“The best credit cards to consider before retirement depend on your plans and goals,” said Melanie Musson, insurance and finance expert at Clearsurance.com. “If you want to travel, you should choose a card that offers travel rewards. If Costco is your go-to store and you shop there often, a Costco Visa might be best for you. If you’re planning a home renovation project, a home improvement store credit card might be a good fit.”
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Look for a card where the rewards align with your life. Once you’ve decided what rewards you want, consider the interest rate, annual fee, and types of purchases that earn extra points.
Here are a few of our favorite credit cards to consider.
AARPⓇ Essential Rewards MastercardⓇ from Barclays
Why we love it: A portion of eligible purchases goes to support the AARP Foundation’s efforts to combat social isolation among older adults.
What gives us pause: It has a high variable APR for purchases, so it’s best to pay this card off in full each month.
Credit needed: Good to Excellent credit (620-720+ FICOⓇ score)
Annual fee: $0
Regular APR: 20.99% – 29.99% Variable
Highlights:
- 3% cash back on gas and drugstore purchases (excluding Target and Walmart); 2% cash back on eligible medical expenses; 1% cash back on all other purchases.
- $100 cash back after spending $500 or $200 cash back bonus after spending $1000 in the first 90 days.
- Redeem rewards for cash back, statement credits, gift cards, merchandise, AARP memberships.
- Unlimited rewards and no expiration as long as your account remains open and in good standing.
- 0% intro APR for 15 months on balance transfers made within the first 45 days of opening.
- Provides online access to your FICOⓇ Credit Score.
Bank of AmericaⓇ Customized Cash Rewards
Why we love it: The card’s standout feature is the ability to choose your 3% cash back category from a list of options, which is excellent if your spending pattern shifts. You can change your chosen category once each month, allowing you to optimize your rewards based on current needs.
What gives us pause: The 3% and 2% cash back categories are limited to the first $2,500 in combined purchases each quarter. After reaching that threshold, purchases earn 1%.
Credit needed: Good to Excellent (670-850 FICOⓇ score)
Annual fee: $0
Regular APR: 18.24% – 28.24% Variable
Highlights:
- 3% cash back in a category of your choice (can be changed monthly): gas & EV charging stations, online shopping, dining, travel, drug stores & pharmacies, or home improvement & furnishings.
- 2% cash back at grocery stores and wholesale clubs.
- 1% cash back on all other purchases.
- Earn 3% and 2% on the first $2,500 in combined purchases each quarter, then 1%.
- $200 online cash rewards bonus after spending $1,000 in the first 90 days.
- Potential for 25%-75% more cash back with Bank of America Preferred Rewards.
- 0% Intro APR for 15 billing cycles on purchases and balance transfers (with a balance transfer fee).
Blue Cash PreferredⓇ Card from American Express
Why we love it: The card offers high cash back rates on everyday essentials, which can lead to substantial savings.
What gives us pause: The 6% cash back for supermarkets excludes superstores, convenience stores (Target, Walmart), warehouse clubs (Costco, Sam’s Club, etc.), and meal-kit daily services.
Credit needed: Good to Excellent credit (670-850 FICOⓇ score)
Annual fee: $0 introductory annual fee the first year, then $95 annually
Regular APR: 20.24% – 29.24% Variable
Highlights:
- 6% cash back at supermarkets (on up to $6,000 in purchases per year, then 1%).
- 6% cash back on certain streaming subscriptions.
- 3% cash back at gas stations and for public transit.
- 1% cash back on all other purchases.
- $250 statement credit after spending $3,000 in the first 6 months.
- 0% intro APR on purchases and balance transfers for the first 12 months.
- Access to Amex Offers and purchase/extended warranty protections.
Capital One Savor Cash Rewards
Why we love it: Your cash back rewards don’t expire for the life of the account, and there’s no limit on how much you can earn.
What gives us pause: While it offers 3% back on groceries, it excludes superstores.
Credit needed: Good to Excellent credit (670-850 FICOⓇ score)
Annual fee: $0
Regular APR: 19.24% – 29.24% Variable
Highlights:
- 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores).
- 8% cash back on Capital One Entertainment purchases.
- 5% cash back on hotels and rental cars booked through Capital One Travel.
- 1% cash back on all other purchases.
- $200 cash bonus after spending $500 in the first 3 months.
- No foreign transaction fees.
- 0% intro APR on purchases and balance transfers for 15 months (with a balance transfer fee).
Capital One Venture Rewards
Why we love it: If you plan to travel in your golden years, this card has a straightforward earning structure and valuable redemption options.
What gives us pause: You will pay an annual fee and although you can redeem miles for cash back, it’s at a lower value (½ cent per mile) compared to travel redemptions (1 cent per mile).
Credit needed: Excellent credit (720+FICOⓇ score)
Annual fee: $95
Regular APR: 19.99% – 29.24% Variable
Highlights:
- Earn unlimited 2X miles on every purchase.
- Earn 5X miles on hotels and rental cars booked through Capital One Travel.
- 75,000 bonus miles after spending $4,000 in the first 3 months ($750 in travel value).
- No foreign transaction fees.
- Up to $100 credit for Global Entry or TSA PreCheck.
