Helpful
miscellaneous articles regarding our retirement plan and planning. Like you, I review my retirement nestegg and
plan from time to time. Recently, I went
though some continued education for some credentials I maintain and it occurred
to me that we all could use a review about these issues. So with your help, we will share and post
articles and info that may be helpful and of interest
Hey PCN, recently I
have had to look a credit cards and which ones I wished to carry. Well, since I still like to travel, I chose
an AMEX Hilton Honors card since it grants Gold status and I earn enough points
to cover most of my annually hotel costs.
Currently they are offering a very generous welcome bonus points offer
for their SURPASS card. You can check it
out here: https://hiltonhonors3.hilton.com/en/earn-use-points/credit-cards/index.html
For other cards
highlighted by Brozic please read below:
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The best credit cards for
seniors of 2019
Updated August 7, 2019• 6 min read
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Editorial Note: Credit Karma receives compensation from
third-party advertisers, but that doesn’t affect our editors' opinions. Our
marketing partners don’t review, approve or endorse our editorial content. It’s
accurate to the best of our knowledge when it’s posted.
The best credit cards for seniors can help
you maintain your financial well-being and make the most of your golden years.
Here’s our take on some of the best
cards available in several key categories.
Best for travel: Capital One® Venture® Rewards Credit Card
Here’s
why: The Capital One®
Venture® Rewards Credit Card makes it simple to earn and redeem
your travel rewards. With flexible redemption options that don’t tie you down
to a specific airline, cruise line or hotel chain, you can travel on your
terms.
You’ll earn an
unlimited two miles for every $1 you spend on all purchases. Plus, from now
through January 2020, you’ll earn 10 miles for every $1 you spend on thousands
of hotels when you book your stay at hotels.com.
CapitalOne’s Purchase
Eraser feature then lets you easily redeem those points for statement credits
after you pay for travel expenses with your card. Or, if you prefer, you can
use your miles to “pay” for purchases when you book your travel through
CapitalOne. Plus, miles can be transferred to any one of CapitalOne’s 10
airline travel partners for even greater flexibility.
The Capital One®
Venture® Rewards Credit Card offers a generous sign-up bonus of 50,000 miles
when you spend $3,000 on purchases within 3 months of opening your account,
which translates into $500 when redeemed for travel.
The card has an annual
fee of $0 intro, $95 after first year. It also offers travel accident
insurance, travel assistance services, no foreign transaction fee and a credit
of up to a $100 for a Global Entry or TSA PreCheck application
to help you move through airport security lines.
For more information
about how you can maximize your rewards, read our full review of the Capital One®
Venture® Rewards Credit Card.
Best for simple cash back: Citi® Double Cash
Card
FROM OUR PARTNER
3.8/5
From cardholders in
the last year
Here’s
why: The Citi® Double
Cash Card offers a low-hassle way for you to earn cash back on
all of your purchases. If you want to earn rewards on items you buy every day
but don’t want to worry about keeping track of rewards categories, this card
could be a good place to start.
With the Citi® Double
Cash Card, you’ll earn unlimited 2% cash back on everything you buy — 1% when
you buy it and 1% when you pay your bill. Plus, there’s no annual fee to cut
into your rewards, which you can redeem for either a check or statement credit.
Although this card has
a straightforward rewards structure and is easy to use, you may be able to earn
more with a different
type of cash back credit card with higher rates in certain
categories. And unlike some other cash back credit cards, this one doesn’t come
with a sign-up bonus.
Check out our review of
the Citi® Double Cash Card to see if it’s right for you.
Best for boosting retirement savings:
Fidelity® Rewards Visa® Signature Card
Here’s
why: With the Fidelity®
Rewards Visa Signature Card, seniors with an eligible Fidelity account can earn
unlimited 2% cash back on qualifying purchases when they sign up for
direct-deposit rewards into their account.
You’ll earn two points
for every $1 you spend on purchases that count — earnings that equate to a $1
reward for every $50 you spend. Your rewards can be deposited in up to five
eligible Fidelity accounts, including certain retirement accounts, HSAs and
college savings accounts.
