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Our Top 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.
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 all 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.
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.
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 credit, a check, gift cards, travel rewards, and more.
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.
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.
FYI: If you’re not a fan of annual fees, check out the VentureOne card from Capital One. It earns 1.25X miles with no annual fee.
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 pharmacy 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.
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.
If you have no credit or bad credit, this one’s for you. The Secured Sable ONE Credit Card helps you build credit while earning cash-back rewards. It’s a great solution for older adults who need to improve their credit score but who can’t get approved for the other cards on this list. Sable reports to all three major credit bureaus and helps users graduate to an unsecured card in as little as four months.
Secured Sable ONE Credit Card
First, you put money down, which is the same as setting a spending (or credit) limit for the card. You’ll need to transfer money from a Sable bank account, so if you don’t have one, you’ll need to get one. Then, you make on-time payments and achieve milestones set by Sable so that you can “graduate.” The Sable app tracks your progress and helps you understand your credit score. So, if you’re a senior with a smartphone who wants this card, download the app! Take a look at Sable’s website to see how the Secured Sable ONE credit card can help you build credit.
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.
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.
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.
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.
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.
Sarah covers a range of senior lifestyle topics, from reviews of walk-in tubs and hearing aids to overviews of Medicare and Medicaid. Her close relationship with her grandparents gave her a firsthand look at the evolving life needs of older adults, and… Learn More About Sarah Goldy-Brown
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.
