As you enter retirement or embrace your senior years, your spending habits may shift. You might find yourself traveling more, dining out with family and friends, or noticing an increase in monthly medical expenses.
That’s where having the right credit card comes in—it can help you get the most out of your spending by offering rewards and benefits tailored to your needs.
Whether you want to earn rewards on your daily purchases, save on travel, or manage your expenses, choosing a credit card designed with your lifestyle in mind can make a big difference.
We’ve taken a close look at some of the best options for seniors and retirees to help you find a card that offers maximum value based on your spending habits.
Top Credit Cards for Seniors and Retirees for 2024
AARP® Essential Rewards Mastercard® from Barclays
Best for seniors looking for cash back on healthcare and dining.
As someone who frequently spends on medical expenses and enjoys dining out, the AARP Essential Rewards Mastercard is perfect for me. With 3% cash back on gas and drugstore purchases, including prescriptions, this card helps me save on essential healthcare costs. Plus, I get 2% back at restaurants, which is great when I’m out with family and friends. It’s a practical card that rewards me for the things I spend on most often.
- Earning Rates:
- 3% cash back on gas and drugstore purchases, including medical expenses.
- 2% cash back at restaurants.
- 1% cash back on all other purchases.
- Additional Benefits:
- No foreign transaction fees.
- $0 fraud liability protection.
Bank of America® Customized Cash Rewards Credit Card
Best for seniors who want to choose their cash-back categories.
What I love about the BOFA Customized Cash Rewards card is the ability to choose where I earn the most rewards. Whether I’m spending on gas, travel, or online shopping, I can tailor the 3% cash back to fit my current spending. The 2% cash back at grocery stores and wholesale clubs is also super helpful for managing my everyday expenses. It’s a great way to maximize rewards based on my lifestyle.
- Earning Rates:
- 3% cash back in a category of your choice (gas, online shopping, travel, dining, drug stores, or home improvement/furnishings).
- 2% cash back at grocery stores and wholesale clubs.
- 1% cash back on all other purchases.
- Additional Benefits:
- $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days.
- Introductory 0% APR for 15 billing cycles on purchases and balance transfers.
Blue Cash Everyday® Card from American Express
Best for retirees focused on U.S. supermarkets and U.S. gas stations with no annual fee.
For retirees who prioritize everyday spending on U.S. supermarkets and U.S. gas stations, the Amex Blue Cash Everyday Card is a fantastic choice. It offers 3% cash back at U.S. supermarkets and U.S. gas stations (up to $6,000 annually per category in purchases, then 1%), making it a great fit for those focused on essential purchases. With no annual fee, it’s a worry-free option for retirees looking to maximize their savings without additional costs. This card provides a simple, hassle-free way to earn rewards on the spending that matters most, making it perfect for seniors who want to stretch their budget further while handling daily expenses.
- Earning Rates:
- 3% cash back at U.S. supermarkets and U.S. gas stations (on up to $6,000 in combined purchases per category each year, then 1%).
- 3% at U.S. online retail purchases up to $6,000 per year, then 1%.
- 1% cash back on all other purchases.
- Cash back is received in the form of reward dollars that can be redeemed as a statement credit or at Amazon.com checkout.
- Additional Benefits:
- $200 statement credit after spending $2,000 in purchases within the first six months.
- Introductory 0% APR for 15 months on purchases and balance transfers then a variable APR 18.74% – 29.74%.
- Terms Apply. See rates and fees.
Blue Cash Preferred® Card from American Express
Best for seniors with high grocery and streaming expenses.
This card offers 6% cash back at U.S. supermarkets (on up to $6,000 in combined purchases each year, then 1%) and 3% on transit. It’s suitable for those with substantial spending in these areas. The annual fee is $0 introductory annual fee for the first year, then $95. Cash back is received in the form of reward dollars that can be redeemed as statement credit or at Amazon.com checkout.
- Earning Rates:
- 6% cash back at U.S. supermarkets and on select U.S. streaming subscriptions (on up to $6,000 in combined purchases each year, then 1%).
- 3% cash back on transit (including taxis/rideshare, parking, tolls, trains, and buses).
- 3% cash back on U.S. gas stations
- 1% cash back on all other purchases.
- Additional Benefits:
- Up to $250 statement credit after spending $3,000 in purchases within the first six months.
- Introductory 0% APR for 12 months on purchases and balance transfers. 0% intro APR on purchases and balance transfers for 12 months from the date of account opening, then a variable APR, 18.74% to 29.74%.
- Terms Apply. See rates and fees.
Capital One Venture Rewards Credit Card
Best for seniors who love to travel with easy-to-use miles.
If you love to travel, whether for work or leisure, the Capital One Venture Rewards card makes it easy to earn miles on every purchase. This card offers 2x miles on all purchases and the ability to transfer miles to hotel and airline partners or redeem them for travel purchases. It’s ideal for those who travel frequently. The annual fee is $95.
