The Best Credit Cards for Seniors
The best credit cards for seniors offer great perks, rewards, and reasonable annual fees (or no annual fees).
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- 2% cash back on eligible medical expenses
- Rewards can be put toward an AARP membership
- No annual fee
- 6% cash back on groceries and streaming services
- 0% intro annual percentage rate (APR) for the first 12 months
- Purchase Protection helps to shop with confidence
- 2% cash back on all purchases
- 0% intro APR for the first 18 months on balance transfers
- Rewards can be redeemed as statement credits, gift cards, and more
- No foreign transaction fees
- $100 credit for TSA PreCheck
- Flexible reward redemption
- Zero percent APR for 15 months
- No annual fee
- Up to 5 percent cash back on certain categories
- 2 percent cash back on all purchases
- Designed to build your savings
- No annual fee
Contents
Our Top Credit Cards for Seniors
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Barclays AARP Essential Rewards Mastercard - Best for Medical Expenses -
American Express Blue Cash Preferred Card - Best Cash Back -
Citi Double Cash Card - Best Basic Card -
Capital One Venture Rewards Card - Best Travel Rewards -
Chase Freedom Flex Credit Card - Best Introductory APR -
Fidelity Rewards Visa Signature Credit Card - Best for Savers
How We Chose the Best Credit Cards for Seniors
Choosing which credit card to apply for can be challenging. To help, we’ve narrowed down the choices to what we believe are the best credit cards for seniors. We evaluated criteria like annual fees, perks and rewards, APR rates, and sign-up bonuses to create a curated list with an option for every older adult.
Pro Tip: Read our credit card guide for seniors to learn how to decide which credit card is right for you.
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1. Barclays AARP Essential Rewards Mastercard - Best for Medical Expenses
What we like most
- 2% cash back on eligible medical expenses
- Rewards can be put toward an AARP membership
- No annual fee
Barclays AARP Essential Rewards MastercardOverview:Overview
If you’re an AARP member and have medical expenses, you may want to consider the Barclays AARP Essential Rewards Mastercard. Designed exclusively for older adults, this credit card delivers 2 percent cash back on eligible medical expenses, including your out-of-pocket Medicare or Medicaid expenses. Since retirement medical expenses are unpredictable, getting that extra 2 percent back is a nice perk.1 Plus, you’ll get 3 percent back on gas and drugstore purchases and 1 percent back on everything else. To top it off, this card has no annual fee.
Barclays AARP Essential Rewards Mastercard
You can redeem rewards for cash back, AARP membership, or other rewards on Barclays’ website. You can even use rewards to gift an AARP membership to a friend or loved one. Just remember, you must have an AARP membership to apply for this card. Visit Barclays’ site to learn more about the AARP Essential Rewards Mastercard.
Pros & Cons:Pros About Barclays AARP Essential Rewards Mastercard
- No annual fee
- Cash back on all purchases
- Unlimited rewards never expire
- Barclays donates 1% of eligible purchases to the AARP Foundation
- Sign-up bonus
Cons About Barclays AARP Essential Rewards Mastercard
- Only for AARP members
- Balance transfer fee
- Foreign transaction fee
Summary:Card Features
Annual fee
- $0
Rewards
- 2% cash back on medical expenses
- 3% cash back on gas and drugstore purchases, excluding Target and Walmart
- 1% cash back on all other purchases
Sign-up bonus
- None
APR
- 0% on balance transfers and purchases for 18 billing cycles
- 21.99% to 29.99% on purchases after introductory period
- Cash advance APR: 29.99% variable
Foreign transaction fee
- 3% of each transaction in U.S. dollars (USD)
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2. American Express Blue Cash Preferred Card - Best Cash Back
What we like most
- 6% cash back on groceries and streaming services
- 0% intro annual percentage rate (APR) for the first 12 months
- Purchase Protection helps to shop with confidence
American Express Blue Cash Preferred CardOverview:Overview
Whether you’re buying ingredients for a backyard BBQ or renewing your Netflix subscription, the American Express Blue Cash Preferred Card has you covered. This credit card offers 6 percent cash back on groceries and select streaming services, as well as 3 percent cash back on gas and transit, making it a smart choice if you use ride-share services or enjoy the RV life. Any cash back you accumulate can be redeemed as a statement credit, which keeps things simple.
