Best credit cards for seniors and retirees in Canada

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Cameron Smonk

By Cameron Smonk

Fact Checked: Amy Tokic

🗓️

Updated: July 17, 2024

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For most folks, 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.

Best for groceries

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

Scotia Momentum® Visa* Card

3.7

Fair

Suggested credit score

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Pros

  • Cash back rewards: Earn 2% cash back on gas, groceries, drug stores, and recurring bill payments, and 1% on all other eligible purchases.

  • Annual cap benefits: The 2% cash back applies up to $25,000 spent annually in key categories, allowing for substantial rewards accumulation.

  • Purchase security and extended warranty: Offers protection for new purchases against theft, loss, or damage and extends the manufacturer's warranty.

  • Supplementary cards available: Although there's a fee, additional cards can be useful for shared expenses.

Cons

  • Annual fee: The card has an annual fee of $39.

  • High interest rate: The card has a high interest rate of 19.99% on purchases and 22.99% on cash advances.

  • Limited rewards categories: The card’s rewards categories are limited to groceries, gas, and recurring bill payments.

  • Rewards paid out annually: Cash back rewards are paid out annually as a statement credit.

  • $25,000 annual cap for 2% cash back: The 2% cash back rate applies up to the first $25,000 spent annually on gas station, grocery store and drugstore purchases, and on recurring payments.

Eligibility

Recommended Credit Score

Fair

Pros

  • Cash back rewards: Earn 2% cash back on gas, groceries, drug stores, and recurring bill payments, and 1% on all other eligible purchases.

  • Annual cap benefits: The 2% cash back applies up to $25,000 spent annually in key categories, allowing for substantial rewards accumulation.

  • Purchase security and extended warranty: Offers protection for new purchases against theft, loss, or damage and extends the manufacturer's warranty.

  • Supplementary cards available: Although there's a fee, additional cards can be useful for shared expenses.

Cons

  • Annual fee: The card has an annual fee of $39.

  • High interest rate: The card has a high interest rate of 19.99% on purchases and 22.99% on cash advances.

  • Limited rewards categories: The card’s rewards categories are limited to groceries, gas, and recurring bill payments.

  • Rewards paid out annually: Cash back rewards are paid out annually as a statement credit.

  • $25,000 annual cap for 2% cash back: The 2% cash back rate applies up to the first $25,000 spent annually on gas station, grocery store and drugstore purchases, and on recurring payments.

Eligibility

Recommended Credit Score

Fair

cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.

2%

cash back on all other eligible purchases.

1%

savings off base rates at participating AVIS locations and at participating Budget locations in North America.

25%

days of purchase security on most items purchased with your card.

90

extra year on top of manufacturer's warranty.

1

Purchase APR

19.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$39

Foreign Transaction Fee

2.50%

Conditions Apply. Visit here for the Scotia 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.

Tangerine Money-Back Credit Card

Apply now

5.0

10% back

Welcome offer

Good

Suggested credit score

Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.

Expires

Nov 1, 2024

Apply now

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.50%

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).

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. 

Best for drugstores

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

PC® World Elite Mastercard

Apply now

4.0

30 pts per $1

Welcome offer

Fair

Suggested credit score

Earn 30 points per $1 spent at PC grocery stores

Apply now

Pros

  • No annual fee

  • High earn rates in certain stores

  • Easy, straightforward redemptions

  • Points don’t expire provided your account stays active and in good standing

  • Special events allow you to earn extra points

Cons

  • High income requirement to qualify

  • Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores

  • Points can’t be transferred to other loyalty programs

  • The included travel insurance is very limited

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$80,000

Pros

  • No annual fee

  • High earn rates in certain stores

  • Easy, straightforward redemptions

  • Points don’t expire provided your account stays active and in good standing

  • Special events allow you to earn extra points

Cons

  • High income requirement to qualify

  • Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores

  • Points can’t be transferred to other loyalty programs

  • The included travel insurance is very limited

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$80,000

* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix

45 points

At least 30 points per litre of gas purchased at Esso™ or Mobil™ stations

30 points

At least 30 points per $1 spent on PC Travel services

30 points

30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)

30 points

Purchase APR

21.99%

Balance Transfer Rate

5.00%

Cash Advance APR

22.97%

Annual Fee

$0

Tangerine Money-Back Credit Card

Apply now

5.0

10% back

Welcome offer

Good

Suggested credit score

Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.