- Earning Rates:
- 2x miles on all purchases.
- Additional Benefits:
- Up to $120 credit for Global Entry or TSA PreCheck.
- Complimentary access to Capital One Lounges and partner lounges.
Chase Freedom Flex® Card
Best for seniors seeking versatile cash-back rewards.
The Chase Freedom Flex® Card is ideal for someone like me who enjoys versatile cash-back options. With 5% cash back on rotating categories (on up to $1,500 in the categories after activation, then 1 percent back) and 3% back on dining and drugstores, I can maximize my rewards on everyday purchases. There’s also no annual fee, so it’s a low-cost way for me to earn cash back while keeping my spending flexible across different categories throughout the year.
- Earning Rates:
- 5% cash back on rotating categories (on up to $1,500 in combined purchases each quarter you activate, then 1%).
- 3% cash back on dining and drugstore purchases.
- 1% cash back on all other purchases.
- Additional Benefits:
- $200 bonus after spending $500 in the first three months.
- Introductory 0% APR for 15 months on purchases and balance transfers.
Chase Sapphire Preferred® Card
Best for seniors who want flexible travel and dining rewards.
I love the Chase Sapphire Preferred because it rewards me for both travel and dining, which are big parts of my retirement lifestyle. I earn 5x points on travel through Chase, 3x on dining, and 2x on other travel purchases, giving me plenty of opportunities to earn points. Points can be transferred to hotel partners or redeemed via Chase’s travel portal, where they’re worth 25% more. The annual fee is $95.
- Earning Rates:
- 5x points on travel booked through Chase.
- 3x points on dining.
- 2x points on other travel-related purchases.
- 1x point on all other purchases.
- Additional Benefits:
- $50 annual Ultimate Rewards
Chase Sapphire Reserve®
Best for seniors seeking premium travel perks and rewards.
When I want a little extra luxury in my travels, the Chase Sapphire Reserve is my go-to. With 3x points on travel and dining, plus access to Priority Pass lounges, I get to enjoy my trips with added comfort. The $300 annual travel credit helps offset the card’s fee, making it easier for me to justify the cost. It’s the card I use when I want to enhance my travel experience without compromising on rewards.
- Earning Rates:
- 10x points on hotels and car rentals booked through Chase Travel℠.
- 5x points on flights booked through Chase Travel℠.
- 3x points on other travel and dining purchases.
- 1x point on all other purchases.
- Additional Benefits:
- $300 annual travel credit.
- Complimentary Priority Pass Select membership.
- Comprehensive travel protections.
Citi Custom Cash® Card
Best for seniors who want 5% cash back on their top spending category.
I love the Citi Custom Cash card because it adjusts to my spending needs. It automatically gives me 5% cash back on my highest eligible spending category each billing cycle, making it perfect for someone whose expenses change from month to month. This flexibility is ideal for seniors with varying monthly expenses. There is no annual fee.
- Earning Rates:
- 5% cash back on your highest eligible spending category each billing cycle, up to $500 in combined purchases, then 1%.
- 1% cash back on all other purchases.
- Additional Benefits:
- $200 cash back after spending $1,500 on purchases in the first six months.
- Introductory 0% APR for 15 months on purchases and balance transfers.
Citi Double Cash® Card
Best for seniors seeking simple, flat cash-back rewards.
I’m someone who values simplicity, and the Citi Double Cash card fits that perfectly. I earn 1% cash back when I make a purchase and another 1% when I pay it off. There are no caps or confusing categories to keep track of, which makes it an easy, no-hassle way to earn rewards on everything I buy. It’s great for retirees who prefer a simple, flat-rate cash-back card without the fuss. This simplicity makes it ideal for seniors preferring a hassle-free rewards system. There is no annual fee.
- Earning Rates:
- 1% cash back when you buy.
- 1% cash back when you pay off purchases.
- Additional Benefits:
- Introductory 0% APR for 18 months on balance transfers.
- No foreign transaction fees.
Costco Anywhere Visa® Card by Citi
Best for Costco members who want maximum rewards on gas and travel.
As a Costco member, the Costco Anywhere Visa gives me unbeatable rewards on my everyday spending. I get 4% cash back on gas, 3% on dining and travel, and 2% back at Costco. It’s the perfect card for me because I do a lot of my shopping at Costco, and the extra rewards on dining and travel are a great bonus for when I’m out and about. If you shop at Costco as much as I do, this card is a must-have. There is no annual fee (Costco membership fee applies).
- Earning Rates:
- 4% cash back on gas and EV charging purchases (on up to $7,000 in combined purchases each year, then 1%).
- 3% cash back on dining and travel.
- 2% cash back at Costco and Costco.com.
- 1% cash back on all other purchases.
- Additional Benefits:
- No foreign transaction fees.
