The best credit cards for seniors are the AARP Rewards Credit Card and AARP Travel Rewards Credit Card from Barclays. There’s no annual fee on both the cards, and AARP Rewards Credit Card offers $100 cash back after spending $500 in the first 90 days. You also get 3% cash back on gas and drug store purchases, 2% on medical expenses and 1% on all other purchases. You can use your rewards to pay your AARP membership or get cash back, gift cards or merchandise, so redemption is flexible.
AARP membership qualifies seniors for significant discounts on dining, health services, retail purchases, insurance, entertainment, and more. But just because the AARP Credit Card is a natural choice for people of a certain age (you need to be at least 50 years old to join AARP) doesn’t mean it’s the right card for you. You may want bonus rewards in a different spending category or prefer a travel card, for example. And there are plenty more options.
The best low interest credit cards for excellent credit are the Costco Anywhere Visa Credit Card, the Amalgamated Bank of Chicago Union Strong Credit Card, and the Dollar Bank Low Rate Credit Card. They all have interest rates below 16%.
There are other credit cards with the possibility of lower interest rates for people with excellent credit, but the lowest rates offered in an interest rate range aren’t guaranteed. The credit cards listed above don’t have an interest rate range, which means a cardholder will know the rate they’ll get before they apply for the card.… read full answer
It’s important to note, however, that the interest rates for these credit cards are variable, meaning that the rate can go up or down depending on changes to the index rate the card is attached to. The index rate usually fluctuates along with the Federal Reserve interest rate.
The best low interest credit cards for excellent credit:
Costco Anywhere Visa: Regular APR of 19.49% (V). Excellent required. No intro APR period. $0 annual fee.
Amalgamated Bank of Chicago Union Strong: Regular APR of 9.25% (V). Good required. Intro APR of 0% for 12 months on purchases and 0% for 18 months on balance transfers. $0 annual fee.
Dollar Bank Low Rate: Regular APR of 12.99% - 17.99% (V). Excellent required. Intro APR of 0% for 6 months on purchases and 0% for 6 months on balance transfers. $0 annual fee.
When shopping for a low interest credit card, it’s worth considering credit cards with 0% APR periods, especially if you’re looking to make a big purchase and carry a balance for awhile. Many credit cards with 0% APR intro periods don’t even require excellent credit. But do keep in mind that many 0% APR credit cards have high regular interest rates, so make sure to pay off any carried balance before the intro APR period ends.
One of the best credit cards for retirees is the AARP Credit Card. It has no annual fee and gives a $200 bonus for spending just $500 in the first 3 months. It also gets you 3 points per $1 on gas and restaurant purchases, and 1 per $1 on everything else. Plus, you can use those points to pay for your AARP membership, which provides discounts on insurance, travel, dining, phone service and more.… read full answer
Other good retirement credit cards include Citi Double Cash for its consistent 2% cash back on all purchases, Capital One VentureOne for its fee-free travel rewards, and Chase Slate for getting rid of any lingering debt you might have. It all depends on whether you want to make your money stretch further, focus on vacationing, or get your financial house in order.
Here are the best credit cards for retirees:
AARP Members – AARP Rewards Credit Card 20,000 bonus points worth $200 cash back when you spend $500 in the first 3 months. 3 points per $1 on gas station and restaurant purchases and 1 on everything else. You can spend points to pay your AARP membership or redeem for other things like gift cards and travel. No annual fee. Requires good credit.
Consistent Cash Back – Citi Double Cash 1% cash back on every purchase, another 1% when you pay it off. 18-month 0% APR on balance transfers to help take care of any lingering loans. No annual fee. Requires good credit.
Everyday Bonus Cash Back – Amex Blue Cash Preferred $200 statement credit when you spend $1,000 in the first 3 months. 6% cash back on up to $6,000 per year at U.S. grocery stores, 3% at U.S. gas stations and select department stores and 1% everywhere else. That’s great for everyday retiree expenses. 12-month 0% APR on purchases and balance transfers. Requires good credit.
No Annual Fee Travel Card - Capital One VentureOne 20,000 miles, worth $200 in travel, for spending $1,000 in the first 3 months. Unlimited 10 miles per $1 spent at hotels.com/venture and 1.2 on all other purchases. Use the miles to take a trip and start enjoying your retirement. 12-month 0% APR on purchases. No annual fee. Requires good credit.
Travel Rewards Sign-up Bonus - Chase Sapphire Preferred 50,000 points, worth $625 in travel, for spending $4,000 in the first 3 months. 2 points per $1 on travel and dining and 1 on everything else. Points worth 25% more toward travel. $95 annual fee waived the first year. Requires excellent credit.
When shopping for the ideal card for your retirement, be sure to think about what you value most. For example, you may want to kickstart your dream vacation with Capital One Venture. Or consistently save on everyday purchases with Citi Double Cash. If you have multiple things you want to focus on, like travel and financing, you can always get separate cards for those two functions.
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