Shannon Terrell
Erica CorbinMany or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
More than half (55%) of near-retiree households need to make lifestyle changes to avoid outliving their savings, according to a 2023 report by Deloitte Canada. Finding a credit card with minimal income requirements and low or no annual fees may be one place to start.
As you embrace your golden years, know that getting older doesn’t mean settling for lacklustre card options. There are plenty of credit cards packed with practical perks for retirees and people later in life.
Best credit cards for seniors in Canada
Best overall credit card for seniors
Scotiabank Gold American Express® Card
Not only does the Scotiabank Gold American Express card reward you with impressive rates in six popular spending categories, but it also comes with no foreign exchange fees.
Pros
- No foreign exchange fee on any foreign currency purchases while travelling abroad or shopping online — you just have to pay the exchange rate.
Cons
- The bonus rewards rates drop down to the 1x flat rate after a $50,000 annual spend. This sounds like a lot, but much of your daily spending is probably included in the six bonus categories, so you might hit the limit faster than you’d think.
- Earn up to $950* in value in the first 12 months, including up to 45,000 bonus Scene+ points.¹
- Earn 6x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
- Earn 5x Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
- Earn 5x Scene+ points¹ for every $1 you spend in Canada eligible entertainment purchases. Includes movies, theatre and ticket agencies stores.
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- No Foreign Transaction Fee
- Comprehensive Travel Insurance coverage
- AMEX Offers®
- AMEX Front of the Line®
- American Express Invites®
- Complimentary Concierge Services
- Rates, fees and other information are effective as of July 02, 2024. Subject to change.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best travel credit card for seniors
National Bank World Mastercard
The National Bank World Mastercard offers a flexible rewards program that caters to frequent travellers and everyday spenders alike. Its comprehensive insurance coverage delivers value for those who want to make the most of their spending, for a reasonable annual fee.
Pros
- Robust travel insurance.
- Diverse reward redemptions.
Cons
- A flat, relatively low rewards rate, regardless of spending category.
- Enjoy up to 60 days’ coverage with our travel, trip cancellation/interruption, baggage loss and car rental insurance.
- Get more for your points when you redeem them for travel rewards.
- Get up to triple the manufacturer’s warranty for most items purchased using your credit card.
- Pay your card balance, invest in a Financial product or pay your mortgage with your rewards points or our À la carte Extras program®.
- Redeem your points to pay for travel expenses, such as plane tickets, car rentals or vacation home rentals.
- Redeem your points at our online store where we offer a wide range of rewards from top brands.
- Terms and conditions apply.
Best cash-back credit card for seniors
Tangerine Money-Back Credit Card
You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.
Pros
- You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that).
Cons
- 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
- Tangerine is a virtual bank with no physical bank branches.
- 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
- Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
- 0.50% on everything else.
- Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
- No annual fee.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
- Get free cards for any authorized users on your account.
- It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
- Preferred rates: 19.95% for purchases and cash advances.
- To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best no-fee card for seniors
CIBC Costco® Mastercard®
This card is ideal for Costco members with its cash back program that rewards everyday spending with cash back rewards that can be redeemed at Costco.
Pros
- Can serve as your Costco membership card.
- Payment plans available for purchases of $100 or more.
Cons
- Must have an existing Costco Wholesale membership to be eligible.
- Cash back gift certificates are only issued once annually.
- 3% cash back at restaurants and at Costco gas.
- 2% cash back at other gas stations and at Costco.ca.
- 1% cash back on all other purchases, including at Costco.
- No annual fee.
- Pay for purchases of $100 or more with CIBC Pace It low-rate Installment Plans, spreading payments over a fixed term. Take advantage of special Installment Plan interest rates with no installment fees on eligible Costco purchases in Canada and at Costco.ca.
- Make quick and secure payments using Apple Pay®, Google Pay™ and Samsung Pay® when you add your new card to your mobile wallet.
- Redeem your annual cash back gift certificate at any Canadian Costco warehouse.
- Get 0.25% cash back for every $1 spent on a CIBC Global Money Transfer™. There are no transaction fees, and interest won’t be charged, as long as the balance is paid by the payment due date.
- Preferred rates: 19.75% for purchases, 21.49% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. You must also have a valid Costco Wholesale membership.
Best low-interest card for seniors
Scotiabank Value® Visa* Card
A rare 0% intro period on balance transfers and low interest rates year-round, the Scotiabank Value Visa can help you quickly pay down balances transferred from higher-rate credit cards.
Pros
- Cardholders who carry a balance will save money every month with this card’s low 12.99% interest rate on purchases, cash advances and balance transfers.
- A stellar 0% introductory interest rate on balance transfers for the first six months.
Cons
- No rewards.
- No insurance coverage.
- 0% introductory interest rate on Balance Transfers for the first 10 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends 31 Oct 2024.
- Save up to hundreds of dollars a year on interest.
- Low interest rate of 12.99%.
- Pay down higher interest rate balances faster.
- Transfer higher rate balances and save even more.
- To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best credit card for seniors with gas discounts
BMO eclipse rise Visa Card*
The no-fee BMO Eclipse Rise Visa Card offers customers elevated rewards on qualifying bill payments, groceries, and dining and takeout orders. The card’s earn rate is not as high as many other cards in its class. Effectively, members earn 2.5x points for every $1 spent on eligible purchases, and 0.5x on everything else.