American Express Blue Cash Preferred Card
After the first year (which is free), you’ll owe $95 for the annual fee. Take a look at your spending to determine if the cash-back benefits outweigh the annual fee. You’ll also want to make sure the spots you regularly shop at accept American Express. Although popular, American Express isn’t accepted everywhere. Learn more about the card from the American Express website.
Pros & Cons:Pros About American Express Blue Cash Preferred Card
- Up to 6% cash back on certain purchases
- Easy-to-earn introductory bonus
- 0% introductory APR for 12 months
- Return protection
Cons About American Express Blue Cash Preferred Card
- Annual fee
- Not accepted everywhere
- Foreign transaction fee
- Earns a base cash-back rate of 1%
Summary:Card Features
Annual fee
- $0 for first year, $95 annually thereafter
Rewards
- 6% cash back at U.S. supermarkets on up to $6,000 per year
- 6% cash back on select U.S. streaming services
- 3% cash back on gas and transit (taxis, trains, rideshare, buses, etc.)
- 1% cash back on all other purchases
- Car rental loss and damage insurance
Sign-up bonus
- $250 statement credit if you spend at least $3,000 in the first six months
APR
- Introductory on purchases and balance transfers: 0% for 12 months
- 19.24% to 29.99% after introductory period
- Cash advance APR: $10 or 5% fee, whichever is greater
Foreign transaction fee
- 2.7% of each transaction after USD conversion
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3. Citi Double Cash Card - Best Basic Card
What we like most
- 2% cash back on all purchases
- 0% intro APR for the first 18 months on balance transfers
- Rewards can be redeemed as statement credits, gift cards, and more
Citi Double Cash CardOverview:Overview
Older adults who want something simple will appreciate the Citi Double Cash Card. This $0-annual-fee Mastercard gives you 2 percent cash back on all purchases, regardless of the point of purchase or category. You’ll earn 1 percent cash back when you make a purchase and then 1 percent cash back when you pay off that purchase. Citi calls their cash back “ThankYou Points,” which you can redeem for statement credits, checks, gift cards, and direct deposits.
Citi Double Cash Card
You won’t find fancy benefits with this card, but it’s a great everyday card to keep in your wallet. Plus, since half of your cash back is tied to when you actually pay off the purchase, it’s an extra incentive to stay out of credit card debt. Read more details about the Citi Double Cash Card on Citi’s website.
Pros & Cons:Pros About Citi Double Cash Card
- Unlimited cash back on every purchase
- No annual fee
- 0% intro APR on balance transfers for 18 months
Cons About Citi Double Cash Card
- Foreign transaction fees
- Balance transfer fee
Summary:Card Features
Annual fee
- $0
Rewards
- 2% cash back on all purchases
Sign-up bonus
- $200 cash back after spending $1,500 in the first six months
APR
- Introductory balance transfer APR: 0% for 18 months
- Purchases: 19.24% to 29.24% variable, depending on credit score
- Cash advance APR: $10 or 5% of the amount, whichever is greater
- Penalty APR: Up to 29.99% variable
Foreign transaction fee
- 3%
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4. Capital One Venture Rewards Card - Best Travel Rewards
What we like most
- No foreign transaction fees
- $100 credit for TSA PreCheck
- Flexible reward redemption
Capital One Venture Rewards CardOverview:Overview
Plan to spend your retirement years traveling? Earn rewards when you travel and toward future travel with the Capital One Venture Rewards Card. This card earns two miles per dollar on every purchase and five miles per dollar when you book a rental car or hotel through Capital One Travel. Redeem your miles for past travel or future travel purchases, like anytime you purchase from airlines, hotels, cruise lines, etc. If you want, you can also redeem miles for a check, account credit, gift cards, or other rewards.