Expires

Nov 1, 2024

Apply now

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.50%

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 45 points for every $1 spent at Shoppers, 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. I’d also recommend the Tangerine Money Back card as a solid alternative, especially if there are pharmacies other than Shoppers you frequent.

Best low interest rates

Best credit card for seniors who need lower interest rates

MBNA True Line Mastercard

Apply now

4.0

0% intro rate

Welcome offer

Good

Suggested credit score

Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.

Apply now

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Eligibility

Recommended Credit Score

Good

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Eligibility

Recommended Credit Score

Good

Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.

0%

This card is made from 100% recycled plastic

100%

Purchase APR

12.99%

Balance Transfer Rate

17.99%

Cash Advance APR

24.99%

Annual Fee

$0

Foreign Transaction Fee

2.50%

MBNA True Line Gold Mastercard

Apply now

4.0

Good

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • Low interest rate on purchases and balance transfers

  • 24/7 customer service

  • Proactive fraud protection

Cons

  • $39 annual fee

  • Penalty interest rate if minimum payments are missed

Eligibility

Recommended Credit Score

Good

Pros

  • Low interest rate on purchases and balance transfers

  • 24/7 customer service

  • Proactive fraud protection

Cons

  • $39 annual fee

  • Penalty interest rate if minimum payments are missed

Eligibility

Recommended Credit Score

Good

10.99% interest rate on purchases and 13.99% on balance transfers✪ and access cheques

10.99%

This card is made from 100% recycled plastic

100%

Use available credit on your credit card to transfer funds right to your chequing account.

Funds Transfer

Purchase APR

10.99%

Balance Transfer Rate

13.99%

Cash Advance APR

24.99%

Annual Fee

$39

Foreign Transaction Fee

2.50%

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). The True Line Gold has a modest $39 annual fee but even lower interest at 8.99%. 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 True Line Mastercard and skipping the $39 annual fee on the Gold version.

Best for no credit

Best credit card for seniors with no credit

Neo Secured Credit Card

Apply now

4.0

$25 on signup

Welcome offer

Poor

Suggested credit score

$25 customer sign up bonus welcome offer

Apply now

Pros

  • No annual fee

  • Low minimum security deposit

  • Cash back rewards on purchases

  • Instant approval regardless of credit score

Cons

  • Only reports to TransUnion

  • High APR range

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • No annual fee

  • Low minimum security deposit

  • Cash back rewards on purchases

  • Instant approval regardless of credit score

Cons

  • Only reports to TransUnion

  • High APR range

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

Up to 15% on first new purchases with Neo partners

15%

With Neo Partners

5%

on gas and groceries

1%-3%

Streaming, ridesharing, and food delivery services

3%-4%

With retail partners

2%-3%

On everything else

0.5%

Variable APR

19.99% - 29.99%

Cash Advance APR

22.99% - 31.99%

Annual Fee

$0

KOHO Extra

Apply now

4.0

Fair

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • 1.5% cash back on on groceries, restaurants, food delivery, bars, coffee shops, and transportation

  • 0.25% cash back on all other purchases

  • No foreign transaction fees

  • No everyday banking fees

  • Credit Building by KOHO optional paid add-on

  • Earn interest

Cons

  • $84 annual fee

  • Deposits capped at $40,000

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • 1.5% cash back on on groceries, restaurants, food delivery, bars, coffee shops, and transportation

  • 0.25% cash back on all other purchases

  • No foreign transaction fees

  • No everyday banking fees

  • Credit Building by KOHO optional paid add-on

  • Earn interest

Cons

  • $84 annual fee

  • Deposits capped at $40,000

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

cash back on groceries, transportation, food, and drink

1.5%

cash back on all other purchases

0.25%

interest on your entire balance

5%

cash back extra at partnered merchants

5%

off Credit Building

30%

for credit building, instead of $10 (save 30%)

$7

Purchase APR

0.00%

Annual Fee

$84

Foreign Transaction Fee

0.00%

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% cash back on your purchases.

If prepaid isn’t your thing, consider a secured credit card, which requires you to make a deposit. The Neo Secured Credit Card is one to consider, with a minimum security deposit of only $50 and no annual fee. 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 5% cashback on select partners. 

