The Best Credit Cards for Seniors and Retirees In 2022

Now that you’ve got more time on your hands — hey, you’ve earned it! — it’s time to set off on that once-in-a-lifetime trip you’ve been dreaming about, splurge on some new home decor or take on a few of those home improvement projects you’ve been meaning to do. At this point in your life, you’re the boss of your own retirement adventure, and it’s up to you how to best spend your time, money and energy during your golden years.

Below, CNBC Select details the best credit cards for seniors and retirees who want to save money on the things they love most, whether it’s traveling, dining, shopping or going on road trips — as well as more practical purchases such as groceries, medical expenses and retirement savings.

Who’s this for? The Blue Cash Preferred® Card from American Express is a great option because of its ease of earning cash-back rewards for all the grocery, gas and online shopping you’re likely doing anyway, especially if you (or your grandchildren) are also a fan of streaming services.

To sweeten the deal, this card starts out with an introductory 0% APR offer for purchases and balance transfers made during the first 12 months of account opening (after, 17.74% to 28.74%, variable), making it a solid choice if you’ve got some major purchases coming up.

Other great perks: Cardmembers also receive statement credits for subscriptions such as The Disney Bundle (up to $7 monthly statement credits, for a total of up to $84 annually) and Equinox+ (up to $120 annually), purchase protection, return protection, car rental loss and damage insurance and more.

How to redeem rewards: Cash-back rewards are the name of the game with this card — they’re awarded as “reward dollars,” which you can then redeem for statement credits. 

Who’s this for? With a modest annual fee and a robust amount of included travel benefits, the Chase Sapphire Preferred® Card makes a great choice for seniors and retirees looking to spend their golden years traveling.

Other great perks: Whether you’re visiting friends and family in other cities or venturing abroad, this card has your back with no foreign transaction fees, primary rental car insurance, baggage delay insurance, trip cancellation and interruption insurance and other protections meant to provide peace of mind during your travels. You’ll also receive a $50 annual Ultimate Rewards® Hotel Credit; special discounts on purchases made through DoorDash, GoPuff and Instacart+; and a 10% points boost on your card anniversary.

How to redeem rewards: Points can be redeemed for cash back or gift cards at a rate of 1 cent per point. Points are worth 1.25 cents apiece when you redeem them toward travel or Pay Yourself Back through Chase Ultimate Rewards®. You may be able to get even more value by transferring your points to any of Chase’s hotel or airline partners, such as Southwest Airlines Rapid Rewards, United Airlines MileagePlus, Air Canada Aeroplan, Marriott Bonvoy, IHG One Rewards and World of Hyatt.

Who’s this for? If you’re planning to spend some time road-tripping around the country, you can earn points to put toward even more travel with the U.S. Bank Altitude® Connect Visa Signature® Card.

Other great perks: The card comes with a ton of perks, such as no foreign transaction fees; up to $600 in cell phone protection; up to $100 in statement credits toward your TSA PreCheck® or Global Entry® membership; and access to Visa Signature benefits including complimentary concierge services and special perks at luxury hotels. Cardholders can also earn an up to $30 credit toward annual subscriptions with Apple TV+, Netflix and Spotify®, among other streaming services, after making 11 months of streaming purchases.

How to redeem rewards: Points can be redeemed at a rate of 1 cent per point toward travel, statement credits, gift cards or merchandise through the Rewards Center.

Who’s this for? If you can swing the $250 annual fee (see rates and fees), the American Express® Gold Card is a great option for seniors and retirees who tend to spend most of their money at grocery stores and restaurants. Its large welcome bonus also provides a great head start if travel is among your retirement goals.

Other great perks: The card includes a variety of travel and dining perks, including up to $120 worth of Uber Cash annually ($10 per month); up to $120 worth of annual dining credits ($10 each month) when you pay for dining via Grubhub, Milk Bar, The Cheesecake Factory and certain Shake Shack restaurants (enrollment required); access to special perks on stays within The Hotel Collection; and Preferred Seating at shows, concerts and sporting events with American Express Experiences. Other perks, such as *car rental loss and damage insurance and baggage insurance, are also available to cardholders. Terms apply.

