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Retired seniors can get a credit card while collecting a pension. Learn how in this credit cards for seniors guide.
Being a retired senior doesn’t have to stop you from getting a credit card. Whether you want a credit card geared to your reduced income, or one with extensive travel insurance perks, there are plenty of credit cards for retired seniors on the market.
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.
Credit card | Min. income | Interest rate | Annual fee | What makes it good for seniors? | Apply now |
---|---|---|---|---|---|
![]() | $0 | 20.99% | $155.88 |
With cards like this one that don’t list a minimum income requirement, you just have to be able to prove you can afford repayments with typical types of retirement income. | |
![]() | $12,000 | 19.95% | $0 |
| |
![]() | $0 | 20.99% | $0 |
With no listed minimum credit score requirement, it’s possible to get approved even with a lower score. | |
![]() | $12,000 | 9.99% | $399 |
Enjoy travel medical, trip cancellation or interruption, flight delay, lost or delayed baggage, rental car collision loss or damage and accident insurance. Emergency travel medical up to $2 million. | |
![]() | $60,000 | 20.99% | $115 |
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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:
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:
We’ve rounded a selection of different types of credit cards you may be eligible for 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.
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
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
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