Best Credit Cards for Seniors and Retirees

By Jason Steele. Last updated 4 October 2018. 0 comments

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After spending decades hard at work in your career, it's now time for you to relax and enjoy your retirement. But as you leave the workforce, you may need to save as much money as possible in order to get by on a fixed income. One of the tools that seniors and retirees can use to save money is a credit card that offers good rewards.

Cash-back credit cards tend to offer the best rewards for most people, especially if you don’t travel a lot. The idea is pretty simple: For every dollar you spend on the card, you get a certain percentage back in statement credits or cash. It’s hard to argue about the value of real money.

Still, in our list of the best credit cards for seniors, we’ve also included a premium travel rewards credit card. For retirees intent on hitting the road, it offers valuable benefits and services that make traveling more comfortable and convenient.

Here are the best credit cards for seniors and retirees.

Blue Cash Preferred® Card from American Express

For those who spend a lot on groceries, there’s no better card than the , which offers 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, 1% after that), 3% at U.S. gas stations and select U.S. department stores, and 1% on other purchases. As a bonus, you can earn $200 back in the form of statement credit after spending $1,000 in purchases in your first three months. Terms apply. There is a $95 annual fee for this card.

Citi® Double Cash Card - 18 month BT offer

Another way for seniors and retirees to stretch their dollars the furthest is to use a simple credit card that offers the most cash back on every purchase. The  from our partner Citi rewards 2% cash back on all charges: 1% at the time of purchase, and another 1% cash back when the purchases are paid for. There is no annual fee.

The great thing about this system is you don’t have to remember to sign up for quarterly bonus programs, or keep in mind categories and their bonus limits. You just get a good, steady rate on all types of spending. You can redeem points for checks, statement credits, or gift cards.

Bank of America® Cash Rewards credit card

The offers 3% cash back on gas and 2% cash back at grocery stores and wholesale clubs (on the first combined $2,500 in gas, grocery, and wholesale club spending each quarter), rewarding you for most of your everyday purchases. Plus, new cardholders receive $200 cash back after making $500 in purchases within the first 90 days of account opening. If you're a Bank of America® customer, you earn a 10% bonus when redeeming cash back into a Bank of America® checking or savings account. There is no annual fee.

Costco Anywhere Visa® Card by Citi

Seniors often love shopping at Costco's warehouse stores for their low prices and great service. The  offers great rates of cash back for purchases made not only at Costco, but at other merchants, too.

The card features an impressive 4% cash back on the first $7,000 you spend each year at gas stations, including at Costco. After you hit the $7,000 limit, you’ll earn 1% back on fuel purchases for the rest of the year. You also receive 3% cash back on eligible travel and restaurant purchases, 2% cash back at Costco, and 1% cash back on all other purchases.

One potential drawback: You have to wait until February of every year to get your credit card reward certificate. You can then redeem the certificate for cash or merchandise at Costco.

There's no annual fee for this card with your paid Costco membership.

The Platinum Card® from American Express

As we get older, we tend to value comfort and convenience more. That’s where the comes in. For those who want to travel during their retirement years, benefits and services offered by this charge card can be the difference between a relaxing getaway and a stressful trip. Cardholders get to enjoy access to more than 1,000 airport lounges, a fee credit for Global Entry or TSA Precheck every five years for the application fee, up to $200 in Uber rides annually, an airline fee credit of up to $200 per calendar year in baggage fees and more at one qualifying airline, and complimentary concierge service. Cardholders may also enroll to get up to $100 in statement credits annually for purchases at Saks Fifth Avenue. These perks are well worth the $550 annual fee. Terms apply.

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Best Credit Cards for Seniors and Retirees

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