Capital One Venture Rewards Card
The card costs $95 per year, but if you’re a big traveler, the card will easily pay for itself. Other perks include no foreign transaction fees and a $100 credit for TSA PreCheck, which gets you through the airport security line faster. Plus, you can access the exclusive Capital One airport lounge twice per year. What a nice vacation perk! Visit Capital One’s website to learn more about the Venture card.
Pros & Cons:Pros About Capital One Venture Rewards Card
- 75,000 sign-up bonus miles
- No foreign transaction fee
- Flexible reward redemption
- High reward rate
Cons About Capital One Venture Rewards Card
- No introductory APR offer
- No balance transfer offer
Summary:Card Features
Annual fee
- $95
Rewards
- Earn unlimited 2 miles per dollar on every purchase
- Earn unlimited 5 miles per dollar on rental cars and hotels booked through Capital One Travel
- Two free annual visits to the Capital One airport lounge
- $100 credit for Global Entry or TSA PreCheck
- Hertz Five Star status
- Access to premium Capital One experiences
- Travel accident insurance
- Access to Capital One travel deals
- Auto rental collision damage waiver
Sign-up bonus
- Earn 75,000 miles when you spend $4,000 within the first three months
APR
- APR: 19.99% to 29.99% variable, based on creditworthiness
- Cash advance APR: 29.99% variable
Foreign transaction fee
- No foreign transaction fees
FYI: If you’re not a fan of annual fees, check out the VentureOne Rewards card from Capital One. It earns 1.25X miles with no annual fee.
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5. Chase Freedom Flex Credit Card - Best Introductory APR
What we like most
- Zero percent APR for 15 months
- No annual fee
- Up to 5 percent cash back on certain categories
Chase Freedom Flex Credit CardOverview:Overview
The Chase Freedom Flex Credit Card is our pick for seniors who are planning to make a large purchase and need to pay for it over time. This card has a zero percent APR for the first 15 months, giving you time to pay before interest starts accumulating. Other perks include 5 percent cash back on bonus categories and travel (including gas), 3 percent cash back on drugstore purchases and restaurants, and 1 percent cash back on everything else.
Chase Freedom Flex Credit Card
With no annual fee, there aren’t many drawbacks to the Chase Freedom Flex Credit Card. Just know that this may not be the best card to bring when you’re vacationing abroad, as Chase does charge a 3 percent foreign transaction fee. Visit Chase’s website to learn more about the Chase Freedom Flex card.
Pros & Cons:Pros About Chase Freedom Flex Credit Card
- No annual fee
- Up to 5% cash back on certain categories
- Sign-up bonus offer
- 0% introductory APR
Cons About Chase Freedom Flex Credit Card
- Low base cash-back rate
- Foreign transaction fee
Summary:Card Features
Annual fee
- $0
Rewards
- 5% cash back on up to $1,500 in purchases in changing bonus categories (changes each quarter)
- 5% cash back on travel purchased through Chase Travel
- 3% cash back on restaurants and eligible delivery services
- 3% cash back on drugstore purchases
- 1% cash back on all other purchases
- 3 free months of DashPass, which saves you money on DoorDash deliveries
- 3 free months of Instacart+
- 5% cash back on Lyft rides
- Auto rental collision damage waiver
- Trip cancellation/interruption insurance
- Cell phone protection for theft or damage
Sign-up bonus
- Earn $200 when you spend $500 within the first three months
APR
- Introductory APR: 0% for first 15 months
- Ongoing APR: 20.49% to 29.24% variable, based on credit score
- Cash advance APR: 29.99%, plus $10 or 5% of amount, whichever is greater
- Penalty APR: Up to 29.99%
Foreign transaction fee
- 3% of the amount of each transaction in USD
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6. Fidelity Rewards Visa Signature Credit Card - Best for Savers
What we like most
- 2 percent cash back on all purchases
- Designed to build your savings
- No annual fee
Fidelity Rewards Visa Signature Credit CardOverview:Overview
Saving for retirement can be challenging. The Fidelity Rewards Visa Signature Credit Card makes adding to your savings a little easier. This card earns you a generous unlimited 2 percent cash back on every purchase. However, you receive the full 2 percent only when you deposit your rewards into an eligible Fidelity account. This includes brokerage, IRA, HSA, cash management, and 529 plan.
