Credit Card Elements to Consider as a Family

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When you’re trying to save money as a family, chances are you’ve ruled out credit cards from the beginning. However, a credit card may actually be a good option for certain families who are able to keep a handle on their spending. If you’re looking into good credit cards to use as a family, there are a number of elements to consider. Here are four of the most important elements of credit cards to think about when you’re choosing a family credit card.

1. Annual Fee

This is something that can easily steer you wrong. You may automatically go for a card that has no annual fee, as it’s easy to think that a card with no annual fee will help you save money. However, that annual fee may allow a credit card to give you significantly more bang for your buck. It’s important to measure the benefits of an annual fee card. The Marriott Bonvoy credit card, for example, has an annual fee, but can give you up to 17 points per dollar on certain purchases.

2. APR

APR stands for Annual Percentage Rate, and it has to do with how much interest you’ll pay on your credit card purchases. Lower APR is always a good thing, and if you can get low or zero APR for an introductory period, it can give you a better way to finance large purchases.

3. Rewards When You Make Purchases

Many cards come with rewards programs. These may be straightforward cash back programs, where you simply get a certain percentage of your purchases back in statement credit, or it may be more complicated, with rewards options available as points that you can redeem on certain rewards.

4. Partner Benefits

Many credit cards partner with other businesses to offer special benefits. Whether it’s a branded credit card that’s specifically helping you save more money with a certain brand or it’s an overall credit card that can give you benefits with partners, these can be a great way to save extra money on all sorts of purchases.

5. Sign-Up Bonuses

One great way to save even more is with sign-up bonuses. These bonuses typically kick in when you make more than a certain dollar amount of purchases in the first few months. Check to see what type of welcome bonus you may be able to get from a specific credit card, as well as what requirements you need to meet for the sign-up bonus.


Families can surprisingly benefit from credit cards in a number of ways. While it can be easy to just stay away from credit cards altogether, the rewards options available with many different credit cards makes it a great option for families who know how to control their spending and pay off their full balance every month. Make sure you take a look at all five of these elements to get the most from whatever credit card you end up choosing for your family.

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