders the opportunity to earn cashback and miles on all purchases.

How To Make The Most Of These Cards

Making it easier for retirees to get credit cards, Business News

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.

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Best Credit Cards For Seniors

On American Express’ Secure Website.

Terms apply

On American Express’ Secure Website.

Terms apply

  • Card Details
  • Earn a $350 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
  • Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 plan fees on plans created during the first 12 months after account opening. Plans created after that will have a fixed monthly plan fee up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
  • Low intro APR: 0% intro APR for 12 months on purchases from the date of account opening, then a variable rate, 15.49% to 25.49%
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases .
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations and on transit .
  • 1% Cash Back on other purchases.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
  • $95 Annual Fee.
  • On Wells Fargo’s Secure Website.

    On Wells Fargo’s Secure Website.

    Intro APR

    Purchases: 0% intro APR, 15 months from account opening

    Balance Transfers: 0% intro APR, 15 months from account opening on qualifying balance transfers

    Regular APR

    16.49%, 21.49%, or 26.49% variable APR

    Rewards

    • Long 0% intro APR offer
    • Generous cash rewards sign-up bonus
    • No annual fee
  • Earn unlimited 2% cash rewards on purchases
  • The Best Credit Cards For Seniors Can Help You Maintain Your Financial Well

    Heres our take on some of the best cards available in several key categories.

    Card

    Heres why: The Capital One Venture Rewards Credit Card makes it simple to earn and redeem your travel rewards. With flexible redemption options that dont tie you down to a specific airline or hotel chain, you can travel on your terms.

    Youll earn an unlimited two miles for every $1 you spend on all purchases, along with five miles per $1 spent on hotel and rental car purchases made through Capital One Travel, and five miles per $1 spent on bookings made through Turo.

    You can easily redeem those points for statement credits after you pay for travel expenses with your card. Or, if you prefer, you can use your miles to pay for purchases when you book your travel through Capital One. Plus, miles can be transferred to one of Capital Ones airline travel partners for even greater flexibility.

    The card has an annual fee of $95. It also offers travel accident insurance, travel assistance services, no foreign transaction fee and a credit of up to $100 for a Global Entry or TSA PreCheck application to help you move through airport security lines.

    For more information about how you can maximize your rewards, read our full review of the Capital One Venture Rewards Credit Card.

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