SingSaver’s Best Credit Cards for Retirees

Retirement is a time to enjoy the fruits of your labour, and the right credit card can enhance your lifestyle by offering rewards, savings, and convenience. Since 2014, the Monetary Authority of Singapore (MAS) has allowed individuals above 55 years old to obtain credit cards, provided they meet certain financial criteria, such as an annual income of at least S$15,000, total net personal assets exceeding S$2 million, or total net financial assets exceeding S$1 million.

This guide explores the best credit cards available for retirees in Singapore, focusing on cards that cater to the unique needs and lifestyles of senior citizens. We've curated a selection of travel cards, cashback cards, and low-interest cards, each offering distinct benefits that can help retired people manage their finances, save money, and enjoy their golden years to the fullest.

>> MORE: How Older Singaporeans Can Get a Loan Approved

Top credit cards for retirees

• Trust Link Credit Card

• DBS Woman's World Card

• HSBC Advance Credit Card

• Maybank DUO Platinum Mastercard

• Standard Chartered Smart Credit Card

• Citi Rewards Card

NTUC Link Credit Card

• Card benefit: 0.22 - 21% cashback
• Annual fee: No annual fee

Why we like it

For retirees looking to maximise savings on everyday necessities, the NTUC Link Credit Card emerges as a strong contender. Imagine consistently earning up to 21% savings in Linkpoints for every dollar spent on groceries and food at FairPrice Group, transforming your regular grocery trips into significant cost reductions.

Furthermore, this card offers the opportunity to extend these valuable benefits to a loved one, including elderly parents. By adding a Trust supplementary card, you can share the perks and savings, allowing them to enjoy the same advantages and enhancing the overall value proposition for your household.

Drawbacks

One potential drawback lies in the monthly and quarterly Linkpoints caps, which are set at 5,500 and 10,000, respectively. These caps may restrict the total amount of rewards earned by individuals who make substantial purchases within a given month or quarter, especially those who frequently stock up on groceries or fuel.

>> MORE: Full review of NTUC Link Credit Card

Why we like it

For retirees who enjoy the convenience of online shopping and the thrill of exploring new destinations, the DBS Woman's World Card presents a compelling proposition. Whether it's stocking up on essentials, finding the perfect gift, or indulging in a little retail therapy from the comfort of your home, this card maximises your online shopping power. Furthermore, the card offers 3X DBS points for every S$5 spent on overseas purchases, making it a valuable companion for your travel adventures.

To top it off, complimentary e-commerce protection provides added peace of mind for your online transactions, ensuring a secure and worry-free shopping experience.

Drawbacks

One key aspect to note is that points earned with this card have a specific expiry timeline. Points earned in each successive year will expire a year from the earning date, so it's crucial to be mindful of your points balance and redeem them before they vanish.

Another factor to consider is the minimum volume of miles you can transfer into your KrisFlyer account. The initial transfer must be at least 10,000 miles (equivalent to 5,000 DBS points), and subsequent transfers must be in blocks of 10,000 miles. This requirement may not be ideal for retirees who prefer to transfer smaller amounts of miles more frequently.

Why we like it

If your retirement lifestyle involves simple cashback rewards and greater control over your finances, then this card is designed with you in mind. You’re able to earn a base cashback of up to 2.5% on your everyday spending, providing a tangible return on your purchases.

The card also offers a unique feature, allowing you to borrow up to 90% of your available credit limit, providing added financial flexibility when needed. Furthermore, pairing the card with the HSBC Everyday+ Rewards Programme unlocks even higher cashback rates, maximising your savings on eligible purchases.

Drawbacks

The cashback is limited to S$70 per calendar month, which may restrict the total rewards earned by retirees who engage in significant spending.

>> MORE: Comparison Review of HSBC's Best Credit Cards

Why we like it

This card caters to seniors who appreciate flexibility in their spending and enjoy the convenience of shopping at a curated selection of merchants. Imagine earning a generous 6% cashback in the form of reward points on purchases at these selected merchants, without the pressure of meeting a minimum spend requirement. This allows you to maximise your savings on everyday essentials and special indulgences.

Furthermore, the card offers 0% interest rates with a 3-month EasyPay instalment tenure, providing a valuable tool for managing larger purchases and spreading out payments without incurring additional interest charges. This flexibility is particularly beneficial for retirees who prioritise budgeting and seek to manage their finances effectively, and enjoy having to pay no annual fee.

Drawbacks

Unfortunately, the cashback earned on selected merchants is capped at 14,400 reward points, which translates to approximately S$45. This cap may limit the potential rewards for retirees who make frequent or substantial purchases at these merchants. Additionally, the reward points earned with this card expire after 3 years. This means that retirees must redeem their points within this timeframe to avoid losing them. These limitations should be carefully considered when evaluating the overall value and suitability of the card for your individual spending habits and reward preferences.

>> MORE: Full review of Standard Chartered Smart Credit Card

Why we like it

This card shines for retirees who embrace the convenience of online shopping and enjoy browsing through department and clothing stores. It transforms your regular shopping habits into a rewarding experience, offering a generous 10X rewards points on eligible online and in-store purchases. Moreover, the flexibility to pair it with an amaze card allows you to convert offline transactions into online ones, expanding your rewards-earning potential even further. This feature is particularly valuable for retirees who appreciate the seamless integration of online and offline shopping experiences, maximising their rewards across various spending categories.

Drawbacks

While the Citi Rewards Card boasts attractive rewards, it's important to be aware of certain limitations. For instance, rewards points are rounded down to the nearest 10 points on all purchases. This means that if you spend S$99 on an eligible purchase, you'll only receive rewards points for S$90, potentially missing out on some rewards.

Additionally, the bonus rewards points are capped at 9,000 points per statement month. This cap may limit the rewards earned by retirees who make substantial online or in-store purchases, particularly during festive seasons or special sales events. These limitations should be carefully considered when evaluating the overall value proposition of the card.

>> MORE: Full review of Citi Rewards Card