This gives you the
flexibility to not only boost your retirement savings, but also to help meet
healthcare costs or contribute to your children’s or grandchildren’s education.
The Fidelity® Rewards Visa Signature card also has no annual fee, so you don’t
have to deal with that added cost offsetting your rewards.
If you don’t have a
Fidelity account but like the idea of this credit card, it might be worth
contacting your retirement account provider to find out if they offer a similar
option.
For additional
details, check out our complete review of the Fidelity®
Rewards Visa® Signature Card.
Best for low ongoing APR: Simmons Visa®
Here’s
why: Unlike the other cards
we’ve covered so far, the Simmons Visa® won’t earn you rewards or cash back
when you use it, but it does offer a low ongoing APR. This feature can help
seniors who may need to carry a credit card balance keep interest charges under
control.
With the average APR
on credit cards hovering in the mid-teens, the variable purchase and balance transfer
APR of 10.5% on the Simmons Visa® card comes in well below the average. And
this card doesn’t have an annual fee.
Need more info on how
your credit card APR works? Take a look at our explanation of what APR is and why it’s important.
Best for 0% intro APR: U.S. Bank Visa®
Platinum Card
Here’s
why: The U.S. Bank
Visa® Platinum Card gives seniors an opportunity to make a large purchase or
transfer a high-interest balance and pay it off without accruing interest
charges for a lengthy period of time. You also won’t have to pay an annual fee.
For the first 20
billing cycles, you can take advantage of an introductory 0% APR on purchases.
The same 0% APR offer also extends to balance transfers made within 60 days of
account opening.
Note that if you do
transfer a balance to this card, you’ll need to pay a balance transfer fee of
3% of the transferred amount or $5, whichever is higher. And when the
promotional period ends, the variable APR on purchases and balance transfers
increases to 14.74% to 25.74%, based on your creditworthiness.
If you need to pay for
an unplanned expense, make a large purchase or pay down high-interest debt,
this card gives you plenty of time to do it interest-free. Just try to make
sure you can pay off your balance by the end of the intro period to avoid
having to carrying a balance while the card has that higher variable APR.
This card also offers
free access to your TransUnion credit score, up to $600 in coverage if your
cellphone is damaged or stolen, and no penalty APR if your payment’s late
(although you will pay a late fee).
To find out more, read
our review of the U.S. Bank
Visa® Platinum Card.
Find a credit card that works for meExplore Cards Now
How we picked the best credit cards for
seniors
To choose the best
cards for seniors, we reviewed dozens of options from a variety of credit card
issuers and chose the cards we thought would appeal to the broadest audience of
seniors.
We looked at cards
marketed specifically to seniors, but didn’t end up choosing any of them for
this list. While these cards claim to be tailored to seniors’ needs, we found
alternatives that better meet the needs of this demographic. Ultimately, card
features mean much more than marketing when it comes to meeting the needs of
any audience.
When making our picks,
we wanted to choose cards that can help seniors make the most of retirement by
providing rewards with simple structures, including straightforward redemption
systems and options that offer flexibility based on the cardholder’s
preferences.
At the same time, we were
mindful that many senior citizens live on a fixed income, so we also tried to
select cards with low interest rates and minimal fees — features that may help
you keep your finances under control.
How to make the most of these credit cards
To make the most of
your credit card, choose the type that’s right for you based on your lifestyle,
financial situation and how you plan to use it.
For example, if you
don’t like to travel, it probably doesn’t make sense to get a credit card that
offers travel rewards. But getting one that offers cash back may be a good
option. At the same time, securing a card with a low APR may not be a priority
for you if you don’t carry a balance.
Regardless of what
type of card you choose, be sure to read the fine print in your card’s terms
and conditions. Understanding how rewards systems and payment schedules work
can be the difference between a stress-free credit card and one that leads to
confusion and fees.
(As with any of these informative articles,
anyone who needs someone to talk to about
this
very subject contact me and I can direct you to a knowledgeable advisor).
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