The Best Credit Cards for Retirees: Which Belongs in Your Wallet?

NEW YORK (TheStreet) -- Making smart financial decisions is the key to a fantastic retirement, and that includes choosing the right piece of plastic to keep in your wallet. Whether you're looking to rack up rewards on everyday purchases, earn airline miles for travel or pay down debt, there are several credit cards available that are especially beneficial to retirees.

After consulting with credit experts, we've come up with a list of five of the best credit cards to use during your golden years. Read on to see which is right for you.

1. AARP Credit Card from Chase

If you're interested in a great cash-back rewards card without an annual fee, consider the AARP Credit Card from JPMorgan Chase (JPM). The card allows you to earn unlimited cash-back rewards, including 3% on restaurant purchases, 3% on gas station purchases and 1% on all other purchases. Rewards do not expire as long as your account is open. You can redeem rewards as cash, gift cards (from more than 75 major retailers), or travel (including flights, hotels, cruises and car rentals).

The card also offers a sweet sign-on bonus: you'll get $100 back after you spend $500 on purchases in the first three months of opening the account.

"You're essentially getting paid to have this card, and your everyday spending can help supplement your income in retirement," says Greg Lull, head of consumer insights at Credit Karma.

The AARP Credit Card from Chase has a 0% introductory annual percentage rate for the first 12 months, then a 16.24% APR after that. Although the card is a great choice for retired people, you don't actually have to be a member of AARP to apply for the card, Lull says.

Need more incentive? For every purchase you make at restaurants with your card, 10 cents will be donated to the AARP Foundation in support of Drive to End Hunger, which helps provide food to older Americans in need.

2. Citi Double Cash Card

Another great cash-back credit card is the Citigroup (C) Double Cash Card, which allows you to earn cash back twice on every purchase -- 1% when you buy, and an additional 1% when you pay. Unlike many other cash-back cards, the Citi Double Cash Card has no restrictive categories and doesn't limit the amount of cash back that you can earn.

The card charges no annual fee and has a 0% introductory APR for first 15 months on purchases and balance transfers, then a variable APR of 12.99% to 22.99% after that.

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