What should senior citizens look for in a credit card?

The retirement years are supposed to be a time for you to relax and enjoy yourself. Having worked hard all your life, you now want to make the most of your golden years. There are many things you can do to make this period of your life as enjoyable and healthy as possible – having a Credit Card opens doors to all these opportunities.

In this guide, we examine the key features of senior citizen Credit Cards and highlight what to consider while selecting one.

How does owning a Credit Card benefit senior citizens?

In a world where people are living longer than ever there’s no reason to feel like you have nothing to live for. You can make use of this time to travel, pick up a new hobby and open yourself up to new experiences.

The primary benefit of owning a Credit Card is that you can pay for all these things more conveniently, while enjoying money-saving perks. For example, many Credit Cards offer discounts at health and wellness outlets, making it easier to maintain good health at all times.

Additionally, you can benefit a lot from a Credit Card since it eliminates the need for cash and enables you to earn rewards, track your spending and build credit.

Things to keep in mind while choosing a senior citizen card

While there are many Credit Cards out there, how do you choose one that’s best for older adults? Here are some factors to consider to help you make the right choice:

1. Annual fees: Older consumers can find it difficult to keep up with annual card fees and making minimum purchases to retain their Credit Cards. When in doubt, choose a Credit Card that’s lifetime-free.

2. Convenience: Convenience and ease-of-use should be non-negotiable, especially if you are a senior citizen. Look for a card that has a simple application process, easy rewards redemption and an intuitive app to manage the Credit Card. 

3. Travel benefits: For most older adults, retirement is the time to travel. A good senior citizen Credit Card should help you save money on flights, hotel stays and travel expenses.

4. Foreign exchange markup fees: Foreign exchange markup fees can quickly blow one’s budget when traveling internationally. It's therefore important to choose a Credit Card with minimal markup fees.  

5. Rewards: For seniors, a Credit Card with high rewards and an easy way to redeem them should be a top priority. The more rewards you earn, the more you save on everyday purchases.

6. No income proof: For senior citizens, it is often harder to prove their income sources since they are retired. To make things easier, look for a Credit Card that does not require income proof at the time of application.  

7. Low interest rates: A Credit Card with low interest rates will ensure you don’t have to pay through your nose whenever you miss your card due dates. This is especially important to senior citizens who may forget to pay their bills on time.

Why the IDFC FIRST WOW! Credit Card is the best senior citizen card

It is often difficult for seniors to get a Credit Card despite having a stellar financial background and zero debt. In most cases, this is because that they don't have an income or credit history to back them up.

Co-signing a personal loan or student loan for children can also have unintended effects on their credit scores.

In such cases, it’s best to opt for a secured Credit Card, such as the IDFC FIRST WOW! Credit Card. Backed by a fixed-deposit, it does not require you to have an income to own a Credit Card.

Here are other features that make the FIRST WOW! Credit Card ideal for senior citizens:

• Lifetime free: Zero joining or annual fees

• Zero documentation: Ultimate convenience for seniors with absolutely zero documentation required

• Travel benefits: Best-in-class travel with zero forex mark-up fees

• Top-tier rewards: 4X rewards on every spend, while you earn 7.5% p.a. interest on your FD

• No income proof: Since the FIRST WOW! Credit Card is backed by a fixed deposit, you don’t need to show any income proof

• Low interest rate: Lower-than-average interest rates starting at 9% p.a.

In India, many senior citizens have fixed deposits that they won't touch. With the IDFC FIRST WOW! Credit Card, they can use it to obtain a premium credit card. Click here to apply for the IDFC FIRST WOW! Credit Card. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.