The Top 5 Credit Building Cards for Your Retirement

The Top 5 Credit Building Cards for Your Retirement

Retirement means a brand new lifestyle. If your new direction includes daily eating out, travelling, doing home improvements, or taking it easy, there are a variety of best credit cards for your newfound lifestyle. We look at these top credit cards for retirees next. 

Best Travel Card

For many retirees, the extra time means more travel. The Capital One Venture Rewards Credit Card delivers big in this regard. You earn double miles on all purchases. The generous sign up bonus included 50,000 miles after spending $3,000 for purchases in your first three months. This equates to $500 worth of travel. 

Capital One waives the first year’s fee, after which it amounts to $95 annually. These travel rewards are both easy to use and simple to earn. The card gives you the choice of applying your earning to your credit card balance or transferring over miles to one of their numerous travel partners. With no foreign currency transaction fees, it is hard to go wrong with this credit card. 

Best Cards for Bulk and Prescription Savings

Prescription drugs consume a lot of retiree resources. The Costco Anywhere Visa Card from Citi helps to lower these burdens with the membership fee of only $60 for Costco covering the credit card fee as well. You receive huge savings on most everything that you purchase at Costco. Their prescription drug prices are among the lowest you will find anywhere, plus you get two percent cash back on all pharmacy spending at Costco. 

Best Card for Financing a Large Purchase

When it is time to buy a larger purchase, the best in class card (according to Nerd Wallet) is the U.S. Bank Visa Platinum Card. It gives you fully 18 months of zero percent APR on balance transfers and new purchases, amounting to a free loan for a year and a half on larger purchases.

This can cover anything from higher interest rate balance transfers to celebratory trips. With a yearly fee of zero, you can hardly beat this card. It comes with a bonus $600 insurance coverage for your cell phone, allowing two claims totalling $1,200 per year. 

Best Card for Everyday Spending

Everyday spending is a great way to earn huge rewards back. As the best in class in this category, American Express wins with its Blue Cash Preferred Card. The annual fee of $95 is offset by the generous welcome offer. Spend $1,000 on purchases over your first three months with the card and you receive a hefty $250 statement credit.

You also get a zero percent balance transfer and new purchases offer for a full 12 months. This is a great way to earn rewards for daily needs like gas, groceries, and travel. 

Best Card for Dining and Driving

In the category of dining and driving for retirees, Chase wins with its AARP Credit Card. It boasts no annual fee and a generous rewards program of three percent cash back on all restaurants and gas station purchases (one percent on all other categories). Their sign up bonus means that once you spend $500 on any purchases over your first three months with the card, you will get $100 in bonus cash back. 

The card pairs well with an AARP membership, though it is not required. The unlimited rewards can be direct deposited to your savings or checking account or applied as a statement credit, whichever you prefer. 

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