Top 5 Credit Cards For Seniors
Seniors have different needs when it comes to credit cards. They may be on a fixed income, or they may be looking for ways to make their money last longer. Whatever the case, there are a few things to keep in mind when choosing a credit card for seniors.
The first thing to consider is the interest rate. Many seniors have trouble paying off their credit card balances each month, so it’s important to choose a card with a low-interest rate. You’ll also want to look for a card with no annual fee. Some cards offer rewards programs, but these are often not worth the annual fee. Let’s get started!
Things to Consider Before Choosing Credit Card
When choosing a credit card, there are a number of factors to consider. The two most important factors are the credit limit and the interest rate. The interest rate is how much interest you will have to pay on any purchases you make, and the credit limit is how much you can spend before your account is considered over the limit.
For seniors, there are a few other things to consider as well. Here are 5 things to keep in mind when choosing a credit card for seniors.
1. Check Your Credit Score
To be eligible for a credit card, you must have a good credit score. Before applying, you should check your credit score to make sure it’s good enough for the card you want. You can get two of your free credit scores each year from CreditKarma.
2. Choose a Low-interest Rate
The interest rate on your card will be the price you pay for borrowing money. Make sure to choose a low one! The best cards offer interest rates below 10%. If you choose a card with an interest rate over 10%, make sure you can pay off the balance every month so you don’t get stuck paying huge interest fees.
3. Pay on Time
Paying on time is very important. The best way to stay organized is by setting up automatic payments with your bank or using online bill pay (if your bank offers it). Set up automatic payments so that they go out a few days before your due date.
That way, you can be sure that the payment will be made on time, even if it gets lost in the mail or if something happens and it doesn’t get paid on time by hand. And if you have online bill pay set up, you’ll never have to worry about missing a payment again.
4. Choose a Card Without an Annual Fee
Annual fees can add up to hundreds of dollars over time! If you choose one card with an annual fee and another without one, it may end up costing less, in the long run, to choose the one without the fee.
However, if one of your cards has an annual fee and another doesn’t try to use the one with no fee as often as possible so that you won’t have to pay extra for using the other one.
5. Choose Cash-back Rewards Cards Wisely
Cash-back rewards cards are great because they give you money back for every purchase you make! Another thing to consider is the credit limit. Seniors may not need a high credit limit, but it’s still important to choose a card with a limit that’s appropriate for your spending habits. Finally, you’ll want to make sure the card you choose reports to all three major credit bureaus. This will help you build or maintain good credit.
Top 10 Credit Cards For Seniors
1. Capital One Platinum Credit Card
This card offers a 0% intro APR on purchases and balance transfers for 15 months (then a variable APR of 17.99% – 25.99%). There is no annual fee and no foreign transaction fees. You’ll also get access to a higher credit limit after making your first 5 monthly payments on time.
2. Chase Freedom Unlimited Credit Card
This card offers unlimited 1.5% cash back on every purchase (with no minimum spend). There is also a 0% intro APR on purchases and balance transfers for 15 months (then a variable APR of 16.49% – 25.24%). There is no annual fee and no foreign transaction fees.
3. Citi Simplicity Card
This card offers 0% intro APR on purchases and balance transfers for 21 months (then a variable APR of 14.74% – 24.74%). There is no annual fee and no late fees or penalty rates. You’ll also get access to your FICO score for free.
4. Discover it Secured Credit Card
This is a great option for seniors who are looking to build or rebuild their credit. The Discover it Secured Credit Card requires a security deposit, but you’ll get 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus 1% cash back on all other purchases. There’s no annual fee, and your cash back never expires.
5. AARP Credit Card from Chase
This credit card is specifically designed for seniors, and it comes with a number of great benefits. For starters, you’ll get 0% APR on purchases and balance transfers for the first 12 months. After that, the APR will be a variable rate of 14.99%-23.99%. There’s no annual fee, and you’ll get a rewards program that lets you earn points on every purchase.
Conclusion
Seniors have different credit card needs than other age groups. They may be retired and on a fixed income, or they may still be working. Either way, seniors need to be careful about choosing a credit card. The information above is your go-to guide, check it out again!
