3 Credit Card Benefits Retirees Should Look For



Retirement is a unique time in life. On the one hand, retirees often enjoy the freedom of not having a job to relate to 40 hours a week or more. On the other hand, retirement can be financially stressful.

Many people start their retirement without having a lot of money in savings. And many retirees are not entitled to a pension, or at least not generous.

As such, it is not uncommon for retirees to derive most of their income from Social Security. And since the average beneficiary today only receives $ 1,557 per month, it’s easy to see why so many people find themselves strapped for cash in retirement.

It is for this reason that finding the right credit cards should be a priority for seniors. To be clear, retirees can use credit cards safely, just like workers, as long as they pay off their balance in full each month (or at least try to do so) to avoid the fees. ‘interest. And those who use credit cards should aim for the following benefits.

Many credit cards offer additional cash back on gasoline. But since many retirees don’t work, fuel may not be such a big expense for them.

However, all retirees need to eat, so it might pay off for the elderly to look for credit cards that offer additional cash back rewards at the supermarket all year round. Food costs can vary seasonally and are also based on factors such as inflation that are beyond the control of consumers. Getting additional cash back rewards on grocery purchases can help people offset rising food costs and better manage their limited income during retirement.

2. Opportunities to save money on travel

People in a strong financial position can take the opportunity to travel a lot during retirement, which becomes much easier when there is no longer a need to report to a boss. Retirees who plan to take a lot of travel should look to credit cards that offer economical travel benefits. These include free checked baggage on flights and discounts on in-flight purchases.

3. A generous but accessible sign-up bonus

Many seniors live on a fixed income, and the only way they can splurge is to get their hands on some extra cash. This is why the pursuit of signup bonuses makes sense for retirees, but within reason.

Some credit card signup bonuses are easier to get than others, and it never pays to spend too much money and get into debt just to get a small amount of money back. . But if a credit card offers, say, a sign-up bonus of $ 200 for making $ 500 purchases within three months, that’s an offer that the typical retiree may be in a decent position to take advantage of. And that $ 200 could then be used to pay for a little weekend getaway or a trip to see the grandchildren – something that might not normally be in the budget.

Many people experience their share of financial stress in retirement. And even for those with healthy pips, the thought of not making any more money can be uncomfortable. That’s why it’s essential for retirees to maximize their credit cards, and looking for these key benefits is a great way to do it.


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