The 6 Best Credit Cards for Seniors in Canada
As the Canadian senior population continues to grow, financial institutions have recognized the unique requirements of this demographic. These selected credit cards offer a host of exclusive benefits and rewards, carefully curated to complement the preferences and spending habits of senior citizens. Whether you seek travel perks for those unforgettable retirement trips, cashback rewards for everyday expenses, or simply a secure and straightforward credit card for your needs, this list has got you covered!
BMO CashBack Mastercard – Best for getting cashback
The BMO CashBack Mastercard stands out as an excellent choice for Canadian seniors who frequently engage in grocery shopping and wish to earn cashback on their everyday expenses. Notably, this card offers a host of benefits that cater to the needs of seniors, making it an attractive financial tool for this demographic.
One of the most appealing aspects of the BMO CashBack Mastercard is its no annual fee feature, coupled with the perk of providing additional cards free of charge. This feature ensures that seniors can save on monthly expenses while also sharing the card’s great benefits with their family members, fostering financial convenience and flexibility.
Moreover, the card’s eligibility criteria are lenient and inclusive, as it only requires a credit score of 630, without imposing any annual income requirements. This allows Canadian seniors with varying financial backgrounds to easily access the card’s advantages.
The biggest allure of the BMO CashBack Mastercard lies in its lucrative cashback program, designed to reward seniors for their spending habits. For grocery shopping enthusiasts, the card offers an impressive 3% cashback on all grocery purchases, significantly easing the burden of daily expenses. Additionally, recurring bill payments also earn 1% cashback, and all other expenses attract a respectable 0.5% cashback rate. Moreover, the card’s welcome bonus, which provides 5% cashback on all purchases for the first three months, further sweetens the deal.
Beyond the enticing cash back incentives, the BMO CashBack Mastercard ensures that seniors can shop with confidence through its Purchase Security Insurance, which offers up to 90 days of coverage against theft or damage of eligible items. Furthermore, the Extended Warranty Insurance provided by BMO extends the manufacturer’s warranty by up to one additional year, affording seniors an extra layer of protection on their purchases.
The BMO CashBack Mastercard is a stellar choice for Canadian seniors who frequently engage in grocery shopping and desire cashback rewards on their expenses. With its no annual fee, easy eligibility requirements, and generous cashback rates, this card caters specifically to the needs of seniors, providing them with financial security and convenience while enjoying their shopping experience.
American Express Gold Rewards Card – Best for collecting reward points
The American Express Gold Rewards Card is an excellent choice for Canadian senior citizens looking to collect a substantial number of rewards points while enjoying a host of benefits. One of the most appealing aspects of this card is that it has no annual fee or income requirements, making it accessible to a wide range of individuals. However, applicants should have a credit score of 700 to be eligible for the card. Additionally, the card offers the advantage of additional cards with no annual fee, allowing seniors to share these benefits with their relatives and accumulate points even faster.
What makes this card particularly enticing for seniors is the generous number of Amex Membership Rewards Points it offers. For every $1 spent at eligible gas stations, grocery stores, and drugstores in Canada, cardholders can earn 2 points. The same applies to eligible travel purchases, including flights, hotels, car rentals, cruises, and more. For all other purchases, seniors can still earn a respectable 1 point for every $1 spent, making the American Express Gold Rewards Card a fantastic choice for maximising rewards points on various expenses.
New American Express Gold Rewards Cardmembers are also rewarded with an impressive welcome offer. By spending $1,000 in net purchases during each monthly billing period, seniors can earn 5,000 Membership Rewards points, potentially reaching a total of 60,000 points in a year. This offer is particularly interesting for Canadian seniors who aren’t always able to spend a large sum of money in a short period of time, which is often required with welcome bonuses from other credit cards.
Moreover, the card comes with valuable protection features for those who use it extensively. The Purchase Protection Plan provides coverage for up to $1,000 per occurrence for accidental damage or theft of eligible items purchased with the card within 90 days of purchase. Additionally, the card offers an extended warranty of 1 additional year for eligible purchases, providing added peace of mind for Canadian seniors who appreciate the security and support when using their card for various purchases.
The American Express Gold Rewards Card is a compelling choice for Canadian seniors seeking to accumulate a substantial number of rewards points. With its attractive points earning rates, generous welcome offer, and valuable protection features, this card presents an excellent opportunity for seniors to enjoy various benefits while responsibly managing their expenses.
KOHO Prepaid Mastercard Easy – Best for prepaid spending
For Canadian seniors who are looking for a safe way to manage their finances without the risk of overspending, the KOHO Prepaid Mastercard Easy presents an excellent choice. Living on a pension can sometimes result in financial constraints, making it essential to opt for a prepaid card to ensure responsible spending and avoid falling into debt.