Best medical coverage

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

Scotiabank Platinum American Express® Card

Apply now

4.0

up to 60K pts

Welcome offer

Good

Suggested credit score

Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points

Expires

Nov 1, 2024

Apply now

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Scene+ points for every $1 spent on all other eligible purchases

2x

No foreign transaction fees

0%

Complimentary airport lounge passes per year

10

Purchase APR

9.99%

Cash Advance APR

9.99%

Annual Fee

$399

Foreign Transaction Fee

0.00%

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.

CIBC Aeroplan® Visa Infinite Privilege* Card

Apply now

3.6

up to 80K pts

Welcome offer

Excellent

Suggested credit score

Get up to 80,000 Aeroplan® points (up to $1,600 in travel value,) free checked bags, complimentary lounge access, and more. This offer is not available for residents of Quebec.

Apply now

Pros

  • 80,000 bonus reward points

  • Earn up to two points per dollar spent

  • Free checked bags with Air Canada

  • A NEXUS application rebate

  • Lounge access with Maple Leaf Lounges

  • A great travel insurance package

  • Get up to $2,200 in value in your first year

Cons

  • A high cost of $599 per year

  • High income requirements of $150,000 per year individual or $200,000 per year household

  • The highest redemption category for points is when you spend directly with Air Canada, which might deter some users

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$150,000

Required Annual Household Income

$200,000

Pros

  • 80,000 bonus reward points

  • Earn up to two points per dollar spent

  • Free checked bags with Air Canada

  • A NEXUS application rebate

  • Lounge access with Maple Leaf Lounges

  • A great travel insurance package

  • Get up to $2,200 in value in your first year

Cons

  • A high cost of $599 per year

  • High income requirements of $150,000 per year individual or $200,000 per year household

  • The highest redemption category for points is when you spend directly with Air Canada, which might deter some users

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$150,000

Required Annual Household Income

$200,000

for every $1 you spend on eligible gas, electric vehicle charging, groceries, travel and dining.

1.5 points

for every $1 you spend with Air Canada directly, including through Air Canada Vacations®

2 points

for every $1 you spend on all other purchases.

1.25 points

Earn points twice at over 150 Aeroplan partner brands and over 170 online retailers through the Aeroplan eStore.

2x

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$599

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 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.

Best no FX fees

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

Scotiabank Passport® Visa Infinite* Card 

Apply now

3.6

up to 35K pts

Welcome offer

Excellent

Suggested credit score

Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points

Expires

Nov 1, 2024

Apply now

Pros

  • No FX fees means the card saves you significant expenses on foreign transaction fees

  • Earn up to 3x Scene+ points per $1 spent on eligible purchases

  • Flexible and straightforward redemption program

  • Visa acceptance globally compared to American Express, especially outside major cities.

  • Enjoy six annual visits to airport lounges

  • Robust insurance offerings, including extended travel emergency medical coverage

  • Access to Visa Infinite Program benefits, with added advantages like a free supplementary card

Cons

  • High annual fee

  • Limited rewards categories for earning reward max rate on purchases

  • Primarily best for travel within Canada

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • No FX fees means the card saves you significant expenses on foreign transaction fees

  • Earn up to 3x Scene+ points per $1 spent on eligible purchases

  • Flexible and straightforward redemption program

  • Visa acceptance globally compared to American Express, especially outside major cities.

  • Enjoy six annual visits to airport lounges

  • Robust insurance offerings, including extended travel emergency medical coverage

  • Access to Visa Infinite Program benefits, with added advantages like a free supplementary card

Cons

  • High annual fee

  • Limited rewards categories for earning reward max rate on purchases

  • Primarily best for travel within Canada

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more

3x

Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)

2x

Scene+ point for every $1 spent on all other eligible everyday purchases

1x

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$150

Foreign Transaction Fee

0.00%

Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Cardto 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.

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!

