These 3 Credit Cards Offer Amazing Deals for Seniors
KEY POINTS
- The best credit cards for seniors can help you earn up to 6% cash back on groceries and other valuable rewards on everyday spending.
- Two of our picks for best credit cards for seniors charge no annual fees and no foreign transaction fees.
Retirement can be one of the most exciting, rewarding eras of life. After years of hard work, hopefully you can spend your retirement doing more of what you want to do with the people you love most. Credit cards can help with that!
Whether you're newly retired or have already been out of the workforce for a few years, you might be in the market for a new credit card for seniors. The best credit cards for seniors can help you save money for how you live life in retirement with cash back on everyday spending or valuable travel rewards.
Let's look at a few of The Motley Fool Ascent's picks for the best credit cards for seniors.
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1. Amex Blue Cash Preferred
Getting cash back on everyday purchases can be especially useful for seniors who are living on Social Security and retirement savings. The Blue Cash Preferred® Card from American Express is a flexible, versatile card with some of the best cash back rewards in the credit card industry (terms apply).
This card's cash back rewards and benefits include:
- 6% cash back on U.S. supermarkets (up to $6,000 per year) and select U.S. streaming subscriptions, then 1% cash back
- $7 monthly credit for the Disney Bundle of streaming services
- 3% cash back at U.S. gas stations
- 3% cash back on transit (taxis, rideshares, tolls, trains, buses, parking, etc.)
- 1% cash back on other purchases
- Welcome offer: Earn a $250 statement credit if you spend $3,000 within 6 months
- $0 intro annual fee for the first year, then $95. (See rates and fees)
- terms apply
Why we picked it: The Blue Cash Preferred® Card from American Express offers generous cash back rewards on everyday spending like groceries, streaming services, and gas. This makes it a great choice for retirees who love to cook meals at home and want to save money on their monthly food bills. And if you're spending more time in retirement binge-watching your favorite series, this card helps you save on the ever-rising costs of streaming subscriptions. (One downside: This card has a foreign transaction fee, so it's not the best choice for travelers.)
Do you need to pay off credit card debt in retirement? Are you waiting one more year for Social Security benefits or other retirement income to start?
2024 Award Winner
On American Express' Secure Website.
Terms apply
= Best
= Excellent
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= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn American Express' Secure Website.
Terms apply
Good/Excellent (670-850)
Intro APR
Purchases: 0%, 12 months
Balance Transfers: 0%, 12 months
Regular APR
19.24%-29.99% Variable
Rewards 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back at U.S. gas stations. 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
1%-6% Cash Back
Annual Fee
$0 intro annual fee for the first year, then $95.
Welcome Offer Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
$250
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This card offers market-leading cash back at U.S. Supermarkets. The welcome bonus and intro APR offer just sweeten the deal. Terms apply. If you spend at least $500 per month on groceries (excluding wholesale clubs and super-stores like Costco and Walmart), this card is worth considering. Read Full Review
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- Big welcome offer
- U.S. supermarkets rewards
- U.S. gas stations rewards
- Streaming subscription rewards
- Travel and purchase protections
- Annual fee
- Foreign transaction fee
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- Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations.
- 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
- Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That’s $10 in statement credits each month. Enrollment required.
- Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
- Terms Apply.
2. Bank of America Travel Rewards
If you want to travel more in retirement but don't want to pay an annual fee, this travel rewards card from Bank of America could be a great choice for globetrotting seniors.
The Bank of America® Travel Rewards credit card gives you:
- 1.5 points per dollar on all purchases
- Welcome offer of 25,000 points if you spend $1,000 on the card within 90 days
- No foreign transaction fee
Why we picked it: This card has no annual fee and offers a simple but powerful package of travel rewards. The 25,000 points from the welcome offer are worth $250 for travel, and you can easily earn those bonus points by spending about $333 per month for the first 90 days.
Want to make your next retirement dream trip come true with some extra cash in your bank account? Consider this card.
On Bank of America's Secure Website.
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn Bank of America's Secure Website.
Good/Excellent (670-850)
Intro APR 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular APR
19.24% - 29.24% (Variable)
Rewards
1.5 points per dollar
Annual Fee
$0
Welcome Offer 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
25,000 points
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This is a good starter travel card thanks to its simplicity and no annual fee. It offers a strong welcome bonus worth 25,000, unlimited 1.5 points per dollar on all purchases, and no foreign transaction fee. Simply redeem points as a statement credit for travel or dining purchases. The generous 0% Intro APR for 15 billing cycles for purchases offer might come in handy if you want to pay-off an expensive trip over time without interest. It’s a particularly good fit for Bank of America Preferred Rewards members, who can earn 25%-75% more points on every purchase (depending on your tier). Read Full Review
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- Big sign-up bonus
- No annual fee
- Competitive rewards rate on purchases
- Great 0% intro APR offer on purchases and balance transfers
- Limited ways to use points
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- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
3. U.S. Bank Altitude Go Card
This credit card is a foodie's dream, with 4X reward points on restaurant dining, takeout, and delivery. If you're a retiree who wants to spend less time cooking dinner and more time enjoying your favorite restaurants, this card can help. The U.S. Bank Altitude® Go Visa Signature® Card earns more points on dining than any other rewards credit card we've seen.
Here are a few highlights of this card:
- 4X points on dining, takeout, and restaurant delivery
- 2X points on streaming services (plus $15 annual streaming credit)
- 2X points on grocery stores and grocery delivery
- 2X points on gas stations and EV charging stations
- 1X points on other eligible purchases
- Welcome offer of 20,000 bonus points when you spend $1,000 on eligible purchases within 90 days
Why we picked it: This U.S. Bank credit card is an easy-to-use rewards credit card with no annual fee, and it has some useful perks for globetrotters and homebodies alike. You can redeem your points for cash back, travel, gift cards, and more. And there's no foreign transaction fee, so it's great for international travel.
Want extra rewards from everyday spending like gas, groceries, and streaming services? This card is an easy way to do it. The 4X points on dining are exceptionally generous; if you love restaurants and restaurant delivery, this card is a smart choice.
Bottom line
All three of these credit cards for seniors offer generous rewards to fit the lifestyles of all kinds of retirees. Two of the three cards have no annual fees and no foreign transaction fees, and all offer a helpful 0% intro APR. If you love to travel in retirement, or if you love to get restaurant delivery and watch streaming videos, all these cards can benefit your bank account.
Alert: our top-rated cash back card now has 0% intro APR until 2025
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
Our Research Expert
Ben Gran is a freelance writer based in Des Moines, Iowa. He has written for regional banks, fintechs, and major financial services companies. Ben is a graduate of Rice University.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
For rates and fees for the Blue Cash Preferred® Card from American Express, click here
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