Best credit cards for seniors and retirees in Canada

Fact Checked: Amy Tokic

🗓️

Updated: February 10, 2025

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For most folks, browsing the best credit cards Canada list and applying for a credit card is as simple as picking the one you like, stating your job and income, and presto – you've likely been auto-approved. But what if you don't have a job and your income is fixed because you're retired? If you're a senior, finding a credit card that adds value to your life can get tricky—but not impossible. 

For instance, when asked for your income don't limit yourself to after-tax earnings from your principal investment portfolio. Use your gross income and include all forms of income, such as rental income, book of business residuals, pension and even government assistance programs. The idea is to prove to the credit company that you can earn a sizeable sum even if you opt to live a more frugal lifestyle or to optimize tax-efficient withdrawals. 

My father, for instance, successfully applied for and was auto-approved for the prestigious Amex Aeroplan Reserve, despite being retired and having a modest income.

Rest assured that there are still numerous options to explore when searching for the best credit card for seniors in Canada. 

Here, I'll break it down so you can choose what suits your lifestyle and needs best.

  • Why you can trust Money.ca's best seniors credit cards in Canada list

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    Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours.

    Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Best for groceries

Best credit card for seniors in Canada who need cashback at the grocery store

2.99% intro rate

Welcome Bonus

$303

First Year Value

$0

Annual Value

Welcome Bonus: 2.99% introductory interest rate on purchases and balance transfers for the first 6 months Expires Oct 31, 2025

Learn More Apply Now On Scotiabank's Secure Site

With the cost of groceries straining our budgets, it’s tempting to find out how we can make those groceries work for us. Cashback credit cards are a great way to do that, especially those offering special bonuses for grocery shopping.

One card to consider is the Scotia Momentum Visa Infinite. It offers a whopping 4% cashback on groceries (along with subscription services like Netflix). It does come with a $120 annual fee, which certainly bites into its rewards, but if you do lots of grocery shopping, 4% cashback is hard to beat. 

Bonus: To qualify for this card, you can claim either $60,000 in income or $250,000 in managed assets—something that might be easier for most retirees. Bummer: You only get paid out once per year and only as a statement credit (ugh).

Runner-up: Do annual fees and statement credit make you a bit uncomfortable? Me too. I opt for the Tangerine Money-Back Credit Card. You can select 2% cashback on three categories including groceries, and that money gets deposited right into your Tangerine savings (or as a statement credit) monthly. Oh, and another perk is that there's no annual fee. 

  •  Conditions Apply. Visit here for the Scotiabank Momentum® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. 

Best for drugstores

Best credit card for seniors over 65 at the drugstore (you may not have your workplace benefits anymore)

$0

First Year Value

$0

Annual Value

Learn More Apply Now On PC Financial's Secure Site

If you love shopping at Shoppers Drug Mart (or at least visit it frequently), the PC® World Elite Mastercard® may be right for you. It gets huge cashback from purchases at Shoppers (4.5% to be exact) and skips the annual fee, which is a massive plus in my mind. Ok, to be fair, it isn’t “cash” back per se – you’re paid out in Optimum Points, 20,000 of which can be redeemed for $20 at places like Shoppers and Loblaws. You’ll earn Earn 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix, effectively 4.5% cash back.

Now, the shortcomings. The income requirements for this card are surprisingly high, asking for an $80,000 personal or a $120,000 household income. But recall that most card providers will consider *all income sources* including RRIF, RRSP and TFSA withdrawals, as well as government income support such as Old Age Support (OAS) and Guaranteed Income Supplement (GIS), along with Canada Pension Plan (CPP) earnings and any private pension or annuity income. Add it all up and this will help you qualify.

Best low interest rates

Best credit card for seniors who need lower interest rates

0% intro rate

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get 0% APR for 12 months on transfers

Learn More Apply Now On MBNA Credit Cards' Secure Site

Credit card interest can be scary, especially if you’ve got other things on your mind and find yourself missing a payment or two. If that’s at the top of your mind, the MBNA True Line® Mastercard® or MBNA True Line Gold Mastercard are certainly your best bets.

