Best Credit Cards For Retired People – Banks or Credit Card issuing companies consider senior citizens or retired people as financially dependent. Thus it is little difficult for retired people to get a credit card. However not to worry, we have prepared the best credit cards for retired people list and you will defintely find one for yourself.
As a retiree, you may have a variety of things you want to do. You may want to visit your family, go on a road trip with your childhood friends, build houses at an exotic location, or undertake a new hobby. You have the world at your feet and dreams that need fuel. Luckily, some credit cards are available for retirees that can fuel your dreams on the go!
Be it the cashback rewards, the points, the travel offers, or the balance transfer, and your credit cards have you covered. Below is a list of some best credit cards that may be a good fit for you. The only thing that you need to watch out for is your spending habits and your credit history. Once you have these two things taken care of, you can choose the right credit card based on them.
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Table of Contents
Can Retirees Apply for Credit Cards ?
Retirement is a new phase of life. It can be filled with lots of adventure, including home renovations or improvements, travel and picking up new skills and hobbies. When these things come into the picture, you may need to stretch yourself a bit on the financial front.
Hence, your credit cards can come in handy. If you have retired, it does not imply that you must cut off all those credit cards. As long as you are not in financial debt, having a credit card helps you earn excellent rewards and benefits. Thus, retirees can apply for credit cards that come with several benefits.
Also Read: 101 Things to Do When You Retire
Why Should Retirees Get Credit Cards ?
As retirees, there are two significant benefits of getting a credit card; security and rewards. Although you may have a fixed income, you would still be spending lots on your essentials, including fuel, groceries, and dining. Therefore, when you have credit cards, you are entitled to several cashback, rewards, and miles, often for no additional costs.
Credit cards also offer secure and reliable payment options. Even in the case of a fraudulent event, credit card security protections ensure that you are not held responsible.
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Best Credit Cards For Retired People
- Chase Freedom Unlimited
The chase freedom unlimited card earns a 1.5% cash back, provided you deal with non-bonus categories. It comes against the usual 1% offered on “other” purchases by all the other cards. Also, several categories will help you win rewards. Hence, if you spend wisely, this card can be an excellent option.
The Chase Freedom Flex offers several point-earning scenarios. It has a rotating category or tiered-rewards system. You can earn up to 5% cash back monthly in rotating categories. You are eligible to earn rewards in several static bonuses throughout the year.
- Bank of America Credit Card
When you opt for the Bank of America credit card, you decide where you will earn the most cash back. You will be given a list of around six categories, and you can choose! Also, some Preferred Rewards Bank of America Clients can earn bonuses on all purchases. Hence, every day becomes your day with the Bank of America credit card!
Most travel-related cards have a highly complex reward system. However, Capital One Ventures Rewards Credit Cards has a much simpler travel-related reward system. You can simply earn back-to-back rewards and redeem them to cover all the travel purchases.
- Blue Cash Preferred Card from American Express
Post your retirement, some critical things may come up in the limelight that needs to be taken care of. For example, you may be more into streaming on Netflix than before. You may also be eating more home-cooked meals than before.
Given these cases, you need to make the most of these moments! The Blue Cash Preferred Credit Card from American Express does precisely that! You get super-exciting rewards when shopping for groceries from supermarkets, on select OTT platforms and much more!
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Best Credit Card for An Elderly Parent
As an elderly parent or a parent going to retire soon, you may have financial crunches because everything happens very quickly. It is in situations like these that credit cards can come in handy. Here is a list of our hand-picked collection of credit cards that can aid you during such situations.
- Capital One Quicksilver Cash Rewards
- Chase Freedom Unlimited
- Capital One Venture Rewards
- AARP Essential Rewards Mastercard from Barclays
- Citi Double Cash Card
- Costco Anywhere Visa Card by Citi
- Blue Cash Everyday Card from American Express
- Chase Sapphire Preferred
- Capital One Ventures Reward Card
Also Read: Best Business Credit Cards For Construction
Mistakes to Avoid While Applying for Credit Cards
Before applying for a senior’s or retiree’s credit card, here are some crucial tips that will help you avoid common mistakes that people generally make.
- Do not apply for credit cards without proper research
If you apply for credit cards without proper research and then have your applications rejected, you will negatively hamper your credit report. Always make it a point to confirm information before applying for credit cards. Such a measure increases your chances of approval.
- Applying for many cards at a single go
If in case your credit card application has been rejected for whatever reasons, do not jump immediately into applying for another credit card. It is best to go back and reflect on why your credit card application was rejected.
Find out where your application lacked. If it is because of certain documents that you failed to submit, then gather them. If it is due to bad credit history, make sure you take a while to improve it before applying for a credit card the next time.
Also Read: Is It Safe For Senior Citizens To Apply For A Credit Card Online ?
Final Words !
Getting a credit card after retirement or as a senior parent is not as difficult as everyone says. However, it depends on your credit history. So the credit history you have maintained throughout the years plays a crucial role. Also, researching the various credit cards available before applying for any of them is very important. So make sure you have gotten those comparisons right, and you are good to go!