Credit Card Information for Seniors

Best Credit Card For Seniors

The HSBC Credit Card is a great card for seniors to use as it features a $0 annual fee for the life of the card and 55 days interest free on purchases. This means it will cost seniors nothing to use this card provided they pay their balance in full each month.

• $0 annual fee
• 17.99% p.a. on purchases
• 0% p.a. for 6 months with 2% handling fee on balance transfers
• Cash Advance Rate of 21.99% p.a.
• 55 days interest free
• Minimum Income Requirement of $20,000 p.a.
• Access to discounts and benefits worldwide with HSBC’s home&Away Privilege Program

Read the HSBC Credit Card terms and conditions.

If you have reached this far, then you already know how to use the internet to locate credit card information.

The problem with credit cards is that there’s such a large amount of information out there it become a little daunting. You need to feel happy about your financial decisions. For this to be possible, you need to know how the various features of credit cards work.

Only then can you know what the pitfalls may be, and which is the right card for you based on how you intend to use it. If you are interested in credit cards for seniors, here is a breakdown of the most important points to consider.

• Will you be paying your balance in full every month? Are you looking for a credit card as a back-up source of funding, or because you are intending to use it as a way to finance purchases over time? Many cards offer interest-free periods on purchases, up to fifty-five days. That means provided you pay off your balance in full every month, you will not be charged any interest. These cards may have a slightly higher annual fee or higher rate of interest. If you know you will not be paying your balance off in full every month, then the interest-free period will be voided anyway and there is no point paying extra to get it.
• Interest rates. This is one of the most important pieces of credit card information to look for. This will dictate how you are affected if you do not fully pay off your balance every month. Standard rates can vary from around 10% to 20%, so there is a big difference. There may be a trade-off with a low-interest rate card, such as a higher annual fee or a lesser rewards program. These need to be balanced so you are happy with the end result.
• Introductory low-rates. These are usually aimed at anyone who wants to make a balance transfer from another credit card, but some cards offer an introductory offer on purchases, too. You must make sure you look at the credit card information relating to the interest rate that is normal for the card, so you do not get caught out with a much higher rate later on, if an unpaid balance still remains.
• Reward schemes. These can be very beneficial provided they are free. Some schemes require that you pay an annual fee on top of the card’s regular annual fee. That may be around $100. For you to break even on this, you would be required to spend around $20,000 on your card. Credit card information of this sort will obviously not be advertised by the card provider.
• Credit Cards for seniors checklist: Aside from the points above, there are a few other issues to look out for: Annual fees; other fees and penalties, e.g. late payment fees; availability of discounts or free benefits; type of card – i.e. Visa, MasterCard, American Express, etc. Some types are more widely accepted; minimum credit limit; cash advance rates and fees.

Remember that, with a little research, you may be able to find a card that offers you the best of all the above; it is not necessarily an either/or situation. A thorough check of the credit card information out there often pays dividends.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%