How to get a credit card when retired or on a pension

Can you get a credit card as a retiree?

Yes! The majority of Canadian credit card issuers just want to see that you have some form of annual income and are able to make repayments on what you borrow. So if you can show proof of a pension or some other kind of retirement income, you’re likely eligible to apply.

Some of the best credit cards for seniors in Canada

Finding the right credit card as a retiree

If you’re retired, your income may be limited to a pension and Old Age Security (OAS). Some retirees may also have income from investments, part time work or self-employment endeavours. Whatever the case, it’s likely that you’ll be able to find a credit card that suits your income, financial needs and spending habits.

In fact, you can apply for a variety of different types of credit cards as a senior, including:

What to consider when comparing credit cards for seniors

Before applying for a credit card, compare different cards to find the best one for your needs. When making your comparisons, consider the following factors:

• Purchase interest rate. This is the rate you will be charged if you don’t pay off your balance in full each billing cycle. Some credit cards offer low rates on purchases, while others may have rates sitting around 19.99%.
• Fees. Some credit cards come with annual fees, while others are $0 annually. Some providers may waive the annual fee for the first year of the card, while others may not.
• Cash advance rate. If you withdraw cash using your credit card, you will face the cash advance rate, which is usually higher than the purchase interest rate. What’s more, this rate is charged from the moment you withdraw the funds, whereas the interest rate for purchases is charged after the grace-free period, which is typically 21 to 55 days later.
• Rewards. Depending on the card you choose, you may be offered rewards including points per dollar spent, cash back rewards, concierge services and more. Choose a card that offers rewards that you will actually use.
• Insurance coverage. Many credit cards offer complimentary insurance, including travel insurance coverage, purchase protection, fraud protection and more. Cards with an annual fee usually offer more comprehensive insurance packages.

Compare credit card options for retired seniors

We’ve rounded a selection of different types of credit cards you may be eligible for as a retiree.

Sort by:

Name	Product	Welcome Offer	Rewards	Purchase Interest Rate	Annual Fee		Min. Credit Score	Description
EXCLUSIVE Neo Financial Mastercard Neo Financial Mastercard	EXCLUSIVE	Get $25.00	Average 5% cash back	19.99% - 24.99%	$0	Apply now More Info	Min. recommended credit score: 600	Get $25 when you sign up for the Neo Financial Mastercard. Plus, earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at thousands of partners and at least 1% cashback guaranteed.	Compare	loading Fetching your data...
RBC Rewards+ Visa RBC Rewards+ Visa		3,500	Up to 2 points per $1 spent	19.99%	$0	Apply now More Info	Min. recommended credit score: 650	Earn up to 3,500 RBC Rewards points by going digital in the first 60 days.	Compare	loading Fetching your data...
OFFER Tangerine Money-Back Credit Card Tangerine Money-Back Credit Card	OFFER	10% cash back	Up to 2% cash back	19.95%	$0	Apply now More Info	Min. recommended credit score: 600	Earn 10% cash back (up to $100) on up to $1,000 of purchases in the first 2 months Until July 31, 2022. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).	Compare	loading Fetching your data...
BMO CashBack Mastercard BMO CashBack Mastercard Finder Award		5% cash back	Up to 3% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 660	Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.	Compare	loading Fetching your data...
American Express Cobalt Card American Express Cobalt Card		30,000 points	Up to 5x points per $1 spent	20.99%	$155.88	Apply now More Info	Min. recommended credit score: 700	Earn up to 30,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points).	Compare	loading Fetching your data...
Walmart Rewards Mastercard Walmart Rewards Mastercard		Up to $25 in Reward Dollars	Up to 1.25% cash back	19.89%	$0	Apply now More Info	Min. recommended credit score: 650	Get up to $25 in bonus Walmart Reward Dollars.	Compare	loading Fetching your data...
Tangerine World Mastercard Tangerine World Mastercard		10% cash back	Up to 2% cash back	19.95%	$0	Apply now More Info	Min. recommended credit score: 600	Earn 10% cash back (up to $100) on up to $1,000 of purchases in the first 2 months Until July 31, 2022. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).	Compare	loading Fetching your data...
Brim Mastercard Brim Mastercard		Up to $200 worth of bonuses	1 point per $1 spent	19.99%	$0	Apply now More Info	Min. recommended credit score: 700	Earn up to $200 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app.	Compare	loading Fetching your data...
BMO Preferred Rate Mastercard BMO Preferred Rate Mastercard Finder Award		0.99% rate on balance transfers for 9 months	N/A	12.99%	$0 annual fee for the first year ($20 thereafter)	Apply now More Info	Min. recommended credit score: 660	Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $20 annual fee waived in the first year.	Compare	loading Fetching your data...
SimplyCash Card from American Express SimplyCash Card from American Express		4% cash back	Up to 1.25% cash back	19.99%	$0	Apply now More Info	Min. recommended credit score: 700	Earn 4% cash back on purchases (up to $200 cash back) for the first 6 months of Cardmembership.	Compare	loading Fetching your data...
Scotiabank Value Visa Card Scotiabank Value Visa Card		0% rate on Cash Advances for 6 months	N/A	12.99%	$29	Apply now More Info	Min. recommended credit score: 660	Get a 0.00% introductory interest rate on Cash Advances for the first 6 months. Plus, pay no annual fee in the first year. Apply by August 31, 2022.	Compare	loading Fetching your data...

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Here’s what you’ll need to apply for a credit card as a retiree

Once you’ve compared different credit cards and have found the one you’d like to apply for, you will need to make sure you’re eligible for the card and gather the necessary documents. You can then apply online via the provider’s secure website. The application process usually takes between 10 to 15 minutes if you have all of the necessary documents on hand.

Eligibility criteria

• Age. You will need to be at least 18 years of age, or the age of majority in your province or territory.
• Residency. You will need to be a Canadian citizen or a permanent resident with a valid Canadian address.
• Credit score. Meet any minimum credit score requirements. Many providers require you to have a score of 650 or higher.
• Income. Your pension, OAS payments and other income may need to amount to a minimum amount in order to qualify for the card.

Documents required

• Personal information. You’ll need to provide your personal information, including your full name, address, phone number, contact information, SIN number and provide a copy of your Government-issued ID.
• Financial information. Provide details about your assets, liabilities and expenses. Assets include property, land, vehicles, etc.
• Income documents. You will need to provide proof of your pension and OAS payments, as well as any other income documents. If you have any investment or self-employment income, be sure to list it on your application.

2 mistakes to avoid when applying for a credit card as a retiree

1. Applying without researching

Rejected applications can negatively affect your credit report, so be sure to confirm the information you’ll need to increase your chances of approval. Read the terms and conditions or contact the provider to answer any questions you have before applying.

Tips to increase approval for your credit card application

2. Applying for several cards quickly

If you are rejected for a credit card, don’t immediately apply for another one. Instead, consider why your application was denied. If you didn’t submit the required documents, research and find which ones you’re missing. If you were rejected because of your credit report, you’ll need to take some time to improve your credit score before applying again.

Learn how to improve your credit score

Frequently asked questions about credit cards for retirees

• What if my pension and OAS benefits don't meet the minimum income requirement for the card I want?

  If your pension benefits are less than the lender’s minimum income requirements, you may not be eligible to apply for that specific credit card. Consider comparing other credit cards that have lower income requirements.

• Can I apply for a loan if I receive a pension?

  Yes. Much like credit cards, there are loans available for seniors and retirees who don’t have an income other than a pension and/or OAS. Learn more with our guide to getting a loan on a pension.