Applying for a New Credit Card When You're Retired: What You Need to Know

Can You Get a New Credit Card When You're Retired?

It's possible to get a credit card in retirement, but reporting your income is a little trickier. Here's what you need to know.

We think of retirement as a time of financial freedom, but it brings plenty of new financial challenges as well. All of a sudden, you're living on a fixed income, and you have to make your money last for an indeterminate amount of time. You find yourself asking questions you hadn't considered before.

Changing spending habits might create a need for a new credit card in your wallet, but can you even get a new card without a job? Fortunately, the answer is yes, but there are a few things you should know before applying for one.

• If you're content with the cards in your wallet, you can carry on as normal.
• If you don't have access to any credit, you may want one so you can earn rewards and put a little distance between your purchases and payments.
• If you only have one card, you might like the idea of having a second so you have a backup in case your primary card is lost or stolen.

Do you need a new credit card?

Most credit cards require at least a credit score of 670 or higher.

1. Fill out the application form online with your name, contact information, and Social Security number.
2. Report your income without breaking down sources, just giving your total estimated annual income.
3. You'll typically get an answer as soon as you've submitted your application form.

Can you open a new credit card when you're retired?

Credit card issuers consider various sources of income, including part-time work, withdrawals from retirement accounts, and income from partners if applicable.

How do you open a credit card when you're retired?

Applying for a credit card in retirement is the same as applying at any other stage in life. Select the card, fill the application form, and await approval or denial.