When choosing a credit card for your family, there's a lot to consider. You want a card that offers great rewards, low fees, and supports your overall financial goals. But with so many options on the market, how do you pick the best one? Worry not! In this guide, we'll discuss the best credit cards for families and how to compare cards to find the best fit for your budget and lifestyle. Experience the power of savvy shopping and saving as you improve your family's finances with our top picks for credit cards!
Best Credit Cards For Families Table of Contents
1. American Express Blue Cash Preferred
4. Capital One SavorOne Cash Rewards
1. American Express Blue Cash Preferred
Why it's great
- Offers 6% cash back on US supermarkets (up to $6,000 per year in purchases, then 1%)
- Earn 3% cash back at US gas stations
- Cash back rewards also on select US streaming subscriptions and transit purchases
- $0 introductory annual fee for the first year, then $95
2. Discover it Cash Back
Why it's great
- Earn 5% cash back on rotating categories each quarter (up to $1,500 per quarter in purchases, then 1%)
- 1% cash back on all other purchases
- No annual fee
- Discover will match all the cash back you've earned at the end of your first year
3. The Chase Freedom Flex
Why it's great
- Earn 5% cash back on rotating categories each quarter (up to $1,500 per quarter in purchases, then 1%)
- Unlimited 3% cash back on dining and drugstore purchases
- No annual fee
- Enjoy a $200 bonus after spending $500 on purchases in the first 3 months
4. Capital One SavorOne Cash Rewards
Why it's great
- Earn unlimited 3% cash back on dining and entertainment
- 2% cash back at grocery stores, and 1% on all other purchases
- No annual fee or foreign transaction fees
- Earn a one-time $200 cash bonus after spending $500 on purchases in the first 3 months
5. Bank of America Cash Rewards
Why it's great
- Earn 3% cash back in the category of your choice (gas, online shopping, dining, travel, home improvement, or drugstore purchases)
- Earn 2% cash back at grocery stores and wholesale clubs
- No annual fee
- Get a $200 online cash rewards bonus after spending $1,000 on purchases within the first 90 days
Factors to Consider When Choosing a Family Credit Card
- Rewards and Cash Back: Identify which categories your family spends the most and pick a card that offers the highest rewards in those categories.
- Annual Fees: Aim for no or low annual fees to maximize your card's benefits.
- Introductory Offers: Some cards offer cash bonuses or 0% introductory APR which can be advantageous if used wisely.
- Additional Benefits: Cards may offer travel insurance, extended warranties, or purchase protection. Consider what matters most to your family when comparing card benefits.
Best Credit Cards For Families Example:
Imagine your family spends $800 a month on groceries, $300 on gas and $200 on dining out. With the American Express Blue Cash Preferred, you'd earn:
- $38.40 cash back on groceries (6%)
- $9 cash back on gas (3%)
- $6 cash back on dining out (1%)
In total, you'd earn $53.40 cash back monthly, or $640.80 annually (not including other rewards and benefits). With the $95 annual fee after the first year, that's still $545.80 in savings. And if you take advantage of the 0% introductory APR for the first 12 months, you could plan purchases strategically and save even more!
Armed with this knowledge, you can confidently choose the best credit card for your family and start enjoying cash back rewards, lower fees, and more financial freedom. Remember that the ideal card depends on your family's unique spending habits—take the time to evaluate and compare your options before making a decision. We hope you found these tips and recommendations helpful! Don't forget to share this article with friends and continue exploring more valuable guides on Flik Eco to help you on your personal finance journey.