- Flexible travel redemption options and airline/hotel transfer partners.
- Auto rental collision damage waiver and travel accident insurance.
- Miles don’t expire for the life of your account.
Citi Rewards+Ⓡ Card
Why we love it: Every purchase automatically rounds up to the nearest 10 ThankYou points, so you accumulate points faster than a flat-rate card allows on such transactions.
What gives us pause: The card caps 2X points from supermarkets and gas stations at $6,000, and you’ll pay a 3% foreign transaction fee if vacationing abroad.
Credit needed: Good to Excellent credit (670-850 FICOⓇ score)
Annual fee: $0
Regular APR: 17.74% – 27.74% Variable
Highlights:
- Automatically rounded up to the nearest 10 ThankYou Points on every purchase.
- 10% points back on the first 100,000 ThankYou Points redeemed annually.
- 2X ThankYou Points at supermarkets and gas stations (on up to $6,000 per year, then 1x).
- 1X ThankYou Points on all other purchases.
- Welcome bonus of 20,000 bonus points (redeemable for $200 in gift cards) after spending $1,500 in 3 months.
- 0% intro APR on purchases and balance transfers for 15 months.
Costco Anywhere VisaⓇ Card by Citi
Why we love it: Offers an impressive 5% cash back on gas at Costco warehouses worldwide and 4% cash back on other eligible gas and EV charging for the first $7,000.
What gives us pause: You must be a Costco member to apply for and keep this card. Cash back rewards are issued annually with your February statement, and you can only redeem this certificate for merchandise or cash at a Costco warehouse.
Credit needed: Excellent credit (720+ FICOⓇ score)
Annual fee: $0 (requires an active Costco membership, which has its own annual fee, starting at $65)
Regular APR: 19.49% – 27.49% Variable
Highlights:
- 5% cash back on gas at Costco and 4% on other eligible gas/EV charging (first $7,000 combined spend annually, then 1%).
- 3% cash back on restaurants and eligible travel (unlimited).
- 2% cash back on all other purchases at Costco and Costco.com.
- 1% cash back on all other purchases.
- No annual fee (with Costco membership).
- No foreign transaction fees.
- Cash back issued annually as a reward certificate redeemable at Costco warehouses.
Delta SkyMilesⓇ Blue American Express Card
Why we love it: You can deduct $50 off the cost of a Delta flight for every 5,000 miles redeemed on delta.com with your SkyMiles.
What gives us pause: If you travel with Delta often, the Blue card offer fewer traditional airline benefits (no free checked bag, priority boarding, or lounge access) compared to Gold, Platinum, and Reserve.
Credit needed: Good to Excellent credit (670-850 FICOⓇ score)
Annual fee: $0
Regular APR: 20.24% – 29.24% Variable
Highlights:
- No annual fee.
- 2X miles on Delta purchases.
- 2X miles at restaurants worldwide (including U.S. takeout and delivery).
- 1X mile on all other eligible purchases.
- No foreign transaction fees.
- 20% back as a statement credit on eligible Delta in-flight purchases.
- Earn 10,000 bonus miles after spending $1,000 in the first 6 months.
- Ability to “Pay with Miles” on Delta flights.
Discover itⓇ Cash Back
Why we love it: Includes valuable benefits like Social Security number alerts, free FICOⓇ Credit Score access, and the ability to “Freeze itⓇ” (instantly suspend your card to prevent new purchases if it’s misplaced)
What gives us pause: The 5% cash back is capped at $1,500 in combined purchases per quarter. While it can yield up to $300 in bonus cash back annually (plus the match in year one), very high spenders will only earn 1% after hitting the cap.
Credit needed: Good to Excellent credit (670-850 FICOⓇ score)
Annual fee: $0
Regular APR: 18.24% – 27.24% Variable
Highlights:
- 5% cash back on rotating quarterly categories (up to $1,500 in purchases, then 1%) upon activation.
- Unlimited Cashback Match for all new cardmembers at the end of the first year.
- No annual fee.
- No foreign transaction fees.
- 0% intro APR for 15 months on purchases and balance transfers.
- Flexible cash back redemption.
- Excellent customer service and card security features.
Wells Fargo ReflectⓇ Card
Why we love it: This card offers one of the longest intro APR periods on the market: 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, giving you nearly two years to pay down debt or finance a significant purchase interest-free.
What gives us pause: This card doesn’t earn ongoing cash back or points on everyday spending, so if your goal is to earn points, it’s not a good choice.
Credit needed: Good to Excellent credit (670-850 FICOⓇ score)
Annual fee: $0
Regular APR: 17.24%, 23.74%, or 28.99% Variable
Highlights:
- 0% intro APR for 21 months on purchases and qualifying balance transfers (balance transfers must be made within 120 days).
- $0 annual fee.
- Up to $600 cellular telephone protection (with a $25 deductible) when paying your phone bill with the card.
- Access to My Wells Fargo Deals for potential cash back.
- Roadside Dispatch® and Zero Liability Protection.
This list of 10 cards is just the tip of the iceberg of available credit. As you evaluate the card that’s best for you, think about your priorities and how you’re likely to use it, your credit rating, and any other considerations that may factor into your decision.
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