The Best Rewards Cards for Retirees

Seniors in the market for some credit have an obvious option: Chase offers a Rewards Platinum Visa Card endorsed by AARP. But Tim Chen, CEO of NerdWallet.com, suggests retirees may want to look beyond the branded card.

"Despite the name, it's not the best card for retirees," Chen says. He argues that the card carries a noncompetitive annual percentage rate that ranges between 13.24% and 19.24%, depending on the cardholder's credit-worthiness. Another drawback is the AARP card's lackluster cash-back rewards system, which pays a point for every dollar spent on purchases.

"A reward rate of 1% or less is pretty much industry standard, and anyone who tries can find a much better deal," Chen says. "There are too many 1.5% to 2% rewards cards out there."

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