Choosing the right credit card is a big decision for families. It can impact everything from day-to-day expenses to long-term financial goals.
The best credit cards for families have rewards, benefits, and features that fit their needs.
These types of cards generally require a credit score of 690 or higher. Often other factors are considered though, so you may be approved with a slightly lower score. These terms and offers are as of December 2023, and are subject to change.
Here are five credit cards that stand out for their family-friendly perks and advantages.
1. Chase Sapphire Preferred Card
The Chase Sapphire Preferred Card is known for its flexibility and generous rewards program. While it’s traditionally known for travel benefits, the card offers versatile redemption options, making it appealing for families with various spending priorities.
- Rewards: Earn 100,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. These points are worth $1,250 when redeemed through the Chase Ultimate Rewards program.
- Travel benefits: Families can enjoy travel perks such as trip cancellation/interruption insurance, baggage delay insurance, and primary rental car insurance.
- No foreign transaction fees: Ideal for families who travel internationally, the card doesn’t charge foreign transaction fees.
The Chase Sapphire Preferred Card provides a balance between travel rewards and everyday spending flexibility. It’s a great fit for families with diverse financial needs.
2. Blue Cash Preferred Card from American Express
The Blue Cash Preferred Card from American Express is tailored for families looking to maximize cash back on everyday expenses, especially groceries and streaming services.
- Cash back rewards: Earn 6% cash back at U.S. supermarkets (up to $6,000 per year, then 1%), 6% cash back on select U.S. streaming services, 3% cash back at U.S. gas stations and on transit, and 1% cash back on other purchases.
- Welcome offer: Enjoy a generous welcome offer of a $300 statement credit after spending $3,000 in purchases within the first 6 months.
With its focus on cash-back rewards for common family expenditures, the Blue Cash Preferred Card is ideal for families wanting straightforward and lucrative benefits.
3. Citi Custom Cash Card
The Citi Custom Cash Card is designed to adapt to your spending habits by offering cash back in categories where you spend the most.
- Cash back structure: Earn 5% cash back on your top spending category each billing cycle (up to the first $500 spent), 1% cash back on all other purchases.
- Introductory offer: Enjoy a 0% introductory APR on purchases and balance transfers for the first 15 months.
- No annual fee: Families can benefit from a competitive cash back structure without the burden of an annual fee.
The Citi Custom Cash Card’s dynamic cash back structure makes it a suitable choice for families with evolving spending patterns.
4. Capital One SavorOne Cash Rewards Credit Card
The Capital One SavorOne Cash Rewards Credit Card caters to families that enjoy dining out and entertainment, providing substantial rewards in these categories.
- Cash back Rewards: Earn 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target), and 1% cash back on all other purchases.
- Welcome offer: Enjoy a one-time $200 cash bonus after spending $500 on purchases within the first 3 months.
- No annual fee: Families can benefit from a rewarding cash back structure without worrying about an annual fee.
Families who frequently dine out or partake in entertainment activities can maximize their rewards with the Capital One SavorOne Cash Rewards Credit Card.
5. Discover it Cash Back
The Discover it Cash Back card is renowned for its rotating bonus categories, providing families with the opportunity to earn higher cash back rates in specific spending areas throughout the year.
- Cash back structure: Earn 5% cash back on rotating quarterly categories (up to the quarterly maximum when activated), 1% cash back on all other purchases.
- Cash back match: At the end of your first year, Discover automatically matches all the cash back you’ve earned.
Families who appreciate variety in their cash back rewards and are willing to activate quarterly bonus categories can benefit from the Discover it Cash Back card.
The bottom line
Selecting the right credit card for your family requires careful consideration of your spending habits, financial goals, and preferences. The Chase Sapphire Preferred Card, Blue Cash Preferred Card from American Express, Citi Custom Cash Card, Capital One SavorOne Cash Rewards Credit Card, and Discover it Cash Back are all strong contenders with unique features catering to different family needs.
Before making a decision, assess your family’s spending patterns, consider your priorities (whether it’s travel, cash back, or a mix of benefits), and evaluate the card’s terms and conditions. Remember that the best credit card for your family is one that aligns with your lifestyle and needs, and enhances your overall financial well-being.