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What is the best credit card to use during retirement?


One of these days a credit card company is going to come out with a credit card designed specifically for retirees and seniors. How different are the credit card needs of those who are retired versus younger people? During retirement, seniors incorporate the rewards they’ve collected into their retirement plan. So instead of spending their pension on travel and hotel stays they use the miles and points they have accumulated. Cash back rewards are the best because their use is not limited.

During retirement, most people wish to have a whole lot of cash back rewards and miles saved up. Cash back has its countless advantages and miles are used to travel to visit grandchildren over the holidays. Retirees also have health care costs to account for which grow unceasingly. Some credit cards have a savings plan paired with their cash back rewards to assist with financial management which is useful during retirement.

Credit Cards To Use During Retirement

Capital One Venture Rewards Card

The Capital One Venture Rewards Credit Card provides the most worthwhile perks for retirees. The card gives you 2% cash back on all purchases when you redeem your miles. It also offers 40,000 miles to new customers when they sign up for it if they spend $3,000 within the first 3 months. Annual fee for the first year is 0% and $59 after the first year is over. One of the best features this card has to offer to seniors during retirement is that it allows you to travel on any airline and stay at any hotel. It doesn’t charge any foreign transaction fee. Lastly, the miles are unlimited and they do not expire. The Capital One Venture Rewards Card is ideal for any retired individual who will probably be travelling a lot.

American Express Gold Card

The American Express Gold Card is one of the most flexible cards out there. Retirees interested in traveling can redeem the points they have saved up for miles on different frequent flier programs i.e. they are not limited to one particular airline. Another advantage of signing up for this card is that you can use the Membership Rewards to get presents and gift cards. Next time you’re traveling in the holidays you can pick up some gifts for the grandchildren along the way. The points you have saved up in your Membership Rewards do not expire so you can keep saving them for however long you’d like. American Express is known highly for their one of a kind travel service which offers travel protection and insurance on rental cars. The downside of the American Express Gold Card is that it gives 1% cash back on purchases and has an annual fee that is considerably higher than the Capital One Venture Rewards Card at $125 (waived the first year). The American Express Gold Card charges a 2.7% transaction fee on all transactions that are processed outside of the United States.


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