The stock True Line has no annual fee and a 12.99% interest rate (about 8% less than standard cards). For those looking for the lowest rate, the MBNA True Line Gold Mastercard has a modest $39 annual fee but even lower interest at 10.99%. If it were me, I’d try to set up a system for making payments on time as often as possible, hedging my bets with the regular MBNA True Line® Mastercard® and skipping the $39 annual fee on the Gold version.

  • †, ✪, Terms and Conditions apply.

    This offer is not available for residents of Quebec. For residents of Quebec, please click here.

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Best for no credit

Best credit card for seniors with no credit

$153

First Year Value

$0

Annual Value

Learn More Apply Now On Neo's Secure Site

Previously, having no (or poor) credit might prevent you from accessing credit cards. But no longer – several options are available to you, even if your credit report is less-than-stellar. 

Generally, prepaid is the way to go, as it is auto-approved and actually allows you to earn interest on the credit you load on your card. You just load money on the card and start spending. You load more when that money runs out, leaving you in control. A great option is the EQ Bank Card, which has no monthly fee and even gives you 0.5% back on all purchases.

If prepaid isn’t your thing, consider a secured credit card, which requires you to make a deposit. The Neo Secured Mastercard is one to consider, with a minimum security deposit of only $50. You could also look at KOHO, whose Extra credit plan starts at $9 per month and offers high-tier benefits like 1.5% cashback on various transactions and a whopping 3% cashback on select partners. 

  • Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. 
Best medical coverage

Best credit card for seniors and retirees who want to travel but worry about medical coverage

up to $2500 in value

Welcome Bonus

$2,133

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points. Expires Oct 31, 2025

Learn More Apply Now On Scotiabank's Secure Site

The best Canadian credit card for seniors' travel offers comprehensive health insurance—that doesn't cut off for anyone over 50. Finding a travel card that has seniors covered is shockingly hard, but there are a few options out there.

For seniors 75 and under, the National Bank World Mastercard offers 60 to 64-year-olds a generous 31 days of coverage and seniors 65 to 75 a decent 15 days. But what if you're looking to travel over the age of 75?

For seniors over 75, we turn to Scotiabank, one of the few credit card providers that offers double-digit days of coverage. The Scotiabank Platinum American Express® Card  and the CIBC Aeroplan® Visa Infinite Privilege* Card cards cover 10 days of coverage for 65-year-olds and up. These options are worth considering, and the CIBC cards may be slightly easier to qualify for than the Scotiabank card.

  • Conditions Apply. Visit here for the Scotiabank Platinum American Express® Card to learn more.*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Best no FX fees

Best credit card for seniors who want to travel but want to avoid foreign exchange fees

up to $1,300* value

Welcome Bonus

$926

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points* Expires Jul 01, 2025

Learn More Apply Now On Scotiabank's Secure Site

Since HSBC pulled up stakes and left Canada, there’s only been one primary no-FX fee option – Scotiabank. Notably, its Passport Visa Infinite Card is a decent travel card for many reasons (I had one!), but it may be best known for its 0% FX fees that can eat into a traveller’s budget. 

If you don’t mind pre-paying, the EQ Bank Card is definitely worth considering. It has no FX fees, a modest amount of cashback and no worries about racking up way too much debt on vacation!

  • Rates, fees and other information are effective as of January 3, 2025. Subject to change.

    Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more.

    *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

Best for gas

Best credit card for seniors who are traveling in an RV (and need to save on gas)

10% back†

Welcome Bonus

$758

First Year Value

$558

Annual Value

Welcome Bonus: Earn 10% cash back for the first 4 statements on net purchases of up to $2,000†.

