The best credit cards for retirees is the Chase Freedom Unlimited® because it gives 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1.5% back on all other purchases (plus an additional 1.5% cash back on everything, up to $20,000 spent the first year). It also has a $0 annual fee.
Other good retirement credit cards include the AARP Rewards Credit Card for its everyday purchase rewards, Capital One VentureOne for its fee-free travel rewards, and Wells Fargo Reflect for getting rid of any lingering debt you might have. It all depends on whether you want to make your money stretch further, focus on vacationing, or get your financial house in order.
Best Credit Cards for Retirees
- Rates & Fees
Initial Bonus: $200 cash rewards after spending $500 in the first 3 months
Ongoing Rewards: 2% cash rewards on purchases
Annual Fee: $0
Minimum Credit Required: Good
- Rates & Fees
Initial Bonus: $150 after spending $1,000 in the first 90 days
Ongoing Rewards: 2% cash back on all purchases
Annual Fee: $0
Minimum Credit Required: Excellent
- Rates & Fees
Initial Bonus: $200 for spending $500 in the first 3 months
Ongoing Rewards: 5% cash back on hotels and rental cars booked through Capital One Travel, 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), along with 1% back on all other purchases (except for 8% back on Capital One Entertainment purchases)
Annual Fee: $0
Minimum Credit Required: Good
Initial Bonus: $100 cash back after spending $500 in the first 90 days
Ongoing Rewards: 3% cash back on gas and drug store purchases, 2% on medical expenses and 1% on all other purchases
Annual Fee: $0
Minimum Credit Required: Good
- Rates & Fees
Initial Bonus: 20,000 points for spending $1,000 in the first 3 months
Ongoing Rewards: 3 points per $1 spent on restaurant, travel, gas, transit, streaming services and phone plans, as well as 1 point per $1 spent on other purchases
Annual Fee: $0
Minimum Credit Required: Good
- Rates & Fees
Initial Bonus: N/A
Ongoing Rewards: N/A
Annual Fee: $0
Minimum Credit Required: Good
When shopping for the ideal card for your retirement, be sure to think about what you value most. For example, you may want to kickstart your dream vacation with Capital One VentureOne or consistently save on everyday purchases with Wells Fargo Active Cash. If you have multiple things you want to focus on, like travel and financing, you can always get separate cards for those two functions.
This answer was last updated on 08/29/24 and it was first published on 05/28/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.