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Spoiling your grandkids can get expensive, especially if you’re on a fixed income. But some credit cards can help out financially, earning rewards as you treat your grandchildren to ice cream or take them out on adventures.
Here are four credit cards that can help you spoil your grandchildren.
Rewards: 6% cash back on up to $6,000 in annual U.S. supermarket purchases (1% cash back on purchases beyond that threshold); 3% cash back at U.S. gas stations; and 1% cash back on other purchases.
Welcome Offer: $250 bonus statement credit if you spend $1,000 in the first three months.
Annual Fee: $95
Annual Percentage Rate (APR):0% for 12 months on purchases , then 14.49%-25.49% Variable APR.
Why We Picked It: This card offers a well-rounded variety of ways to earn cash back as you spend.
For Your Grandkids: There are special cash back rates at supermarkets and gas stations. That means you’ll earn a lot of cash back whether you’re stocking up for a family dinner or driving your grandkids around town.
Drawbacks: There is a $95 annual fee.
Rewards: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
Annual Fee: $0
APR:0% APR for 15 months on purchases and balance transfers, then 16.49% - 25.24% Variable APR.
Why We Picked It: Every purchase earns the same dependable cash back rate.
For Your Grandkids: Every purchase you make (including grandchild-related expenses) earns 1.5% cash back.
Drawbacks: There are higher cash back rates available, especially if you’re willing to keep track of spending categories.
3. Citi Thank You Premier
Rewards: Three points per dollar spent on travel, including at gas stations; two points per dollar spent on dining and entertainment; and one point per dollar spent on other purchases.
Sign-Up Bonus: None
Annual Fee: $0 the first year, then $95.
APR: 16.24% – 25.24% variable APR.
Why We Picked It: You can earn rewards as you take your grandkids on adventures.
For Your Grandkids: You’ll earn triple points on travel expenses (including gas), double points on dining and entertainment (including movie theaters, amusement parks, museums, and sporting events), and single points on everything else. If you’re out on the town with your grandkids, you’ll have plenty of opportunities to earn points, which can be redeemed for travel, merchandise, gift cards, and more.
Drawbacks: If you tend to entertain your grandkids at home, this card won’t offer as much value.
4. US Bank Cash Plus Visa
Rewards: 5% cash back on up to $2,000 in quarterly purchases for two categories of your choosing; 2% cash back on one category of your choosing; and 1% cash back on other purchases.
Sign-Up Bonus: For one year, eligible purchases earn an additional 0.5% cash back.
Annual Fee: $0
APR: Variable 14.99% to 23.99% APR on purchases; 0% APR for 12 months on balance transfers made within 60 days of account opening, then variable 14.99% to 23.99% APR.
Why We Picked It: This card gives you the power to choose how you’ll be rewarded for purchases.
For Your Grandkids:Every quarter, you have the option to pick one 2% cash back category (current options are gas, dining, or grocery stores) and two 5% cash back categories (including sporting goods stores, movie theaters, electronics stores, bookstores, and more). This means you can tailor your cash back rewards to your grandchild’s hobbies or your favorite family activities. You can also switch categories each quarter, which means you can adjust as your grandkids grow.
Drawbacks: You’ll have to remember to choose your special cash back categories every quarter.
How to Choose a Card to Spoil Your Grandkids
Ultimately, the best card for spoiling your grandkids depends on how you spend on them. If you like to pick up random gifts here and there, a basic cash back card might be a good choice. If you take your grandkids on road trips or out on the town, a card that specifically rewards gas or entertainment might be a better fit.
If you plan to use your card for purchases unrelated to your grandkids, make sure to choose a card that will also reward those spending habits—especially if your “grandchildren budget” adds up to only a fraction of your total spending.
What Credit Is Required for a Credit Card for Grandparents?
The best cash back and rewards cards will require good or excellent credit. You should check your credit before you apply, and submit an application only if you have a good chance of approval. That’s because a hard inquiry from a credit card application can ding your score a few points. You can check your credit report free at Credit.com.
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