We understand that seniors may have limited sources of income. But sometimes, ease of purchases can also give them convenience especially for buying maintenance medicines. Let’s take a look at their options to get a credit card account.
Best Credit Cards for Senior Citizens
We want to make your life easier so we listed some of the ideal credit cards that seniors will love:
Union Bank Rewards Visa Platinum
Features and Benefits for seniors:
- Accepts applicants up to 70 years old
- Cash advance no additional requirements
- Convert your balance to monthly installments
PSBank Credit MasterCard
Features and Benefits for seniors:
- No annual fee for life
- Allows supplementary card for seniors
- Accepts senior citizen ID for processing
Chinabank Platinum Credit Card
Features and Benefits for seniors:
- Up to 65 years old accepted applicant
- Offers Secured Credit Card if you are not yet eligible
Security Bank Cashback Platinum
Features and Benefits for seniors:
- Accepts applicants up to 65 years old
- Earn rebates up to 5% cashback on groceries
- Rebates cashback up to 3% for utilities
In an article by UP, it indicates that the majority of older people in the Philippines have sources of income coming from relatives and family members, small business and from employment. With a credit card, it would be much easier to transact for payments as long as the card holder is responsible.
How Seniors Can Benefit From It
You may not realize it right now but senior citizens can have a comfortable life with a credit card. Some of the benefits include:
- Easy payment for groceries, utilities and maintenance medicines
- Cash advance features for emergency cases like hospitalization
- Easy shopping online and food delivery so you won’t have to cook
- Earns points that you can use for other purchases
How to Choose?
Before you choose an account, it is best that you first set a criterion that will help you maximize your benefit from it. Here, we have listed some factors to consider in having a credit card:
Easy Application – The bank that issues the card should at least accommodate applicants up to 65 years old and above. Our parents had a hard time applying for one because the bank was asking for payslips.
Rewards Points – For those who will use the card for shopping and paying, it is best to look for an account that earns you Rewards points. These points are useful as cash and you can pay anything within the rewards catalog.
High Credit Limit – The credit card for seniors should have a reasonable credit limit for emergency purposes. This is unimportant especially during times of unwanted expenses. In our experience, this has become crucial especially for sudden medical emergencies.
Other Options
Most senior citizens may not be qualified to get a credit card based on strict bank requirements. But don’t lose hope because you can actually become a supplementary card holder.
If you have a family member with good credit card status, you may become his or her supplementary card holder. This means that the main card holder (principal card holder) will share the credit limit to you. Just make sure that you have a fine agreement on how to pay for your purchases since the principal’s account is at stake.
Moreover, most cards will set a limitation to the amount of credit that the supplementary member can spend. This is also adjustable by the principal card holder.
Final Thoughts
Older people may need all the support they can get to live a comfortable life. By properly using credit cards, even senior citizens can enjoy their perks and rewards without the troubles of bringing cash all the time.