Pros
- No annual fee.
- No annual income requirement.
- Low introductory interest rate offer on balance transfers.
- Elevated rewards for eligible purchases, as well as for adding an authorized user.
- Mobile device insurance up to $1,000.
Cons
- The rewards rate is not as high as many other no-fee rewards cards on the market.
- No travel insurance.
- Get up to 20,000 bonus points for your first anniversary.
- Get 20,000 points when you spend $1,500 in the first 3 months – that’s a $133 value!* Plus, earn up to 5,000 bonus points every year. 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points – that’s just 1,000 points per month! 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
- Earn 5 points for every $2 spent on recurring bills, groceries, dining, and takeout. Get 1 point for every $2 spent on everything else!
- Mobile Device Insurance that covers you for up to $1,000.*
- Pay with Points by browsing your recent transactions & redeem your points for as little as $1.
- Purchase Protection.*
- Extended Warranty.*
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Methodology: How we evaluate cards
NerdWallet Canada selects the best credit cards for seniors based on overall consumer value as well as their suitability for specific kinds of consumers. Factors in our evaluation methodology include each card’s annual fee, income requirements, reward earn rates, ease of use, redemption options, domestic and international acceptance, promotional APR period, bonus offers, insurance offers, and additional cardholder perks.
Summary of the best credit cards for seniors in Canada
| CARD NAME | BEST SENIOR CREDIT CARD FOR | ANNUAL FEE | INTRO OFFER |
|---|---|---|---|
| Scotiabank Gold American Express® Card. | Best overall credit card for seniors. | $120. | Up to 45,000 Points. |
| National Bank World Mastercard. | Best for: Travel. | $115. | N/A. |
| Tangerine Money-Back Credit Card. | Best for: Cash back. | $0. | Up to $100. |
| CIBC Costco®† Mastercard®. | Best for: No annual fee. | $0. | N/A. |
| Scotiabank Value® Visa* Card. | Best for: Low interest rates. | $29. | N/A. |
| BMO eclipse rise Visa Card*. | Best for: Gas discounts. | $0. | Up to 20,000 Points. |
What to know about credit cards for older adults in Canada
Your finances are likely to change as you grow older, and a credit card that may have once worked in your wallet may no longer support your financial goals. Exploring your credit card options can help you find a card that saves you money and rewards your spending.
What is a senior credit card?
Financial institutions rarely offer credit cards that are exclusively designed for those who are later in life. So any credit card could be considered a senior credit card unless it has eligibility criteria that specifically limit its availability to certain types of applicants, like students or business owners.
Can you get a credit card if you are retired?
You can get a credit card if you’re retired as long as you meet the card’s eligibility criteria. Basic credit card eligibility criteria in Canada typically require applicants to:
- Be the age of majority in their province or territory of residence.
- Be a Canadian resident.
- Have no bankruptcy claims within the past seven years.
Additional qualifications commonly include credit score and annual income requirements. Generally speaking, cards with splashy perks, like premium travel benefits and robust insurance coverage, require stronger credit scores and higher annual incomes to qualify.
Annual income may include wages, salary, private pension payments from a past employer, withdrawals from retirement funds, Canadian Pension Plan payments, Old Age security payments and other sources.
Does age impact eligibility for credit card travel insurance?
Emergency medical coverage offers money up to a set amount to reimburse the cardholder in the event of a medical emergency while travelling. This form of travel insurance is most likely to carry restrictions and exclusions that pertain to older adults.
Credit card emergency medical travel insurance often covers card applicants up to the age of 65. Those over 65 may be offered the same amount of insurance coverage but for a shorter length of time. For example, a credit card may offer 20 days of emergency medical coverage for cardholders up to the age of 64, while those 65 and older might receive 10 days of emergency medical coverage. In other cases, those over the age of 65 may not be eligible for their credit card’s emergency medical coverage at all.
Always review the fine print to familiarize yourself with any caveats or restrictions associated with a credit card’s insurance coverage. When in doubt, contact the card provider directly to inquire.
How to compare your credit card options as an older adult
There’s no shortage of card options on the market, so to help narrow down your options, consider the following:
- Eligibility criteria. Credit score and annual income requirements may impact your eligibility for certain credit cards. While annual income requirements should be relatively easy to spot, card providers tend to be less forthcoming about credit score thresholds.
- Insurance. Credit card insurance comes in many shapes and forms, from travel coverage to mobile device protection. If you’re interested in a specific type of insurance, read through the card’s terms and conditions to confirm what’s available and what exclusions may apply.
- Spending habits. Try to find a credit card that offers its highest rewards rate for a category in which you frequently spend to maximize your potential rewards.
- Annual fee. If your income and budget have become more restrictive later in life, a credit card with no annual fee may be particularly appealing. Cards with annual fees tend to offer more substantial perks but are only worthwhile if you can offset the cost.
- Rewards. Rewards programs are plentiful in Canada. The ideal program for you will depend on your finances and lifestyle.
The right credit card has the potential to significantly enhance your financial well-being. Take time to assess your options so that you can choose a card that supports your financial goals into your golden years.
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