The Credit Card Options Every New Parent Should Be Aware Of
Parenting comes with a lot of challenges. That is why you should consider applying for a credit card if you feel you can handle the responsibility. You never know when your bank account is going to come in under the wire. You will be spending money in ways you never dreamed of. You will be buying things like diapers and school stuff instead of eating out 5 times a week.
I have a list of credit cards you should think about as you begin your journey into parenthood.
Credit Cards: Which One Is Right for You?
1) The Citi Double Cash Card is one of the credit cards that new parents should consider. The card gives parents cash-back when they make a purchase and when they pay it off.
The first year has a 0% introductory rate. Plus, the card offers 0% for 18-month balance transfers. The rate will increase to a variable rate, between 16-26%, after that.
2) The American Express Blue Cash Preferred is another option. Parenting involves a lot of financial planning. Parenting also involves buying things you might not normally buy for yourself. You can earn between 1-6% rewards on purchases made throughout the year, including groceries.
The other good news is that you could earn a $250 gift card. You will have to spend at least $1,000 in the first three months to be included. Some terms and conditions apply. Read the contract. The one catch is that you will need to pay a $95 annual fee. You might want to look at your household finances before applying for the card. There might be a better option.
3) The Discover It card is very popular with new parents. This card is also great for people who want to have more than one child. You will need to meet some of the terms and conditions to earn some of the cash-back rewards though. The rules change every three months regarding purchases. Plus, you have to keep up a spending bill of at least $1500.
The bonus earnings come out every quarter. You will be able to see what purchases count and how much. Once again, this a great card for those who plan to have at least two or more kids.
4) The Chase Sapphire Reserve Card is the last one on the list. The great thing about the card is it works well with your other finances. You do not have any special requirements you need to follow. You will earn money and cash rewards everywhere you go. This card has become a favorite with parents.