Best for gas

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

CIBC Dividend® Visa Infinite* Card

Apply now

4.0

10% back†

Welcome offer

Good

Suggested credit score

Get a first-year annual fee rebate and earn a 10% cash back welcome bonus of up to $300!†

Apply now

Pros

  • Very high cash back rates on eligible groceries and gas and electric vehicle charging

  • Lucrative welcome offer

  • Flexible cash back redemption policy

  • Premium Visa Infinite benefits†

  • No limit on the total cash back you can earn†

Cons

  • Maximum annual spending limits in accelerated cash back

  • High-ish annual fee

  • Mid-level income requirement

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000†

Required Annual Household Income

$100,000†

Pros

  • Very high cash back rates on eligible groceries and gas and electric vehicle charging

  • Lucrative welcome offer

  • Flexible cash back redemption policy

  • Premium Visa Infinite benefits†

  • No limit on the total cash back you can earn†

Cons

  • Maximum annual spending limits in accelerated cash back

  • High-ish annual fee

  • Mid-level income requirement

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000†

Required Annual Household Income

$100,000†

cash back on eligible gas, EV charging, and grocery purchases.†

4%

cash back on eligible transportation, dining purchases and recurring payments†

2%

cash back on all other purchases†

1%

save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†

10 cents

Purchase APR

20.99%†

Balance Transfer Rate

22.99%†

Cash Advance APR

22.99%†

Annual Fee

$120

If you plan to spend a lot at gas stations, the CIBC Dividend Visa Infinite 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 card, where you can make one of your 2% cashback categories fuel purchases (and get that money paid out monthly).

Best luxury

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

The Platinum Card

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4.5

70,000 pts

Welcome offer

Excellent

Suggested credit score

Earn 70,000 Membership Rewards® points1*

Apply now

Pros

  • Earn 5X Rewards Points for flights and on prepaid hotels booked with American Express Travel

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,200 airport lounges worldwide

  • Annual statement credits: $200 airline fee credit, $200 hotel credit, $240 digital entertainment credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Eligibility

Recommended Credit Score

Excellent

Pros

  • Earn 5X Rewards Points for flights and on prepaid hotels booked with American Express Travel

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,200 airport lounges worldwide

  • Annual statement credits: $200 airline fee credit, $200 hotel credit, $240 digital entertainment credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Eligibility

Recommended Credit Score

Excellent

Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada

2x

points for every $1 in Card purchases on eligible travel

2x

point for every $1 in all other Card purchases

1x

Purchase APR

21.99%

Annual Fee

$799

Foreign Transaction Fee

2.50%

Scotiabank Platinum American Express® Card

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4.0

up to 60K pts

Welcome offer

Good

Suggested credit score

Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points

Expires

Nov 1, 2024

Apply now

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Scene+ points for every $1 spent on all other eligible purchases

2x

No foreign transaction fees

0%

Complimentary airport lounge passes per year

10

Purchase APR

9.99%

Cash Advance APR

9.99%

Annual Fee

$399

Foreign Transaction Fee

0.00%

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.

RBC Avion Visa Infinite Privilege

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4.2

35,000 pts

Welcome offer

Very Good

Suggested credit score

to receive the latest news, tips and offers by email

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Pros

  • Competitive welcome bonus, earned on approval

  • Great insurance coverage

  • 1.25 Avion points per dollar spent on eligible purchases

  • Plenty of of bonus perks like lounge access and ski pass

Cons

  • Intimidating, unskippable annual fee

  • High-income barrier, with a very good credit score needed

Eligibility

Recommended Credit Score

Very Good

Pros

  • Competitive welcome bonus, earned on approval

  • Great insurance coverage

  • 1.25 Avion points per dollar spent on eligible purchases

  • Plenty of of bonus perks like lounge access and ski pass

Cons

  • Intimidating, unskippable annual fee

  • High-income barrier, with a very good credit score needed

Eligibility

Recommended Credit Score

Very Good

Avion points for every $1 you spend

1.25

savings at Petro-Canada and always earn 20% more Avion points

3¢/L

Be Well points for every $1 spent on eligible products at Rexall

50

savings at Hertz and earn 3x the Avion points

20%

delivery fees for 12 months from DoorDash

$0

Purchase APR

20.99%

Balance Transfer Rate

3.00%

Cash Advance APR

22.99%

Annual Fee

$399

Foreign Transaction Fee

2.50%

If living luxuriously is what you’re after (and who can blame you), one card stands head and shoulder above the rest – the American Express Platinum card. 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 Amex or the RBC Avion Visa Infinite Privilege, are a bit cheaper, but neither has the high-gloss luxury of the Amex Plat. Oh, did I mention it’s a metal card?!

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.

  • 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 Amex Platinum, 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 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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