Why don’t banks offer credit cards to senior citizens?
It may seem silly, but card issuers consider senior citizens to be financial dependents
Why don’t banks offer credit cards to senior citizens?
Bipinpreet Singh, Ranchi
Although there is no guideline or regulation on conditions applicable to issuance of credit cards to senior citizens, issuing a card is a business decision that the card issuer, which is typically a bank, takes. Based on the risk assessment of the applicant, the issuer may or may not issue the card. It may seem silly, but card issuers consider senior citizens to be financial dependents. To get a card you need to furnish details such as income streams when you are a senior citizen for the card issuer to be confident on your ability to repay the card outstanding and not default on payments. Most banks issue cards to senior citizens up to the age of 70, as a standalone card. If you are still unable to get a card, try to be added by a younger family member for an add-on card on their credit card.