How to redeem rewards: You’ll get the most value from your Membership Rewards® points — about 2 cents per point or more — when you transfer them to one of American Express’ many airline and hotel partners, such as JetBlue TrueBlue, Delta SkyMiles, Marriott Bonvoy and Hilton Honors. You can also redeem them for statement credits, gift cards, or travel through the Amex Travel portal, but they’ll generally only be worth between 0.5 cents and 1 cent per point that way.

Who’s this for? If you’re sticking closer to home these days and have lots of medical expenses or drugstore purchases to think about, the AARP® Essential Rewards Mastercard® from Barclays could be an ideal choice.

Other great perks: For every new account that’s opened now through Mar. 31, 2023, Barclays will make a $10 donation to the AARP Foundation. Better yet, you do not need to be a member of AARP to apply.

How to redeem rewards: Rewards earned with this card can be redeemed for cash back or an AARP membership — whether for yourself or as a gift — among other options via BarclaysUS.com.

Who’s this for? If you’re interested in a no-annual-fee card that also lets you earn cash back on certain categories each quarter — think grocery shopping, gas stations and select online retailers — the Chase Freedom Flex is a great pick. Check Chase’s quarterly cash-back calendar for details before using your card so you don’t miss out.

Other great perks: The card offers perks such as purchase protection and extended warranty protection, auto rental collision damage waivers, trip cancellation and interruption insurance, cell phone protection and travel and emergency assistance.

How to redeem rewards: While this card is ideal for those seeking cash-back rewards, you could also redeem them for travel or gift cards. If you happen to have another Ultimate-Rewards-earning card, such as the Chase Sapphire Preferred® Card (mentioned above) or the Chase Sapphire Reserve®, another option would be to convert your cash back into transferrable Ultimate Rewards® points, opening up a plethora of redemption opportunities with the issuer’s 14 airline and hotel partners.

Who’s this for? If you’ve been putting off an especially large purchase (think major home repairs, new furniture or some pricey electronics), the Wells Fargo Reflect® Card is a good choice, with one of the longest introductory 0% APR offers available on the market. As long as you continue to make your monthly payments on time, the card provides a whopping 21 interest-free months — that’s 18 months from account opening on purchases and qualifying balance transfers with the opportunity to extend it by three months (after, 16.74% to 28.74%, variable). Balance transfers must be made within 120 days of account opening.

Other great perks: Wells Fargo Reflect® cardholders also receive perks such as $600 worth of cell phone protection against theft or damage and access to 24/7 emergency roadside assistance, though service charges apply.

How to redeem rewards: This card doesn’t offer any rewards for your spending.

Who’s this for? The Fidelity® Rewards Visa Signature® Card is for anyone hoping to add to their current retirement savings balance.

Other great perks: Perks include special benefits through Silvercar Car Rental and the Luxury Hotel Collection, 24-hour service via the Visa Signature® Concierge, lost luggage reimbursement and exclusive access to fine dining and entertainment experiences.

How to redeem rewards: Cash-back rewards can be deposited into any eligible Fidelity account, whether it’s a Fidelity® Cash account, Fidelity Go® account, Fidelity HSA® account, Fidelity Charitable® Giving Account®, brokerage account, retirement account, or a 529 College Savings plan.

Credit card issuers usually require you to have good credit or excellent credit — a score above 670 — in order to sign up for a new card. For that reason, it’s important to check your credit score before applying. They’ll also be keeping a close eye on the number of cards you already have or have recently applied for. Chase’s notorious 5/24 rule actually prevents those who have applied for five cards within the last 24 months from being approved for a new one with them, so be aware that you could end up being rejected because of it.

Additionally, it’s worth doing the math and making sure you’ll be able to use enough of the card’s included benefits to justify paying the annual fee, especially if it’s a higher one. And as always, keep an eye on your budget to ensure you can hit any minimum-spending requirements responsibly.

It’s never too late to start your points and miles journey, whether you’re planning to redeem them for flights, hotels or other parts of a future trip or prefer to receive cash-back rewards to cover other expenses. If you tend to spend more of your money on medical expenses, dining or trips to the supermarket or drugstore, there’s a card for you, just as there is for anyone hoping to boost their retirement savings balance. By spending within your means and keeping track of your credit score, it’s possible to save some money with these cards and ensure the benefits work best for your needs.

To determine which cards offer the best value for seniors and retirees, CNBC Select analyzed over 230 of the most popular credit cards available in the U.S. We compared each card on a range of features, including: rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.

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For rates and fees of the American Express® Gold Card, click here.