Money Management
June 10, 2022

Why is it harder for seniors to get a credit card when they need it the most

Older adults need a credit card for much the same reasons as any of us.

Did you ever realize that the wealthiest spenders today are people in the 60 to 80 years age group? With healthy savings and high disposable income, our seniors have a great love for life and are looking for experiences beyond just making ends meet.

Older adults need a credit card for much the same reasons as any of us. Big-ticket purchases, online shopping, emergencies or unexpected expenses, rewards, and cash back, and more. Given their spending power, you’d expect them to easily get a credit card from any bank. In fact, banks hesitate to give a credit card to senior account holders. They doubt a senior’s ability to pay back credit in the absence of a steady employment income. 

Share with Xare 

Xare can help you do your bit for the seniors in your home and family. This is a user-generated finance platform that enables anyone to share access to their bank cards with loved ones. On the Xare mobile app, you can create a virtual credit or debit card for anyone at no cost. You can then share it instantly on the app or via a messaging app with a friend, anywhere on the planet. Your friend can use the Xare card to access your funds and shop online or offline, or pay for utility or medical bills, subscriptions and do much more. 

Supplementary Card for your Seniors 

If you have a good credit history and a high credit score with your bank, you can share access to your credit card with your parents living with you in your home or miles away. As the primary cardholder, you can even set spending limits on the Xare card or enable the payment authorization feature to track all transactions. It’s like giving your parents a supplementary card but with no trappings of the traditional one – no need to fill out tedious KYC forms, no processing delays, no limit on the number of supplementary cards you can create or share, and no bank fees at all. 

One Card for all Needs

With a Xare card, your seniors will have no liabilities but can enjoy all the benefits and offers available on your Primary card. Through Xare, you can also even give them temporary access to your credit card if you just want to give them a gift. 

You probably own multiple bank cards but can choose which one to share with your parents: 

  • A good travel rewards credit card can be great for planning a dream vacation for your older adults. You earn points for regular spending on the card (and often bonus points for travel expenses), which you can eventually cash in for free flights and hotel stays. Plus, most airline cards come with perks such as free checked bags, trip cancellation insurance, and free rental car insurance. If you have a top-tier rewards card, then your parents can enjoy huge discounts on air tickets for frequent travel. 
  • If your seniors are the type who likes to stick closer to home, cashback credit cards are convenient and can help defray the cost of everyday expenses. So, every time they shop on Xare, they’ll actually earn cashback. It’s a win-win all the way. 

In conclusion 

Most credit cards come with more consumer protections than debit cards. That can be especially important for older customers who are often targeted by fraudsters. Xare does not move money on its platform but only gives access to money, making it the safest way to share money. Your bank account or card details are not saved on the Xare platform and nor are they ever visible to someone who receives a Xare card from you. 

With Xare, you can give your elders a chance to make the most of their golden years. Let them shop and spend as they like, with complete peace of mind. While they enjoy the perks, you just need to make timely payments for the primary card and ensure that the spending stays within the card limits. 

Safe, swift, and smart - with Xare, your money is sorted. Happy Xaring!

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