One of the primary advantages of the KOHO Prepaid Mastercard Easy is that it comes with no annual fee and does not require a credit score check, ensuring guaranteed approval for seniors who may have limited credit history or face challenges obtaining traditional credit cards. The absence of an interest rate on purchases is particularly beneficial since cardholders are not borrowing money; rather, they are using their preloaded funds, eliminating the risk of accumulating debt due to interest charges.
For seniors seeking to build or improve their credit history, the easy KOHO card offers an optional credit-building assistance, enabling them to enhance their financial standing over time. Additionally, the prepaid card accrues interest on loaded funds at a rate of 0.5%, providing a small incentive to save and grow their money.
Despite being a prepaid card, the KOHO Prepaid Mastercard Easy still offers cashback rewards. Seniors can enjoy 1% cashback on transportation and groceries expenses, and 0.5% cashback on all other expenditures, making it a financially rewarding option for everyday purchases. Additionally, the card offers up to 5% extra cash back when shopping with KOHO’s partnered merchants, further maximising savings opportunities.
While KOHO has other card options with more cashback rewards and additional benefits, such as the Essential, Everything, and Extra cards, these alternatives do come with an annual fee. However, for seniors who frequently spend on specific categories or shop with partnered merchants, the enhanced cashback rewards from these cards may outweigh the annual fee, making them a viable option depending on individual spending habits.
The KOHO Prepaid Mastercard Easy provides Canadian seniors with a safe and efficient way to manage their finances without the risk of overspending. With no annual fee, a guaranteed approval process, and no interest on purchases, seniors can confidently use the card to make essential transactions while also earning cashback rewards on various expenses. Whether for budget-conscious individuals or those looking to build credit, the KOHO Prepaid Mastercard Easy proves to be a great financial tool for Canadian seniors.
National Bank Platinum Mastercard – Best for senior travel insurance
The National Bank Platinum Mastercard is an excellent choice for Canadian seniors seeking a credit card with robust travel insurance policies. Packed with various features and benefits, this card offers a cost-effective option for those who enjoy travelling and want to ensure they are protected financially during their trips.
With an affordable annual fee of $70, which is waived for the first year, and an additional card fee of only $35, seniors can share the advantages of this card with their family members without breaking the bank. The credit card application requires no annual income, but a credit score of at least 660 is necessary to be eligible for this card, ensuring responsible credit management.
The card’s most significant advantage is its comprehensive travel insurance policies. For trips up to 10 days, the primary cardholder, spouse, and dependents are covered for up to $5 million in emergency medical expenses. However, it’s essential to note that coverage is available only for cardholders up to 76 years old and must charge a part or total cost of the trip to the card for insurance eligibility. While pre-existing conditions are covered for individuals aged 61 and older, any treatment plan changes in the last 6 months can disqualify coverage.
Additionally, the National Bank Platinum Mastercard offers flight cancellation or trip interruption insurance of up to $1,000 per person, delayed flight and stolen luggage insurance of up to $500 per person (for delays over 4 hours), and vehicle rental insurance covering collision, theft, or damage for a generous 48-day period.
Another noteworthy feature is the mobile phone insurance that covers losses, thefts, or damages up to $1,000 for a duration of 2 years, providing peace of mind against such unfortunate events.
Furthermore, the card’s rewards program allows users to earn up to 2 points per dollar on eligible grocery and restaurant purchases, 1.5 points per dollar on eligible gas and electric vehicle expenses, and 1 point per 1.5 dollars on other purchases, making it more rewarding for everyday spending.
The National Bank Platinum Mastercard is an excellent credit card option for Canadian seniors who value extensive travel insurance coverage without paying exorbitant fees. Its comprehensive insurance policies and rewards program make it an appealing choice for those seeking financial protection and benefits while enjoying their journeys.
Tangerine Money-Back Credit Card: Best for welcome bonus
The Tangerine Money-Back Credit Card is a fantastic choice for Canadian seniors seeking an exceptional welcome bonus offer and who value cash back rewards. With its user-friendly cash back program, this card allows users to tailor their rebates to suit their specific spending habits, making it an attractive option for those looking for flexibility.
One of the standout features of this credit card is its lack of an annual fee for both the primary cardholder and any additional cards. For seniors who are mindful of managing their finances, this is an appealing advantage. However, to be eligible for the card, applicants should have a credit score of at least 600 and an annual income of $12,000.
The most compelling aspect of the Tangerine Money-Back Credit Card is the generous welcome bonus offer. By applying for the card before October 31, 2023, seniors can earn an extra 10% back on up to $1,000 in everyday purchases within their first two months. This provides an excellent opportunity to make the most of their initial spending.
Beyond the welcome bonus, the card’s ongoing benefits continue to impress. Cardholders can enjoy a 2% cashback on two categories of their choice, ranging from groceries and restaurants to gas and entertainment. This customization feature allows seniors to optimise their cash back rewards and tailor them to their individual needs. For instance, they can prioritise savings on recurring bills and drug store expenses, making the card an excellent fit for their lifestyle.
