Senior citizens are some of the most responsible credit card users out there. They pay everything they owe in full and on time, they rarely buy things that they don’t need and they don’t throw money away. This makes them the best people to use credit cards. So what types of credit cards to these, the most responsible of users, prefer? We looked at the data and put together a list of three types of cards that best suit the needs of our senior citizens.
Here they are:
Balance transfer cards
These really come in handy if you find yourself having debt problems. In such situations, continuing to use high-interest credit cards and just trying to pay them off is a mistake. You never really solve anything and, if it gets out of hand, you may destroy all your finances.
However, if you move the balance to a new credit card, one that offers a super low or no interest rate for a certain period of time, you might be able to solve this problem. You still have to pay off everything that you owe and make sure that you don’t get new debt, but that zero/no interest rate can be a huge help.
Travel rewards credit cards
If there’s something that senior citizens have then that is a lot of free time. And, because they have so much free time, they can go on vacation wherever they want, and see all the places that they want to see. And, when you travel a lot, a travel rewards credit card can really come in handy. It can help you earn air miles, get free rental car insurance, or to get discounts at different restaurants or hotels. One such card can save you hundreds of dollars or even more.
Cash back credit cards
This is one of my favourite types of credit cards as well, so I understand why it’s so popular. It is exactly what the name says. You use it, buy stuff and, for every purchase you make, you can earn money. When you collect a minimum amount of credit, you can ask to be paid back through a check, or you can use that money to buy stuff at designated stores.