When choosing a credit card for seniors, it's essential to consider factors like low fees, rewards programs that cater to their lifestyle (such as travel, dining, or cash back), easy account management, and benefits that align with their needs (e.g., travel protection, medical benefits, or cash flow management).
Here is a list of some of the best credit cards for seniors:
AARP Essential Rewards Mastercard
- Annual Fee: $0
- Rewards: 3% cashback on gas and drugstore purchases, 2% on eligible medical expenses, and 1% on all other purchases.
- Why It’s Good for Seniors: This card offers excellent rewards for common senior expenses like gas, drugstores, and medical expenses.
Citi Double Cash Card
- Annual Fee: $0
- Rewards: Earn 2% cash back on all purchases (1% when you buy and 1% when you pay).
- Why It’s Good for Seniors: The simplicity of earning flat-rate cash back on everything makes this card easy to use for any purchase without worrying about rotating categories.
Blue Cash Preferred® Card from American Express
- Annual Fee: $0 for the first year, then $95.
- Rewards: 6% cash back on select U.S. streaming services and at U.S. supermarkets (on up to $6,000 per year), 3% on transit and gas stations, and 1% on other purchases.
- Why It’s Good for Seniors: The high rewards for groceries and gas align well with common spending habits, and the streaming services perk is beneficial for entertainment.
Chase Freedom Flex℠
- Annual Fee: $0
- Rewards: 5% cashback on rotating categories (up to $1,500 in combined purchases per quarter), 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
- Why It’s Good for Seniors: The rotating categories can offer significant cashback on everyday spending, plus dining and drugstore rewards are great for seniors who enjoy eating out or have regular medication needs.
Discover it® Cash Back
- Annual Fee: $0
- Rewards: 5% cash back on rotating categories (up to $1,500 per quarter) and 1% on all other purchases.
- Why It’s Good for Seniors: No annual fee and the rotating 5% cashback categories offer substantial savings, plus the first-year Cashback Match™ makes it appealing for maximizing rewards.
Capital One Quicksilver Cash Rewards Credit Card
- Annual Fee: $0
- Rewards: 1.5% cash back on all purchases.
- Why It’s Good for Seniors: The simplicity of earning a flat-rate cash back on all purchases makes it easy to manage, and there are no fees to worry about.
Bank of America® Customized Cash Rewards Credit Card
- Annual Fee: $0
- Rewards: 3% cash back in a category of your choice (gas, online shopping, dining, travel, drugstores, or home improvement/furnishings), 2% at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery/wholesale club purchases each quarter), and 1% on all other purchases.
- Why It’s Good for Seniors: The customizable rewards categories allow seniors to tailor the card to their specific spending habits.
Chase Sapphire Preferred® Card
- Annual Fee: $95
- Rewards: 2X points on travel and dining, 1X point on all other purchases. 25% more value when redeeming points for travel through Chase Ultimate Rewards®.
- Why It’s Good for Seniors: For seniors who enjoy travel, this card offers excellent rewards on travel and dining, as well as a flexible points system that can be redeemed for a wide variety of options.
Wells Fargo Active Cash® Card
- Annual Fee: $0
- Rewards: 2% cash back on all purchases.
- Why It’s Good for Seniors: This card’s straightforward 2% cash back on all purchases without any fees is ideal for seniors who prefer simplicity and value without keeping track of multiple rewards categories.
Capital One Venture Rewards Credit Card
- Annual Fee: $95
- Rewards: 2X miles on every purchase.
- Why It’s Good for Seniors: For seniors who travel often, this card offers easy-to-earn travel rewards and flexible redemption options.
When selecting a credit card, seniors should consider their spending habits, whether they prioritize cashback, travel rewards, or other perks, and ensure that any fees associated with the card are outweighed by the benefits.