6 Best Credit Cards for Seniors in Canada for 2024
Oct 14, 2024Whether you’re looking for cash back, travel insurance or gas discounts, we’ve rounded up the most practical credit cards for your wallet.
More than half (55%) of near-retiree households need to make lifestyle changes to avoid outliving their savings, according to a 2023 report by Deloitte Canada. Finding a credit card with minimal income requirements and low or no annual fees may be one place to start.
As you embrace your golden years, know that getting older doesn’t mean settling for lacklustre card options. There are plenty of credit cards packed with practical perks for retirees and people later in life.
Best credit cards for seniors in Canada
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BACK TO TOPNerdWallet Canada selects the best credit cards for seniors based on overall consumer value as well as their suitability for specific kinds of consumers. Factors in our evaluation methodology include each card’s annual fee, income requirements, reward earn rates, ease of use, redemption options, domestic and international acceptance, promotional APR period, bonus offers, insurance offers, and additional cardholder perks.
What to know about credit cards for older adults in Canada
Your finances are likely to change as you grow older, and a credit card that may have once worked in your wallet may no longer support your financial goals. Exploring your credit card options can help you find a card that saves you money and rewards your spending.
What is a senior credit card?
Financial institutions rarely offer credit cards that are exclusively designed for those who are later in life. So any credit card could be considered a senior credit card unless it has eligibility criteria that specifically limit its availability to certain types of applicants, like students or business owners.
Can you get a credit card if you are retired?
You can get a credit card if you’re retired as long as you meet the card’s eligibility criteria. Basic credit card eligibility criteria in Canada typically require applicants to:
Be the age of majority in their province or territory of residence.
Be a Canadian resident.
Have no bankruptcy claims within the past seven years.
Additional qualifications commonly include credit score and annual income requirements. Generally speaking, cards with splashy perks, like premium travel benefits and robust insurance coverage, require stronger credit scores and higher annual incomes to qualify.
Annual income may include wages, salary, private pension payments from a past employer, withdrawals from retirement funds, Canadian Pension Plan payments, Old Age security payments and other sources.
Does age impact eligibility for credit card travel insurance?
Emergency medical coverage offers money up to a set amount to reimburse the cardholder in the event of a medical emergency while travelling. This form of travel insurance is most likely to carry restrictions and exclusions that pertain to older adults.
Credit card emergency medical travel insurance often covers card applicants up to the age of 65. Those over 65 may be offered the same amount of insurance coverage but for a shorter length of time. For example, a credit card may offer 20 days of emergency medical coverage for cardholders up to the age of 64, while those 65 and older might receive 10 days of emergency medical coverage. In other cases, those over the age of 65 may not be eligible for their credit card’s emergency medical coverage at all.
Always review the fine print to familiarize yourself with any caveats or restrictions associated with a credit card’s insurance coverage. When in doubt, contact the card provider directly to inquire.
How to compare your credit card options as an older adult
There’s no shortage of card options on the market, so to help narrow down your options, consider the following:
Eligibility criteria. Credit score and annual income requirements may impact your eligibility for certain credit cards. While annual income requirements should be relatively easy to spot, card providers tend to be less forthcoming about credit score thresholds.
Insurance. Credit card insurance comes in many shapes and forms, from travel coverage to mobile device protection. If you’re interested in a specific type of insurance, read through the card’s terms and conditions to confirm what’s available and what exclusions may apply.
Spending habits. Try to find a credit card that offers its highest rewards rate for a category in which you frequently spend to maximize your potential rewards.
Annual fee. If your income and budget have become more restrictive later in life, a credit card with no annual fee may be particularly appealing. Cards with annual fees tend to offer more substantial perks but are only worthwhile if you can offset the cost.
Rewards. Rewards programs are plentiful in Canada. The ideal program for you will depend on your finances and lifestyle.
The right credit card has the potential to significantly enhance your financial well-being. Take time to assess your options so that you can choose a card that supports your financial goals into your golden years.
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Shannon Terrell
Beth Buczynski