Fidelity Rewards Visa Signature Card
If you’d rather redeem your cash back for gift cards or other rewards, its value drops to 1 percent. That’s why this credit card is truly for older adults who love to save. Forbes estimates the annual rewards potential at $500 or more, as long as you’re depositing it into a Fidelity account.2 Learn more about how the Fidelity Rewards Visa Signature Credit Card helps you grow your money on Fidelity’s website.
Pros & Cons:Pros About Fidelity Rewards Visa Signature Credit Card
- No annual fee
- Unlimited 2% cash back on every purchase
- Helps you save your money
- Visa Signature card perks
- No foreign transaction fee
Cons About Fidelity Rewards Visa Signature Credit Card
- No welcome bonus
- Can’t redeem rewards as a check or statement credit
- Must have a Fidelity account to receive full cash-back value
Summary:Card Features
Annual fee
- $0
Rewards
- Unlimited 2% cash back on every purchase
- Worldwide Automatic Travel Accident Insurance
- Lost luggage reimbursement
- Purchase security
- Roadside dispatch
Sign-up bonus
- None
APR
- APR: 19.24% variable
- Cash advance APR: 23.99% variable
Foreign transaction fee
- 1% of each foreign transaction
Do I Need a Credit Card?
When used wisely, a credit card is a useful tool for managing your finances. But whether or not you need one depends on you. Some older adults find credit cards too tempting, causing them to spend money they don’t have on goods they can’t afford. Others like using credit cards for the perks like travel rewards and cash back. Still others need one to help build up credit so they can get approved for a loan in the future.
Whichever side you lean toward, it’s important to know that seniors aren’t immune to credit card debt. As of the fall of 2021, adults over the age of 60 owe more than $145 billion in credit card debt, which is more than other age groups.3 If you decide to get a credit card, make sure you have the means to pay off your balance each month. That might be Social Security funds, other retirement funds or a pension, savings, or earnings from a part-time job.
How to Choose the Right Credit Card
Even with a narrowed down list to choose from, you might still be wondering, how could I possibly pick one? Here are a few questions to ask yourself before choosing.
1. What is your credit score?
Your credit score helps determine your approval for a new credit card. Most credit card companies, or affiliate companies, advertise the score range needed for approval. Check your credit score online and compare it to that range. Doing this can help you narrow down your options, especially if you don’t have stellar credit.
2. What are your financial goals?
You need a credit card that will help you meet your financial goals. So, what are they? Are you looking to build credit, save money on interest, or earn rewards? Choose a card that gets you closer to your goals, whether that’s frugally paying for a trip abroad with airline miles or making a large purchase, like a new appliance, without worrying about interest.
3. Do the benefits outweigh the cost?
When evaluating a credit card, make sure you read the fine print carefully. Does the card have a yearly fee? How much does it cost to transfer a balance? If there’s a zero percent introductory APR, what’s the ongoing APR? You need to decide if the cash-back or travel perks make up for any annual fees, foreign transaction fees, or a higher APR.
Forbes. (2019). How Much Will You Spend Out Of Pocket For Retirement Medical Expenses?
Forbes Advisor. (2021). Fidelity Rewards Visa Signature Card 2022 Review.
Federal Reserve Bank of New York. (2022). Center for Microeconomic Data.