Retirement can be a new adventure filled with travel, home improvements and learning new skills. But just because you’re living on a fixed income doesn’t mean you should cut up those credit cards. As long as you’re not accumulating debt, keeping a credit card around can help you earn rewards and benefits.
We’ve made a list of providers that accept retired applicants, as well as the documents you’ll need to improve your chances of approval.
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Why should seniors get a credit card?
There are two benefits to using a credit card as a senior: rewards and security. Even with a fixed income, you’ll be spending plenty on your day-to-day essentials, such as groceries, gas, dining or travel. The right rewards credit card can let you earn cash back, miles and rewards on purchases, often for free and with little extra effort on your part.
Credit cards are also one of the more secure payment methods available. In the event of a fraudulent event, credit card security protections ensure you won’t be on the hook for any charge made without your consent.
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Application requirements
Applying for a senior’s card often requires the same information — including credit score and credit history — as a standard credit card application. Here are the detailed requirements from the most popular credit card providers.
Amex
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number
- Address
- Total annual income including pension
- A prior American Express account
- Credit history
- Contact number
- The credit card department may reach out directly through email or phone for extra information.
Citi
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number
- Written application or invitation
- Address
- Total annual income including pension
- Contact number
Barclays
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Application form
- Total annual income including pension
- Contact number
- The credit card department may reach out directly through email or phone for extra information.
Chase
Who can apply: Retirees and pension holders
Application requirements:
- Name
- Address
- Social Security number
- ID document
- Date of birth
TD Bank
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Application form
- Address
- Total annual income including pension
- Contact number
Wells Fargo
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Application form
- Address
- Proof of permanent citizenship
- Good credit score
- Total annual income including pension
- The credit card department may reach out directly through email or phone for extra information.
Bank of America
Who can apply: Retirees and pension holders
Application requirements:
- Address
- Contact information
- Date of birth
- Total annual income
HSBC
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Address
- Total annual income including pension
- The credit card department may reach out directly through email or phone for extra information.
PNC Bank
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Application form
- Address
- Total annual income including pension
- The credit card department may reach out directly through email or phone for extra information.
Capital One
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Application form
- Address
- Contact number
- Total annual income including pension
- The credit card department may reach out directly through email or phone for extra information.
Simmons Bank
Who can apply: Retirees and pension holders
Application requirements:
- Social Security number or ID
- Application form
- Address
- Contact number
- Total annual income including pension
- The credit card department may reach out directly through email or phone for extra information.
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Mistakes to avoid when applying for your credit card
Before you apply for a seniors’ credit card, avoid the following:
- Applying without researching
Rejected applications can negatively affect your credit report. Confirm the information you’ll need to increase your chances of approval. - Applying for several cards quickly
If you’re rejected for a credit card application, don’t immediately apply for another one. Instead, consider why your application was denied. If you didn’t submit the required documents, research and find which ones you’re missing. If you were rejected because of your credit history, take some time to improve your credit score before applying again.
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Methodology
We compared credit cards with perks and features that would benefit seniors and retirees, taking into account rewards, annual fees and other perks. We’ve selected the cards that had the optimal combination of these perks.
Best credit cards for seniors
There are credit cards to help different lifestyles and phases of life. For seniors, there are many options out there, but we’ve narrowed down the best. Here are a few of our favorite credit cards for seniors.
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Best for flat cash back
Citi Double Cash Card
The Citi Double Cash Card is a great pick for anyone who wants simple and effective cash back on all purchases. For flat-rate cashback cards, the Citi Double Cash Card is the top pick, offering a terrific 2% back so long as you make your payments. You’ll earn 1% back when you make your purchase and another 1% when you pay it off. You also won’t have to worry about an annual fee, making this card a strong “fire-and-forget” earner.
Image Credit: Citi.
Best for balance transfers
Citi Diamond Preferred Card
The Citi Diamond Preferred Card is Finder’s go-to card for consolidating debt for those aiming to be debt-free before retirement. It’s a simple card, but boasts one of the longest balance transfer periods on the market at 18 months. The card also has a $0 annual fee, so you can continue using it for everyday purchases without worrying about the additional fee.
Image Credit: Citi Bank.
Best for everyday rewards
Blue Cash Preferred Card from American Express
If you’re still supporting your family during your retirement, the Blue Cash Preferred Card from American Express is a great way to earn cash back on common, everyday purchases. Its big selling point is the outstanding rewards rates: you’ll earn 6% back on groceries from U.S. supermarkets on up to $6,000 per year (then 1%), 6% back on streaming services, 3% back on gas and transit purchases and 1% back on everything else (see rates & fees). Max out the grocery cap each year and that’s a cool $180 back in your wallet.
Image Credit: American Express.
Best for travel
Capital One Venture Rewards Credit Card
While there are plenty of terrific travel cards on the market, many have complicated redemption structures or require supplemental cards for point maximization. However, the Capital One Venture Rewards Credit Card allows you to earn a solid 2x miles on all purchases and a signup bonus worth 50,000 miles after you spend $3,000 within your first three months of account opening. This is good stuff for a card with an annual fee of $95. Plus, the Capital One Venture Rewards Credit Card allows point transfers to partnered airlines if you want to chase even greater value with your miles.
Image Credit: Capital One.
Best for dining and gas
AARP Credit Card from Chase
While the AARP Credit Card from Chase might not be the first Chase rewards card most think of, it has plenty of earning power and is focused on simplicity over flexibility. You’ll earn 3% cash back on purchases made at restaurants and gas stations, and 1% back on everything else. At 3%, the dining rate is actually comparable to Chase’s luxury travel card, the Chase Sapphire Reserve. The trade off here is the AARP Credit Card from Chase doesn’t earn Chase Ultimate Rewards points. But at a $0 annual fee, this is a great deal if you plan to mainly spend on dining.
Image Credit: Chase.
Bottom line
There are many credit card options for seniors, and the application requirements are often the same as the standard credit cards. Always compare credit cards before you apply.
This article originally appeared on Finder.com and was syndicated by MediaFeed.org.
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