- Comprehensive travel protections.
Fidelity® Rewards Visa Signature® Card
Best for seniors who want to earn cash back for retirement investments.
The Fidelity Rewards Visa Signature card is fantastic for me because I can earn 2% cash back on every purchase, and it’s automatically deposited into my Fidelity investment account. It’s an easy way to boost my retirement savings while still enjoying rewards on my everyday spending. If you’re looking to grow your investments without any extra effort, this card is an excellent option. There is no annual fee.
- Earning Rates:
- Unlimited 2% cash back on all purchases.
- Additional Benefits:
- No foreign transaction fees.
- $0 fraud liability protection.
U.S. Bank Visa® Platinum Card
Best for seniors looking for long-term balance transfers and low-interest rates.
If I’m planning a big purchase or need to transfer a balance, the U.S. Bank Visa Platinum offers one of the longest 0% APR periods. It’s ideal for anyone looking to manage large expenses or pay down debt without worrying about interest piling up. Whether you’re consolidating or making a major purchase, this card makes it easy to stay on top of your finances. The card provides an introductory 0% APR for 20 billing cycles on balance transfers and new purchases, then a variable APR applies. There is no annual fee.
- Earning Rates:
- No rewards program.
- Additional Benefits:
- Introductory 0% APR for 20 billing cycles on balance transfers and new purchases.
- Cell phone protection.
Key Features to look for in a Credit Card for Seniors
When comparing credit cards, we focused on several key features that can be especially valuable for seniors:
- Earnings Rates: Look for cards that offer strong rewards on categories where you spend the most, like groceries, dining, or travel.
- Bonus Rewards Categories: Some cards offer extra rewards in specific categories, which can align with your lifestyle, such as health and wellness or entertainment.
- Welcome Bonus: Many cards offer generous sign-up bonuses, giving you a chance to earn extra cash or points right from the start.
- Introductory APR: If you’re planning a large purchase or have existing debt, a 0% intro APR offer can help you save on interest.
- Low or No Fees: Be mindful of cards with annual fees. Make sure the rewards and perks outweigh the cost.
- Travel Benefits: Whether you’re visiting family or exploring new places, travel perks like free checked bags, airport lounge access, or travel insurance can add significant value.
Benefits of Credit Cards for Seniors
Credit cards for seniors offer more than just points or miles—they can provide real financial benefits:
- 0% Introductory APR: If you need to finance a big purchase or consolidate high-interest debt, a card with a 0% introductory APR can save you money on interest for several months.
- Bonus Cash Back or Points: Some cards offer bonus rewards on key spending categories, such as groceries or gas, which are essential for most households. Others offer flexible points that can be redeemed for travel, gift cards, or even statement credits.
- Travel Perks: If retirement means more time for travel, certain credit cards offer perks that can enhance your experience—like complimentary upgrades, hotel discounts, or waived foreign transaction fees.
How to choose the Best Credit Card for Seniors
There’s no one-size-fits-all solution when it comes to picking the right credit card. The best card for you will depend on your spending habits, preferences, and financial goals. Here are a few things to consider:
- Your Spending Patterns: If you spend a lot on specific categories like dining, travel, or groceries, look for a card that offers bonus rewards in those areas. If you prefer simplicity, a flat-rate rewards card may be the way to go.
- Ease of Use: Some rewards cards come with rotating bonus categories that can be challenging to keep track of. If you don’t want the hassle, opt for a card with straightforward rewards.
- Annual Fees: Cards with annual fees often come with valuable perks, but make sure the benefits outweigh the cost. If you don’t think you’ll use the travel perks or other extras, a no-annual-fee card might be a better choice.
Getting a Credit Card as a Senior or Retiree
Before you start comparing credit cards, it’s a good idea to check your credit score. Most top-tier cards require a good or excellent credit score (typically 670 or higher), but there are still solid options for those with lower scores.
Once you know where you stand, research cards that are likely to approve you based on your credit profile. You can apply online through the card issuer’s website, or in person at a bank or credit union. The process is usually quick, taking just a few minutes to complete.
Kurt’s key takeaway
The best credit cards for seniors and retirees are those that offer rewards and benefits tailored to your evolving needs. Whether you’re looking to earn cash back on groceries and gas, take advantage of 0% APR offers to manage larger expenses, or unlock valuable travel perks for your next adventure, there’s a card that can help you make the most of your spending. By carefully assessing your current lifestyle and financial goals, you can choose a card that aligns with how you want to enjoy your retirement.
Take the time to compare options based on rewards rates, fees, sign-up bonuses, and any extra perks. With the right credit card in your wallet, you’ll be well-equipped to save money, earn rewards, and enjoy your retirement to the fullest.
Copyright 2024 CyberGuy.com. All rights reserved. CyberGuy.com articles and content may contain affiliate links that earn a commission when purchases are made.