Learn More Apply Now On CIBC's Secure Site

If you plan to spend a lot at gas stations, the CIBC Dividend® Visa Infinite* Card is hard to beat. It offers 4% cashback on gas purchases, along with 2% on a host of other expenditures. But maybe you’re concerned about the environment and switched to an electric vehicle. This card also offers 4% cashback on EV charging, a perk you’ll be hard-pressed to find elsewhere.

The Dividend does have an annual fee of $120, so if that puts you off, I’d once again recommend the unbeatable feeless Tangerine Money-Back Credit Card, where you can make one of your 2% cashback categories fuel purchases (and get that money paid out monthly).

  • †Terms and Conditions Apply. This offer is not available for the residents of Quebec.
  • The information for the CIBC Dividend® Visa Infinite* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
Best luxury

Best credit card for affluent seniors who want the life of luxury

up to 100k pts

Welcome Bonus

$931

First Year Value

$231

Annual Value

Welcome Bonus: Earn 70,000 Membership Rewards® points* after spending $10,000 on your Card within your first 3 months as a new Platinum® Cardmember.*

Learn More Apply Now On American Express' Secure Site

up to $2500 in value

Welcome Bonus

$2,133

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points. Expires Oct 31, 2025

Learn More Apply Now On Scotiabank's Secure Site

If living luxuriously is what you’re after (and who can blame you), one card stands head and shoulder above the rest – the The Platinum Card from American Express. It offers incredible perks like 24/7 concierge service, unbeatable insurance coverage, global airport lounge access, $200 credits for travel and dining… the list goes on. There is, of course, the fee – $799, to be precise – but who’s ever had luxury without spending a bit?

Other high-end cards, like the Scotiabank Platinum American Express® Card or the RBC Avion Visa Infinite Privilege, are a bit cheaper, but neither has the high-gloss luxury of the The Platinum Card® from American Express. Oh, did I mention it’s a metal card?!

  • Conditions Apply. Visit here for the Scotiabank Platinum American Express® Card to learn more.*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Minimum income needed

How seniors can qualify for a credit card without meeting minimum income requirements in Canada

Look for cards like those offered by Scotiabank that allow you to state your managed assets rather than an income. 

If you really want a credit card and don’t quite fit into their metrics, I’d simply call customer service. Especially with Amex, the customer service of most credit card companies is extremely helpful. If you genuinely have the means to pay for and use your card, I strongly suspect you’ll be able to qualify with a bit of human assistance.

FAQs

FAQs

  • What is the best credit card for a senior citizen?

    +

    The best credit card for a senior citizen depends on what you need – many options offer benefits for grocery shopping, travel, health insurance and poor credit support. Consider the Tangerine Money Back card for an all-around great, no-fee card. But do research and find one that’s right for you.

  • Can a senior citizen get a credit card?

    +

    Yes, absolutely! Many credit card options are available to seniors, including ones that allow you to state your assets instead of your income to make qualifying easier. Before applying, consider what you need from your card (earning cash back, travelling, health insurance, etc.).

  • Can I get a credit card at 70?

    +

    Yes, you can get a credit card at 70 and even older. There are many options depending on what you need from your card, but if health insurance while travelling is on your list, check out either the CIBC Visa Infinite Privilege or the Scotiabank Platinum American Express® Card, both which offer 10 days of coverage for travellers over 75.

  • What is the best credit card for travel insurance over 65 in Canada?

    +

    If you’re between 65 to 75, the National Bank of Canada World Mastercard offers a decent 15 days of coverage. If you’re over 75, the CIBC Visa Infinite Privilege cards and the Scotiabank Amex Platinum offer 10 days of coverage.

  • Can a retiree apply for a credit card?

    +

    Yes – if you’re retired, many options are available for credit cards. Check out Scotiabank cards, which look at your assets if you don’t have a high income. Alternatively, call customer service and speak to someone who can better understand your position and will help determine if you qualify for the card you have your eye on.

Cameron Smonk Freelance Writer

Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.

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