Running a household is expensive. Between groceries, clothes, household supplies, gas, phone bills, utilities, and hundreds of other expenses, it’s no wonder why families are always looking for ways to save money. But with the right credit card, you won’t only save on everyday household expenses, but you can enjoy a host of other perks, too.
Aside from cashback rewards, the best credit cards come with useful cost management tools, buy protections, and travel insurance — all of which make life a little less complicated.
You juggle hundreds of responsibilities, so the best credit cards for families are ones that offer versatile and straightforward benefits programs. That way, you don’t have to waste time figuring out how to use your rewards in the first place.
When you manage a household, you don’t always have hours to research the best card for you. Luckily, CNBC Select did most of the legwork, so the process can be that much easier. Here are their top recommendations for the best credit cards for families.
Best Cash Back Rewards
Citi Double Cash Card
The Citi Double Cash Card is a no-frills cash back card that’s perfect for your busy lifestyle. It has no annual fee and offers flat-rate cash back rewards like 2% back on every purchase (1% at the time of sale plus 1% when you pay your monthly statement) with no restrictions on the rewards you can earn.
As an added bonus, you don’t have to remember to activate anything to earn rewards. When you redeem your rewards, you can use it as a statement credit to pay off your balance or choose to deposit it in your bank.
The Citi Double Cash Card also works as an excellent debt consolidation card thanks to its zero-APR offer for 18 months on balance transfers. After that, you pay 13.99% to 23.99% APR, depending on your credit. Balance transfers cost 3% of the amount transferred, or $5, depending on which is greater.
Best For Family Trips
Chase Sapphire Preferred
Vacationing with your family can be expensive, but if you use the Chase Sapphire Preferred, you can cut costs and get more rewards. For example, from now until March 2022, you can earn five times the points when you use Lyft, double the points on international travel and dining experiences, and one point on everything else. And if you spend $4,000 within three months after opening an account, you’ll be eligible for 60,000 bonus points.
If you use the Chase Ultimate Rewards portal to redeem your points for your next trip, they’ll get 25% more value. In other words, that 60,000 bonus is actually $750 off your next vacation. It’s an excellent strategy to get more out of your rewards and your family vacation.
Aside from a generous rewards program, this credit card comes with a variety of other travel benefits, including zero foreign transaction fees, trip cancellation coverage, and insurance for car rentals, baggage delays, or trip delays. These perks offer peace of mind so you can enjoy your vacation and get some much-needed R&R.
There is a $95 annual fee, but the rewards this card comes with easily offset the price.
Best Gas and Grocery Rewards
Blue Cash Preferred Card From American Express
When you have a family, gas and groceries can be among your most significant expenses. But with the Blue Cash Preferred Card from American Express, that doesn’t have to be the case. That’s because it provides one of the best cashback deals on grocery purchases — 6% on the first $6,000 you spend each year, then 1% after that.
And when it’s time to fill up, you can earn 3% cashback. And if you don’t have a car or use public transportation, you can get the same rate on taxis, rideshares, trans, buses, and more. Plus, Blue Cash Preferred Card From American Express also gives you 6% back on eligible streaming services and 1% on everything else.
You can use your cashback to pay off your monthly balance by redeeming it for statement credit. You can earn additional credits or cash back at qualifying retailers when you sign up for Amex Offers, too. All of these rewards are more than enough to offset the $95 annual fee.
- White, Alexandria. “Best Credit Cards for Families in 2021.” CNBC, CNBC, 22 Dec. 2020, www.cnbc.com/select/best-credit-cards-for-families/.