Raising children is expensive. According to the Department of Agriculture, the average annual cost per child in the United States is $13,000, with that number fluctuating based on the family's income and location.
However, no matter how much you spend on your kids, certain expenses are universal, like clothes, food, and transportation. Some cash back credit cards can help, giving you money back on family staples.
Here are five credit cards to help you afford your kids.
1. Blue Cash Preferred Card from American Express
Rewards: 6% cash back on up to $6,000 in annual US supermarket purchases; 3% cash back at US gas stations and eligible US department stores; 1% cash back on everything else.
Sign-Up Bonus:$200 bonus statement credit if you spend $1,000 in the first three months.
Annual Fee: $95
Annual Percentage Rate (APR): 0% APR for 12 months on purchases and balance transfers, then variable 13.99% to 24.99% APR.
Why We Picked It: This well-rounded card provides extra cash back on staples, including food, gas, and clothes.
For Your Kids: You'll earn 6% cash back at supermarkets and 3% cash back at gas stations and select department stores. That's a great cash back rate whether you're cooking dinner, buying new school outfits, or driving your kids to soccer practice.
Drawbacks: There is a $95 annual fee.
2. Bank of America Cash Rewards Credit Card
Rewards: 3% cash back on gas and 2% cash back at wholesale clubs and grocery stores for up to $2,500 in combined quarterly purchases; 1% cash back on everything else.
Sign-Up Bonus: $150 cash bonus if you spend $500 in the first 90 days.
Annual Fee: $0
APR:0% APR for 12 months on purchases and balance transfers, then variable 13.99% to 23.99% APR.
Why We Picked It: You'll earn solid cash back rates on gas, groceries, and more.
For Your Kids:With 3% cash back on gas and 2% cash back at grocery stores, feeding and transporting your kids is more affordable. And if you're a wholesale club member, you'll earn 2% cash back on all club purchases including food, clothes, cleaning supplies, and more.
Drawbacks:If you spend more than $2,500 per quarter on gas and groceries, you may want to keep looking.
3. Costco Anywhere Visa Card by Citi
Rewards: 4% cash back on up to $7,000 in eligible gas purchases per year; 3% cash back at restaurants and on eligible travel purchases; 2% cash back at Costco and Costco.com; 1% cash back on everything else.
Sign-Up Bonus: None
Annual Fee: $0 with a paid Costco membership.
APR: 0% APR for seven months on purchases, then variable 16.24% APR; variable 16.24% APR on balance transfers.
Why We Picked It: There are several ways to earn cash back on child-rearing necessities.
For Your Kids:Whether you're shuttling kids around, dining out, traveling, or picking up supplies at Costco, there's a special cash back rate that applies. Costco stocks a huge variety of goods, so you'll never be at a loss for ways to earn cash back.
Drawbacks: If you don't shop at Costco, this card isn't for you.