The Best Credit cards For Retirees
These four credit cards offer travel insurance particularly suited to young retirees.
Here is a table summarizing the different offers. For more details, read on or click on the name of a card.
HSBC World Elite® Mastercard®
The HSBC World Elite Mastercard is an excellent no-conversion-fee credit card for foreign currency purchases, especially for your travel purchases.
For a limited time, you can get:
- Up to 110,000 points* (a $550 value in travel rewards) if you live in Quebec and with no minimum purchase!
- Up to 80,000 points* (a $400 value in travel rewards) and first-year annual fee waiver if you live outside Quebec
With the HSBC World Elite® Mastercard®, you can earn:
- 6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc.)
- 4 points per dollar for grocery, gas or drugstore purchases
- 2 points per dollar for all other purchases (including Costco)
This means a 1 to 3% return, depending on your purchases!
You can easily redeem your points on any travel purchase made with the HSBC World Elite Mastercard (flights, hotels, Airbnb, all-inclusive, etc). But you can also transfer your points to three airline loyalty programs: British Airways Executive Club, Asia Miles and Singapore Airlines Krisflyer.
In addition, the HSBC World Elite Mastercard comes with:
- $100 Annual Travel Credit (for airport lounges, for example)
- Access to Boingo WiFi hotspots around the world
- 10% discount for hotel bookings on Expedia or Agoda
- Premium insurance for your travels and purchases
Finally, the HSBC World Elite Mastercard does not charge any conversion fees for foreign exchange transactions: you save 2.5% for each transaction.
National Bank World Elite Mastercard
The National Bank’s World Elite Mastercard® is the Best National Bank Mastercard credit card.
With this exclusive welcome offer for Milesopedia readers, you can get up to 70,000 points, and the first year’s annual fee is waived for the primary cardholder.
Here’s how:
- 30,000 points after $5,000 in Card purchases within the first 3 months of account opening
- 30,000 points if $12,000 or more in net purchases are charged to the credit card within 12 months of account opening
- 10,000 points if you sign up for Credit Card Payment Protection for a minimum of 3 months
With this card, you earn up to 5 points per dollar on your purchases:
- 5 points per dollar on grocery and restaurant purchases
- 2 points per dollar on gas and electric recharge purchases
- 2 points per dollar on recurring bills
- 2 points per dollar on À la carte Travel
- 1 point per dollar on all other purchases
And since it’s a National Bank Mastercard credit card, you can use it at Costco. With this card, you have access to a $150 annual travel credit that you can use in any of these categories:
- Airport parking
- Baggage fees
- Seat selection
- Access to airport lounges
- Flight upgrades
In addition, you can enjoy access to DragonPass airport lounges and free Wi-Fi with Boingo. And unlimited access to the National Bank Lounge at Montreal-Trudeau.
Finally, Milesopedia voted the National Bank’s World Elite Mastercard® as the Best Travel Credit Card and Best Credit Card for Insurance in 2023.
This promotion is intended for individuals who do not have a National Bank Mastercard credit card and have not held a National Bank credit card within the last 24 months.
Scotiabank Platinum American Express® Card
For a limited time, when you sign up for the Scotiabank®* Platinum American Express® Card, you can earn up to 60,000 points. That’s a $600 value for travel purchases including Airbnb.
With the Scotiabank®* Platinum American Express® Card, you earn 2 points per dollar spent on all purchases. You can redeem your points on travel purchases (flights, hotels, all-inclusive and even Airbnb). And you can also use them for other rewards in the Scene+ program, such as cash back rewards.
Plus, with this card, you will not pay 2.5% foreign transaction fees on any foreign currency purchases, and you get ten complimentary visits to airport VIP lounges with the Priority Pass and Premium Plaza networks.
And you get excellent insurance for your travels or purchases, concierge service, and exclusive American Express Offers (American Express Invites Program).
Scotiabank Passport™ Visa Infinite* Card
With the Scotiabank Passport™ Visa Infinite* Card, you earn 25,000 points on just $1,000 in purchases, which is a $250 value. And each year, if you make at least $40,000 in Card purchases, you’ll earn 10,000 additional points ($100 value).
With the Scotiabank Passport™ Visa Infinite* Card, you earn 3X Scene+ points on every $1 you spend at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
Also, you earn 2 points per dollar for:
- grocery purchases
- dining purchases
- Entertainment
- Transportation
The Scotiabank Passport™ Visa Infinite* Card is an excellent Visa credit card for these types of purchases.
You can redeem your points for any travel purchases (flights, hotels, all-inclusive and even Airbnb). You can also use your points as cash back rewards with Scene+.
The Scotiabank Passport™ Visa Infinite* Card also offers:
- no foreign transaction fee
- 6 complimentary passes to airport VIP lounges
- Premium insurance for your travels or purchases
- Concierge services
Frequent Asked Questions about credit cards
Here are frequently asked questions in the milesopedia community about credit cards in Canada.
What is the best credit card in Canada?
There are more than 200 credit cards in Canada. There is no “one best credit card” in Canada.
Several credit cards can match your needs:
What is the best American Express credit card in Canada?
There are more than 30 American Express credit cards in Canada. Check out our best American Express Credit Cards page.
What is the best Mastercard credit card in Canada?
There are more than 90 Mastercard credit cards in Canada. Check out our Best Mastercard Credit Cards page.
What is the best Visa credit card in Canada?
There are more than 80 Visa credit cards in Canada. Check out our Best Visa Credit Cards page.