Seniors maintain a different spending pattern based on their priorities and financial needs. This spending pattern is quite different from the pattern that young people normally follow. The reason behind this difference is seniors live on a fixed income throughout their life, practically on their retirement funds, Social Security benefits, etc.
After retirement, seniors still have need of money each month to pay for their critical expenses. To fulfill that need, seniors also require specialized credit cards to make transactions.
If you’re a senior individual and require a specialized credit card, you can check out the below-given list of some of the best credit cards for seniors available in the market.
1. AARP credit card
This one is the best, as per the market review. Andy Misek of the website Finance Guru suggests that seniors can use the AARP credit card from Chase as it is specifically made for seniors.
He also explained that seniors may get 3% cashback on gas, 1% on groceries, and eating out. You also get $100 back after you spend $500 in the first 3 months. The card has a 0% APR for the first year and 16.49% after that. It also charges a 3% foreign transaction fee,
This is the best credit card for seniors who love to dine out in restaurants. Apart from that, each time you use your specialized credit card at any restaurant, 10 cents will be donated as charity to AARP.
2. Chase Slate
This card is specially made for seniors who like big names. The Chase Slate is a big bank, allowing you a 0% APR for the first 15 months for all purchases and balance transfers. And guess what! This will give you the option to transfer balances made within the first 60 days absolutely free.
After the introductory period, the APR maybe 13.24% to 23.24%. Seniors can get a monthly FICO score for free, without any annual fee and/or overdraft fee. Apart from that, this card has a 3% foreign transaction fee.
3. Chase Sapphire Preferred
Chase Sapphire Preferred card is one of the best travel credit cards for seniors. It offers the option to earn and transfer points to other loyalty programs. The card is popular among seniors as it can transfer points at a 1-to-1 ratio to airline and hotel travel. This specialized credit card gives you 2 points per dollar benefits for seniors on travel and dining.
4. Blue Cash Preferred From American Express
This card offers a rewards program on your first $6,000 of purchases in the first year. Seniors will get 3% back at U.S. gas stations and selected department stores. All the other purchases earn you 1%.
The card has an introductory 0% APR. Later the rate will be changed. It also has an annual fee of $75 and 2.7% of the balance will be charged as a foreign transaction fee.
5. Capital One Venture Rewards
Do you travel a lot? If yes, then the best option for you to be a senior is the Capital One Venture Rewards card. Seniors can accumulate ‘miles’ on every ticket they purchase using this card. Points can be redeemed on airline travel, except on blackout dates.
This card offers 2x miles for every dollar spent. Seniors may get a 50,000-mile sign-up bonus if they can spend $3,000 within the first three months.
6. Barclaycard Arrival Plus World Elite Mastercard
Seniors may plan to travel after their retirement. If you are one of them and need a specialized credit card with good benefits to ease up your travel experience, this is the one you are looking for. The Barclaycard Arrival Plus World Elite MasterCard provides you with 40,000 bonus miles if you spend $3,000 within 3 months. It also gives you 2x miles on all purchases and 5% of your miles back when you redeem the miles.
The card comes with a 0% APR for 12 months if you opt for a balance transfer within the first 45 days. After that, it goes to 16.24% or 20.24%, considering your creditworthiness. The foreign transaction fee is 0%, but after the first year, you have to pay $89 as an annual fee.
7. Citi Double cash card
One of the best credit cards for seniors that takes entry into almost all of the top credit card lists. You’ll get a 1% cashback on every purchase. When you pay off your credit card bill, you’ll receive another 1%.
A 0% APR is applicable for the first 15 months, then the rate will increase between 13.24% and 23.24%. The card has a 3% foreign transaction fee.
Credit cards are the most useful money tool in the present era. If we use it responsibly and skillfully, it can help us get great deals, and also save money. Being a senior you must use it as per your need but remember, if it falls in the wrong hands it can lead to financial hardship. After retirement, it’s not wise to experience financial issues due to your foolishness and irresponsibility. As long as you pay your balance in full each month and spend within your means, you are the happiest guy in the world! Enjoy.