Working Americans expect to retire at the age of 66. If you plan on retiring in 2019, you have a lot of financial planning to do. Even your retirement savings and rainy day fund may not be enough to supplement your income.
This is why it’s a smart idea to have a backup plan when money becomes too tight. Many seniors and retirees turn to credit cards to help with all purchases, from minor daily purchases all the way to huge emergencies, just as many turn to installment loans.
Should you sign up for any credit card? Find a card that offers benefits for you. Here are the best credit cards for seniors.
The Best Credit Cards for Seniors and Retirees
Whether you’re using a credit card for small or large purchases, it’s essential you select the best credit card. Here are affordable and convenient credit cards that offer some serious benefits.
Wells Fargo Cash Wise Visa Card
This is the premier cash back credit card from Wells Fargo. The benefits are staggering—if you spend $1,000 in the first three months, you can receive $200 cash back!
You earn 1.5% cash rewards on all purchases, completely unlimited. As long as your account stays open, your cash rewards don’t expire. There is 0% APR for the first 12 months.
After the first year, there’s a variable APR rate between 16.24% and 28.24%.
Chase cards are great for seniors who have a bad credit score. The Freedom and Freedom Unlimited both offer 0% APR for the first 15 months. After this, the APR is between 17.24% and 25.99%.
While this one doesn’t offer the stellar cash back benefits of the Freedom Unlimited, you still receive 1% cash back on all purchases. You also qualify for a $150 bonus after you spend $500 in the first three months.
Chase Unlimited Freedom
Chase Unlimited Freedom has a 4.5-star rating from the Motley Fool. And there’s a good reason why this card receives great press. Chase consistently releases new offers and other benefits to cardholders.
For example, if you spend $20,000 the first year of the card, you qualify for 3% cash back.
And that’s not all. You also receive 1.5% cash back on all purchases, completely unlimited. There is also no annual fee and you receive a free weekly credit report update.
Wells Fargo Platinum Visa Card
The Wells Fargo Platinum Card is an even better option if you’re looking for 0% APR benefits. This card offers no APR for the first 18 months. From there, it’s a variable rate between 17.74% and 27.24%, which is way better than the APR you would get on a quick loan.
Wells Fargo also offers a major benefit that many credit cards don’t offer. In the case of unauthorized purchases, there is zero liability on your part. There is also no annual fee, an affordable option for retirees.
Need More Retirement Finance Help?
Are the best credit cards for seniors not cutting it for you? Let us know if you need additional retirement finance help. We offer personal loans to help you through any financial downfalls.
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