Dive into the world of credit cards where convenience meets necessity, especially for seniors. The internet age has skyrocketed the need for credit cards, thanks to online shopping. The credit card market is as vast as the Texas sky, but not all options are tailored to the silver generation.
Top-Rated Credit Cards Ideal for Seniors
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Some seniors find it tricky to obtain credit cards due to the shadowy specter of ‘credit invisibility’. This challenge arises when they lack active credit accounts or have limited income beyond Social Security. It’s like being a ghost in the financial system despite having a spotless banking and bill payment history. However, fret not. We have an easy solution to banish this specter and bring you back to the financial spotlight. Plus, we’ve also compiled a list of credit cards that could bring sunshine to your senior years.
Emerging from Credit Invisibility
Stuck in credit invisibility? Your bank can play the fairy godmother to make you ‘visible’. Request a major-labeled (Visa, MasterCard, American Express) credit or debit card linked to your account, and ensure the card’s activity is reported to credit agencies. Regular use of such a card could pump up your credit score, paving the way for the below-mentioned beneficial credit cards.
Credit Card Rodeo: The Best Picks for Seniors
AARP Essential Rewards Mastercard:
This card, while issued by Barclays Bank, does not necessitate AARP membership. The standout feature is the direct cash rewards deposit into your bank account, or for AARP members, using rewards for annual dues payment. Enjoy 3% cashback at gas stations and drugstores (excluding Target and Walmart) and 1% cashback on all other spending. No annual fee, 0% interest for the first 15 months, and a $150 bonus after $500 spending in the first 90 days.
Bank of America Customized Cash Rewards:
This card rewards your passion for home improvements, along with other benefits. Get 3% cashback on a chosen category, 2% back on grocery stores and wholesale clubs, and 1% back on all other purchases. Enjoy no annual fee, 0% interest for the first 15 months, and a $200 bonus after a minimum of $1000 spending in the first 90 days.
Blue Cash Preferred Card:
American Express brings a card with enticing cashback categories, including supermarkets and travel (excluding air) expenses. The rewards include 6% cashback at supermarkets (up to $6,000 annual spending, then 1%), 6% back on select video streaming services, 3% back on gas and transit expenses, and 1% back on all other spending. The annual fee is $0 for the first year, then $95, with a $300 statement credit bonus after $3,000 spending within the first six months.
Capital One Venture Rewards:
Perfect for the globe-trotting senior, this card offers rewarding mileage, no foreign transaction fees, rental car insurance, travel accident insurance, and round-the-clock travel assistance services. Earn double miles on every purchase with an annual fee of $95 and a bonus of 60,000 miles after spending $3,000 in the first three months.
Costco Anywhere Visa Card:
If you’re a regular at Costco, this Citi Bank-issued card can be a boon. With rewards like 4% cashback on gas purchases (up to $7,000 annual spending, then 1%), 3% back on restaurants and travel purchases, 2% back at Costco and Costco.com, and 1% back on all other purchases. No annual fee but Costco membership is required.
U.S. Bank Visa Platinum:
Ideal for major purchases or existing credit card debt payment with zero interest over an extended term. This card offers a 0% intro APR for the first 20 months on purchases and balance transfers with no annual fee. However, it doesn’t offer any rewards or bonuses.
Choose wisely and make your golden years shine even brighter with the right credit card!
