Are you about to decide on the best type of credit cards to get for seniors? Look no further. By the time you are done reading this article or even while at it, you will be able to make your decision. Why? Because I will provide all the necessary information you need to know what credit card is best for you to use, as a senior. So, let me help you ease your decision making process. Let study more about “Best credit cards for seniors”.
Generally, there are various types of credit cards people choose from. There are credit cards for seniors. All of which have amazing rewards based on what you are looking to get. Of course, you have to keep in mind that you cannot get all the benefits or rewards you desire in one credit card. These credit cards are Capital One Venture Rewards Credit Card, Citi Double Cash Card and Fidelity Rewards Visa Signature Credit Card. You will get to see their pros and cons.
Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card is the best when you are considering travel rewards. This has to get your attention, right? For instance, you are retired and the kids are far away with their families, this reward will make traveling more enjoyable. You also get to clear out that traveling bucket list of yours! The best part is your rewards are not tied to specific vendors; hence, you get to decide the brands to patronize with your flexible redemption options. With Capital One Venture Rewards Credit Card, you are expected to pay an annual fee of $95.
Another cool reward to look out for is the signup bonus. Within the first three months from your account opening, you get a one-time bonus of 60,000miles once you spend $3,000 or 75,000miles for spending $4,000. In addition, foreign transaction fees are not a requirement. The ongoing APR is 16.24% to 24.2% variable.
When you make purchases, you earn 2miles per dollar and 5miles per dollar when you book a rental cars or hotels through Capital One Travel.
Since this credit card is all about travel rewards, you get access to Capital One airport lounge twice a year. You also get access to premium Capital One experiences. All because you use their credit cards.
The cons are no introductory APR offer and no balance transfer offer.
Citi Double Cash Card
Citi Double Cash Card gives simple cash back on all purchases with no difficulty. You get limitless 2% cash back – 1% when you buy and another 1% when you pay your bill. These cash backs are termed ‘Thank you points’ and redeemed for statement credit, a check, gift cards, travel rewards or more.
There is 14.74%-24.74% variable and 0% introductory APR on balance transfers for 18months. In addition, you should not expect any fancy benefits. The good part is no annual fees apply.
The cons are a 3% foreign transaction fee and balance transfer fees. You should not expect any bonus after signing up newly.
Fidelity Rewards Visa Signature Credit Card
Fidelity Rewards Visa Signature Credit Card is best known to optimize retirement savings. Now, who would not like that? Saving for retirement can be tedious; especially when you have responsibilities all round. That is where this credit card comes to play. Although, only seniors with a qualified Fidelity account can get limitless 2% cash back on qualifying purchases. For every 1% you spend on important purchases, 2points are awarded to you.
You should know that as you are able to boost your retirement savings, you get to meet healthcare costs or contribute to your children’s fees, if you so desire. It also requires no annual fee. There is a low foreign transaction fee of 1% per transaction.
There is no welcome bonus here, but if you are looking to boost your retirement savings, this should not be a problem. The cash backs you get cannot be redeemed as statement credit or a check. The last con is you must have a Fidelity account to receive full cashback values.
Why should a senior own credit card?
Credit cards, depending on the purpose you use them for, are a great way to earn travel rewards or even save on everyday purchases. With a lot of free time after retirement, a senior can decide to spend time traveling the world. What better way to go about it than using a credit card, which earns you extra miles and other rewards. And, if as a senior,, you choose to remain at home, your everyday purchases can be an avenue to get discounts and rewards on your credit card.
Conclusion
When used wisely, credit cards can make retirement less expensive, in terms of travel and everyday purchases. With the detailed options discussed above, you can go for the credit card that best suits the retirement lifestyle you choose.
Frequently Asked Questions
- What is the best credit card for travel rewards?
You should consider using Capital One Venture Rewards Credit Card. They are well known for giving travel rewards.
- What is the best credit card for retirement savings?
Fidelity Rewards Visa Signature Credit Card offers services that will boost your retirement savings, should you have an account with them.
- Do all the credit card options require annual fees?
Not all require annual fees. Capital One Venture Rewards Credit Card requires an annual fee of $95.
