Best Credit Cards for Senior Citizens
Finding the best credit cards for seniors can be difficult, as there are many factors to consider, such as why seniors might require a new credit card.
Seniors, Debt, and Credit
With the social safety net eroding, seniors are facing more debt and credit issues, with an increasing number of seniors having little or no credit (the “credit invisible” or “unscorable”), which can be just as damaging to a senior’s finances as debt.
What is the Best Credit Card for Seniors?
Expensivity’s best credit cards for seniors to beat ‘credit invisibility’:. See our full write-up below! But first, let’s look at why you need a credit card as a retiree.
What is Credit Invisibility?
More than 45 million Americans have no credit score at all, with young people aged 18-24 accounting for the majority of those without credit. Seniors, according to Experian, have the best credit scores of any age group, and their average debt is lower the older they get.
What Are Some Causes of Unscored Credit?
Being debt-free as a senior can put you in the “unscoreable” category. Credit agencies prefer you to have some debt, but not too much. Seniors who are fortunate enough to have paid off their home mortgage and have no auto loan may fall into this category. Most seniors are retired or semi-retired, but that doesn’t mean they’re creditworthy.
1. Capital One Quicksilver Cash Rewards
The Capital One Quicksilver Cash Rewards card has no annual fee and 0% interest for 15 months. $200 bonus (if you spend $500 in the first three months) 1.5% back on all purchases, with the option to receive your reward at a specific time or when it reaches a certain dollar amount.
2. Chase Freedom Unlimited
The Chase Freedom Unlimited is another rewards card for seniors, with 5% back on travel, 3% back on dining, and 3% back on drug store purchases, as well as a 3% foreign transaction fee, unlike the Capital One Quicksilver.
3. Capital One Venture Rewards
The Capital One Venture Rewards card gives you double miles on all purchases and comes with a slew of perks like access to airport lounges and rental car collision insurance. The annual fee is $95, but it’s better than nothing if you don’t mind paying it.
What Should a Senior Citizen Look for in a Credit Card?
If you’re looking for the best credit cards for retirees, a high interest rate (rimshot) isn’t in your best interests (rimshot). Some cards offer cash-back rewards on groceries, while others offer airline miles.
What are Some Common Credit Card Traps to Avoid?
Hidden fees and extra charges should be avoided with the best credit cards for seniors; read the fine print or speak with a representative to ensure you’re getting the card you want.
How to Get a First Credit Card as a Senior
Request that a family member with good credit add you as an authorized user on a credit card. An AARP credit card is a good choice for seniors, with no annual fee and low interest.
Can senior citizens get credit cards?
The AARP Essential Rewards Mastercard and the AARP Travel Rewards Mastercard, both issued by Barclays, focus on benefits that seniors value, such as rewards on travel, drug store purchases, gas, and medical bills. An AARP credit card is a good choice for seniors, as it has no annual fee and low interest.
What is the maximum age to get a credit card?
Factors Affecting Credit Card Eligibility Criteria Age: You must be at least 18 years old, though some banks require that you be 21 years old. The maximum age requirement varies, but it generally ranges from 18 to 60 years old.
What is the best credit card for senior?
For retirees, the best credit cards are
- Capital One Venture Rewards Credit Card.
- Bank of Americau00ae Customized Cash Rewards Credit Card.
- Costco Anywhere Visau00ae Card by Citi.
- US Bank Visau00ae Platinum Card.
- American Express Blue Cash Preferredu00ae Card.
- Barclays AARPu00ae Essential Rewards Mastercardu00ae.
Can a 70 year old get a credit card?
u201cWe know that there are blanket age limits there, and in some cases those age limits are rather low,u201d Lucy Malenczuk, a policy adviser at Age UK, said. While banks do not officially set an upper age limit on credit cards, there are cut-off age limits on mortgage lending.
Can you get credit when retired?
If you’re retired, you might be able to get a credit card if the lender believes you’ll be able to make your monthly payments and meet all of their other lending criteria. Keep in mind that each lender has their own criteria, and they’ll take your unique circumstances into account.
What is minimum salary for credit card?
Salary is a critical deciding factor for credit cards; someone earning Rs 50,000 per month, for example, is eligible for a different type of card than someone earning Rs 25,000 per month; on average, income requirements for both salaried and self-employed people are between Rs 1,44,000 and Rs 25,00,000.
Can I get credit card with 10000 salary?
Can I get a credit card with a salary of Rs. 10,000? You can get a credit card with a salary of Rs. 10,000, but you won’t have a lot of options when it comes to choosing the credit card you want, and you might not even be able to get one from the lender you want.
What do I put for annual income if unemployed?
Alternative income sources (including unemployment benefits) can be listed on your application.
- Any child support you receive.
- Alimony payments you receive.
- Social Security payments.
- Public assistance.
- Retirement distributions.
What are two major credit cards?
Major credit cards are those that are part of the Visa, Mastercard, American Express, or Discover networks; the logo of your credit card network can usually be found on the front of your card, but it can also be found on the back.
What is a high interest rate for a credit card?
If you have good credit, anything below 14% is a good APR; if you have excellent credit, you may be eligible for a lower rate, such as 10%; if you have bad credit, the best credit card APR available to you could be above 20%.
What is annual fee for credit card?
An annual fee is defined as an automated bill that is charged every year in exchange for possessing a card, and it is arguably the most straightforward of the potential fees credit card holders must account for u2013 from interest to balance transfer fees.
Can you get a credit card on benefits?
Benefits do not automatically preclude you from obtaining a loan or credit card; if you have a good credit history and can afford the repayments, your benefits should have no bearing on your application.
What is credit card eligibility?
Age u2013 To apply for a Credit Card, you must be at least 18 years old, even if you have an add-on Credit Card. Anyone who meets this criteria becomes eligible for a Credit Card. Income u2013 Each bank has a specific minimum income set as an eligibility criteria.
Can I apply for credit card without salary slip?
While income proof is one of the documents required for credit card applications, it is still possible to obtain a credit card without it in today’s world. To obtain a credit card without a salary slip in India, you must submit bank statements showing where your salary is credited.