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Best Credit Cards For New Parents In The USA

Updated on January 07, 2021 01:04 pm
credit cards for parents

Being a parent is the hardest and undoubtedly the most expensive job you will ever love. To give you an idea about how expensive it is to raise a child in the United States, the U.S. Department of Agriculture (USDA) report suggests that families will spend an additional $10,000-$34,000 annually in raising a child.

The major expenditure includes baby clothes, diapers, food, insurance, childcare expenses, in addition to medical expenses.

If you are a new parent in the U.S., here are some of the best credit cards that will help ease the financial burden of becoming a new parent and help you prepare for your child's future.

Groceries

A new family member means an additional member to feed and clothe. You can either buy the diapers and food in bulk or do frequent grocery runs. In any case, you will be spending a lot of time and money in the grocery stores.

Costco

Costco offers plenty of great deals on bulk items and great quality. For members at the bulk discount retailer Costco, the Costco Anywhere Visa Card by Citi is a great rewards program.

We recommend shopping on weekdays and during office hours if you want to avoid the crowd.

Rewards

  • 4% cashback on eligible gas purchases up to $7,000 per year, then 1% after that
  • 3% cashback on eligible restaurants and travel purchases
  • 2% cashback on all other purchases from Costco and Costco.com
  • 1% cashback on all other purchases.

Annual fee: $0.

APR: The ongoing APR is 15.24% Variable APR.

groceries

American Express

If you are not a bulk buyer and hate long queues, there is good news. Blue Cash Preferred Card from American Express offers the highest cash back rate.

You also get a $250 bonus credit after you have spent $1,000 in purchases using your new American Express Card within the first 3 months.

Rewards

  • 6% cashback on up to $6,000 per year in purchases at qualifying U.S. supermarkets
  • 6% cashback on select streaming subscriptions such as Netflix, Spotify, and Audible
  • 3% cashback on transit including taxis, rideshare services, parking, tolls, trains, buses, and more
  • 3% cashback at gas stations
  • 1% cashback on everything else.

Annual fee: $95

APR: 0% APR on Purchases for 12 months. Thereafter, 13.99% - 23.99% Variable APR.

Target

Target RedCard is a good credit card if you have to do Target runs often. The card is more like a store card because you do not accrue points like other rewards and cash back credit cards.

Rewards

5% off on all qualifying purchases from Target stores and Target.com

Annual fee: $0.

APR: The ongoing APR is 22.90% variable.



Amazon

It is safe to say that COVID-19 has increased our dependence on online shopping service providers. Amazon Prime Rewards Visa Signature Card, offered through Chase, offers the highest rewards return. You also get between $70 to $100 Amazon Gift Card instantly upon credit card approval.

Rewards

  • 5% cashback at Amazon.com and Whole Foods Market with an eligible Prime membership
  • 2% cash back at qualifying restaurants, gas stations, and drugstores
  • 1% cashback on all other purchases.

Annual fee: $0

APR: The ongoing APR is between 14.24% - 22.24% variable.

The only limitation is the additional Amazon Prime membership fee to be eligible for the Amazon-branded credit card. The good news is that your welcome offer of an Amazon.com gift card should offset your membership fees for the first year, or you can use that to buy more diapers or food.

College Fund

college fund

Education is expensive in the U.S. and you need to start saving early for your child's education. 529 college savings credit cards are the best way to prepare without having to shell out a chunk in the end.

A 529 plan is a specialized tax advantage savings account where the money is used to pay for the beneficiary's college expenses and K-12 tuition. You save money on taxes and your savings go into your kid's college fund.

Few credit cards offer cash back rewards from all your purchases into a 529 plan that you can open for your child.

Fidelity Rewards Visa Signature Card

Rewards

Unlimited 2% cashback on everyday purchases

Annual Fee: $0

APR: For Purchases and Balance Transfers is 13.99%

Upromise Mastercard by Barclays

Rewards

  • Earn $100 cash back bonus after spending $500 on purchases in the first 90 days
  • Receive a 15% cashback bonus when your Upromise Program account is directly linked to an eligible 529 College Savings Plan
  • Earn 1.25% cashback on all purchases.

Annual Fee: $0

APR: 14.99%, 19.99%, or 24.99% variable depends on your credit score.

credit score

Regardless of the card you pick, set alarms and reminders to pay your credit bills in full and on time but if as a new parent. If you are certain that you will not be able to keep up, you can opt for Citi Simplicity Card. The card has a guaranteed no penalty rate and no late fees if you miss a credit card payment.

We seek different rewards for different phases in life. As a new parent, you are more likely to spend more money on feeding and clothing the family including the baby than luxury travels. However, if you are a frequent flyer, you may want to pick a credit card with no foreign transaction fees. Pick a card that will meet your needs for the phase you are in.

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