Finance
The best credit cards for seniors in Canada in 2024 – MoneySense
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Amex SimplyCash
Annual fee: $0
Welcome offer: earn a $10 statement credit for each monthly billing period in which you make at least $300 in purchases (for a total value of up to $100).
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 725 or higher |
Best cash back card for seniors
At a glance: If you don’t mind paying an annual fee, you can boost your cash back earnings and get a host of extras and perks to boot. For $120 annually, the Scotiabank Momentum Visa Infinite offers attractive earn rates on groceries and recurring bills, and transportation (public transit and gas). Redemptions are simple, and there’s even a first-year fee waiver.
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Scotiabank Momentum Visa Infinite
Annual fee: $120
Welcome offer: earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards. Offer ends October 31, 2024.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 or household income of $100,000 |
| Credit score | 725 or higher |
Best credit card for travel insurance for seniors
At a glance: Many credit cards don’t offer travel insurance to card holders over 65 years of age but with the National Bank World Elite, seniors are covered for up to 15 days when traveling out of province, right up until the age of 76.
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National Bank World Elite Mastercard
Annual fee: $150
Welcome offer: earn no welcome bonus at this time.
Card details
| Interest rates | 20.99% on purchases, 22.49% on cash advances, 22.49% on balance transfers |
| Income required | Personal income of $80,000 or household income of $150,000 |
| Credit score | 760 or higher |
| Point value | 1 point is worth $0.01 when redeeming using National Bank’s À La Carte Rewards Plan. |
Best drug store credit card for seniors
At a glance: If your drug store is Shoppers Drug Mart/Pharmaprix, there’s no better card than the PC Financial World Elite Mastercard (and if you shop elsewhere, this card just might convince you to switch pharmacies). PC Optimum is one of the most straight-forward loyalty programs out there, with simple, at-register redemptions at a rate of $10 for 10,000 points and numerous opportunities to earn—all in a no-fee card.
PC Financial World Elite
Annual fee: $0
Welcome offer:
Card details
| Interest rates | 21.99% on purchases, 22.97% on cash advances (21.97% for residents of Quebec), 22.97% on balance transfers |
| Income required | Personal income of $80,000 or household income of $150,000 |
| Credit score | 560 or higher |
| Point value | 10 PC points = $0.01 at Loblaws grocery network and Shoppers Drug Mart. |
Pros
- Those who shop regularly at Loblaws, Shoppers Drug Mart, and Esso can really rack up the PC Optimum points without paying an annual fee.
- Includes travel emergency medical insurance of up to $1 million, and rental car collision/loss damage waiver.
- World Elite Mastercard benefits like Travel Pass, Travel Rewards, and Priceless are included.
- The PC Optimum program is simple to use with seamless earnings and redemptions.
Cons
- This card is less-than-average for those who shop in stores outside the Loblaws ecosystem.
- The included insurance is substandard for a premium card. Travelers, especially those over 65 years old, will need to buy extra coverage.
- The personal income requirement of $80,000 (or household requirement of $150,000) will exclude some, and while those applicants can apply for a lower-tier PC Financial Mastercard, they’ll also get fewer rewards.
- You must spend at least $15,000 annually on your card to retain it. Those who don’t will be downgraded to lower-tier PC Financial card.
Best credit card for seniors on a budget
At a glance: Earn Walmart Rewards dollars at a rate of 1.25% on purchases made at Walmart in-store or online, and 1% anywhere else. Every Walmart Rewards dollar is worth $1 against anything you buy at Walmart, and you only need a minimum of five Walmart Rewards dollars to redeem.
Walmart Rewards Mastercard
Annual fee: $0
Welcome offer: This card does not have a welcome offer at this time.
Card details
| Interest rates | 19.89% on purchases and 22.97% on cash advances |
| Income required | $12,000 |
| Credit score | 660 or higher |
More of Canada’s best credit cards:
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Keph Senett
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