Moreover, the Tangerine Money-Back Credit Card offers additional perks such as purchase security for damaged or stolen items within 90 days of purchase and extended warranty coverage of up to 12 months, doubling the manufacturer’s warranty. These added protections give peace of mind to seniors when making purchases and can be valuable for those looking to safeguard their investments.
The Tangerine Money-Back Credit Card is an outstanding choice for Canadian seniors seeking a credit card with a big welcome bonus offer. With its no annual fee policy, cash back customization, and various benefits like purchase security and extended warranty, this credit card provides a compelling package for seniors who want to make the most of their spending and enjoy financial flexibility.
RBC Visa Platinum – Best for no annual fees
The RBC Visa Platinum credit card is an excellent choice for Canadian seniors who are seeking a credit card with no annual fee. This personal credit card offers a high credit limit of up to $50,000, providing seniors with ample spending power and financial flexibility.
One of the standout features of this credit card is that it does not charge an annual fee for the primary cardholder. Furthermore, if seniors wish to share the benefits of their RBC Visa Platinum card with a spouse or child, they can add additional cards to their account at no extra cost.
For many seniors, financial requirements and credit score criteria can be a concern when applying for credit cards. However, with the RBC Visa Platinum, there are no annual income requirements, and the card does not have a minimum credit score requirement, making it accessible to a wide range of Canadians.
The card’s purchase security is an attractive feature, offering coverage for loss and damages on new products for up to 90 days from the date of purchase. Additionally, the extended warranty feature doubles the manufacturer’s warranty, providing seniors with added protection and peace of mind on their purchases.
Another valuable benefit that comes with the RBC Visa Platinum card is the 3-month complimentary DashPass subscription from DoorDash. This subscription can be particularly useful for seniors who may find it challenging to go out but still need to get items from the store. With unlimited DoorDash deliveries and $0 delivery fees on orders of $15 or more, seniors can enjoy the convenience of having essentials delivered to their doorstep.
Seniors may also find comfort in the Credit Card Lock feature, which allows them to temporarily lock their RBC credit card at any time. If they misplace their card or have security concerns, they can easily use the RBC Mobile app to lock their card, providing added security and peace of mind.
The RBC Visa Platinum credit card is an ideal choice for Canadian seniors looking for a credit card with no annual fee. Its generous credit limit, lack of income and credit score requirements, valuable benefits, and convenient security features make it a practical and accessible option for seniors seeking financial flexibility and peace of mind.
Best Credit Cards for Seniors in Canada: The Bottom Line
And there you have it! You are now informed about the top credit cards in Canada designed specifically for seniors. Whether you seek cashback benefits, low interest rates, or rewards points accumulation, this comprehensive list has the perfect card to suit your preferences. If, by any chance, you haven’t found your ideal match, make sure to compare credit cards to discover the one that best caters to your individual needs.
FAQs About Credit Cards for Seniors in Canada
Yes, senior citizens in Canada can get a credit card. Financial institutions do not consider age as a determining factor when assessing credit card applications. Instead, they focus on financial aspects such as income, debt, and credit score. However, most of the cards we have covered in this article require no annual income or credit score, meaning that everyone, including seniors, can apply for those cards. If you don’t know your credit score, you’re in luck, because there are many ways to get your credit score for free in Canada.
The extent of your credit card travel insurance coverage can be influenced by factors such as age and pre-existing medical conditions. As you reach the age of 65, many cards significantly reduce the available coverage. Instead of enjoying two weeks or more of coverage, you might be entitled to only four days, unlike younger customers. While some travel credit cards cater to older travellers, it’s crucial to carefully read the fine print to confirm that you have adequate coverage. Moreover, if you have a pre-existing medical condition, your coverage options may further decrease, potentially requiring you to obtain a separate travel insurance policy.
In Canada, the abundance of credit cards can be overwhelming when searching for the right one. While this guide provides valuable assistance, the most effective approach is to utilise a credit card comparison tool. By inputting your specific requirements, you can easily filter out credit cards that do not align with your preferences. This method ensures a more tailored and efficient search for the ideal credit card.
In Canada, if you decide to begin your pension at age 65, the maximum monthly payment you can receive amounts to $1,306. However, the average monthly amount seniors typically receive is notably lower at $760. To assist you in managing your finances effectively, we suggest considering credit cards with low annual fees that offer substantial savings on recurring bill payments, groceries, drug store purchases, and other essentials. This article delves into some of the finest credit card options that carefully consider these crucial factors.
Yes, seniors can get a premium credit card in Canada. Although this article may not specifically address premium credit cards, it does not imply that seniors cannot acquire them. If seniors have a good credit score and sufficient financial capacity to manage a premium credit card, their age will not hinder them from obtaining one. Financial institutions primarily assess your financial situation rather than your age when determining credit card eligibility.