The Top 9 Credit Cards for Seniors and Retirees
iStock.com/cyano66
8. AARP® Credit Card from Chase
Biggest Perk: Specifically Designed for Seniors
The AARP® Credit Card from Chase is the only card to make this list that is specifically for seniors. And, it’s great option if you like to earn cash back rewards. If you spend $500 on purchases within the first three months, you’ll get a $100 cash back bonus.
On top of that, you can earn 3% cash back when eating out at restaurants and at gas stations, and 1% every time you buy something else. Also, there is no annual fee for this card. And it offers a great 0% APR interest rate for the first twelve months on purchases and balance transfers.
After your first year is up, the Variable APR jumps somewhere between 16.99% – 23.74% based on your credit score. While the perks are enticing, make sure your retirement income will allow you to pay off the balance each month, so you can avoid racking up interest.
9. Fidelity® Rewards Visa Signature® Card
Biggest Perk: Claim Unlimited 2% Cash Back to Your Fidelity Brokerage Accounts
The Fidelity® Rewards Visa Signature® Card is for seniors would like to maximize their retirement accounts or help their grandkids save for college. This card offers a generous unlimited 2% cash back on every eligible purchase. And comes without an annual usage fee.
Using this card, you can deposit rewards in five of your Fidelity accounts. This includes retirement accounts and a 529-college savings account. Your rewards points will automatically be redeemed into your Fidelity account once per month, as long as you’ve exceeded the 5000-point minimum.
With this card, you’ll pay a 3% balance transfer fee, and a 1% foreign transaction fee if you are making purchases abroad. Additionally, you’ll be subject to an interest rate of 14.99% APR so be sure to pay your balance off in full every month.
