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.
1. 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.
2. 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.
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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.
3. 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.
This article is the shortened version of an article originally published on Hardbacon.ca by Otis De Marie under the title The 6 Best Credit Cards for Seniors in Canada.
