We’ve rounded up the credit cards that are uniquely suited to family spending.
Photo by Sai De Silva on Unsplash
Starting a family changes everything—including which credit card is best for you. Your most-used spending categories might shift from dining out to groceries, and your credit card points might be used to book family vacations rather than a flight to Europe. The best credit card for your family will meet your new needs. Read on to discover our picks for 2022.
Groceries and gas are undoubtedly two of the biggest expenses for busy families, so why not use a card that rewards your spending in those categories? When you use the CIBC Dividend Visa Infinite to buy groceries, gas or pay for EV charging, you’ll get a whopping 4% cash back (one of the best rates on the market). A 2% return on dining out, transportation and recurring bills sweetens the pot, and the 1% base rate with no limit to how much you can earn means you’ll get money back no matter where you spend it. And, when you link and use your CIBC Dividend Visa Infinite with Journie Rewards, you can save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations—a huge benefit with today’s fuel prices.
Just how much can a family earn with this card? To put it into perspective, consider a family that spends $1,000 on groceries and $150 on gas monthly. They would get a return of $46 per month, or $552 annually, on just those two expenses. Plus, new cardholders can boost their earnings with a 10% cash back welcome bonus for the first four statements, up to a maximum reward of $300. A first-year annual-fee waiver adds another $120 in savings.
If an annual credit card fee feels like a hundred-odd dollars that could be better spent on diapers or hockey equipment, this card is for you. The Tangerine Money-Back Credit Card is a no-fee Mastercard that still offers substantial cash back. You will earn 2% cash back on up to three spending categories of your choice. When you sign up for this card, you can select two spending categories to receive 2% cash back, from this list: groceries, gas, restaurants, drug stores, recurring bills, parking/public transportation, entertainment, home improvement, furniture, and hotel/motel. If you set up an automatic deposit of your cash back into a Tangerine savings account, you’ll get a third spending category at 2% cash back. All other spends earn 0.5% cash back.
A family that spends $1,000 on groceries and $150 on gas monthly would get a return of $23 monthly, or $276 annually, on just those two expenses. Tangerine also has a welcome bonus of 10% on purchases up to $1,000 ($100 cash back) in the first two months (offer ends May 2, 2023).
Get more details about the Tangerine Money-Back card*
If you’re looking to simplify your life (and who isn’t?), you might consider a card that offers you the same flat rate on cash back no matter what you use it for. Our pick is the SimplyCash Card by American Express, which offers a better-than-average 1.25% cash back on everything you buy, with no limit to how much you can earn. This is a no-fee card, so you can furnish your family with additional cards and see the money rack up even faster.
Unlike some other no-fee cards, the SimplyCash Card by American Express comes with some travel and flight insurance, and because it’s an AMEX, you’ll have access to American Express Experiences and special bonus offers.
Get more details about the SimplyCash Card by American Express*
If your family likes to go out for dinners and movies, you probably already know about Scotiabank’s Scene+ rewards. This loyalty points program started out with rewards that Canadians could redeem for movies at Cineplex theatres and meals at family-friendly restaurants like Swiss Chalet, but it has since expanded to include new rewards like travel, gift cards and statement credits. When you use the Scotiabank Gold American Express, you’ll earn 5x the Scene+ points on entertainment purchases and groceries, restaurants and drinking establishments; 3x the points on streaming services, gas and transit; and 1x the points on everything else. New cardholders can get a big head start with up to 40,000 Scene+ points.
With these earn rates and bonuses, it won’t be long before you can treat the family to a day out at Playdium or even book a vacation through Scene+ Travel. This card comes with even more benefits, like no foreign transaction fees—a perk that will save you 2.5% to 3% on purchases made in other currencies, online or in person. Travel and shopping insurance and access to American Express benefits round out the package nicely.
Get more details about the Scotiabank Gold American Express*
Everybody loves a vacation, but when it comes to planning (and budgeting for) a getaway for the entire family, it pays to have a little help. That’s where the Marriott Bonvoy American Express comes in. With a generous welcome bonus of 50,000 Marriott Bonvoy points and a $100 statement credit and perks like an annual Free Night award and complimentary Silver Elite status, this card gets you access to luxury hotels, first-class dining, and five-star spas and attractions with one of the best travel programs in the country. With an earn rate of 5x the Marriott Bonvoy points when you spend at Marriott and 2x the points on purchases made everywhere else, you can harness your everyday spending to ensure your family vacation is…well, anything but everyday.
In addition to the Marriott Bonvoy rewards, this card also gets you travel insurance including car rental and hotel burglary coverage and access to American Express Invites, Amex Front of the Line and Amex Offers.
Get more details about the Marriott Bonvoy American Express*
Whether you’re earning cash back or collecting rewards points, it’s a great idea to get additional credit cards for family members. These cards allow everyone to accumulate cash or points on the same account, multiplying your earning potential. Some cards, like the SimplyCash Card by American Express, offer supplementary cards for free, while others, like the CIBC Dividend Visa Infinite, charge a fee. (Be aware that although these are individual cards for each family member, the account holder is ultimately responsible for paying the balance.) With a little preparation, you can maximize your family’s earnings and be well on your way to your goals.
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