When you are just starting a family your priorities can change very quickly. Rather than spending much of your time and money on leisure and entertainment, you will likely find yourself focused on the basics such as groceries, clothing, and essential baby gear.
This means that families may want to choose credit cards that offer bonus rewards for retailers where they will be spending more money, such as supermarkets, discount stores, and baby supply retailers. And when traveling, young families are unlikely to use frequent flier miles to find multiple award seats during the holidays and other school breaks. Instead, young families may want to focus on credit cards that offer rewards in the form of cash back, store discounts, or travel statement credits.
With all of this in mind, here are three of the best credit cards for young families:
Target Credit Card
Target is a major discount retailer that offers an extensive array of supplies for babies and children as well as groceries at their Super Target stores. The Target RedCard credit card offers 5% off of all purchases, free shipping on Target.com purchases, and an extra 30 days for return. There is no annual fee for this card.
"R" Us MasterCard from Sychrony Bank
This card offers reward points and discounts at both Babies "R" Us and Toys "R" Us stores. Rewards include 2 points per dollar spent at their stores, which equates to $10 in discounts on every $125 in purchases, which is an 8% return. However, only 1 point per $4 is earned on all other purchases, the equivalent of a 1% return. Other benefits include 15% off of your first day purchases or special financing, and a 10% discount in stores each Thursday. There is no annual fee for this card.
Capital One® Venture Rewards
When families need to take a vacation, it helps to have travel rewards that can be redeemed for any travel expense with no blackout dates or capacity controls. The Capital One Venture Rewards card offers double miles on all purchases, and each mile is worth one cent as statement credits towards any travel expense. This means that families can fly any airline they want, or just take a road trip and use their miles for hotels and other travel expenses. There is a $0 intro annual fee for the first year; $59 after that.
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