The best credit cards for families 2023 – MoneySense

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 2023.

Best overall credit card for families

CIBC Dividend Visa Infinite

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. 

• Annual fee: $120
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Income requirement: $60,000, or a minimum household income of $100,000
• Welcome bonus: earn 10% cash back welcome bonus of up to $200 (first 4 statements).
• Earn rates: 4% cash back on groceries, gas and EV charging; 2% cash back on dining out, transportation and recurring bill payments; 1% cash back on everything else
• Perks: Out-of-province emergency travel medical, $500,000 common carrier accident, and auto rental collision/loss damage insurance; new mobile device coverage; discount up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations

Best credit card for families on a budget

Tangerine Money-Back Credit Card*

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). 

• Annual fee: $0
• Interest rates: purchases 19.95%, cash advances 19.95%, balance transfers 19.95%
• Income requirement: None specified
• Welcome bonus: earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by July 5, 2023.
• Earn rates: 2% cash back on up to three spending categories of your choice; 0.5% cash back on everything else
• Perks: Balance transfers in the first 30 days will accumulate only 1.95% interest for 6 statements, plus a 1% fee

Best cash back card for families

SimplyCash Card by American Express*

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 2% cash back on eligible gas and grocery purchases (up to $300 annually) and 1.25% cash back on everything else 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 card, you’ll have access to American Express Experiences and special bonus offers.

• Annual fee: $0
• Interest rates: purchases 20.99%, cash advances 21.99%
• Income requirement: None specified
• Welcome bonus: earn a $10 statement credit for each monthly billing period in which you make at least $300 in purchases (for a total value of up to $100).
• Earn rates: 2% cash back on eligible gas and grocery purchases up to $300 annually; 1.25% cash back on everything else.
• Perks: $100,000 travel accident insurance; American Express Experiences; bonus offers

Best credit for family entertainment points

Scotiabank Gold 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.

• Annual fee: $120
• Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Income requirement: $12,000
• Welcome bonus: earn up to $650 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Must apply by October 31, 2023.
• Earn rates: 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
• Perks: Travel insurance including travel emergency medical, trip cancellation and interruption, flight delay, delayed and lost baggage, travel accident and hotel-motel burglary coverage; rental car collision loss/damage protection; discounted Priority Pass airport lounge membership; and American Express Invites, Amex Front of the Line and Amex Offers

Best credit card for family vacations

Marriott Bonvoy 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.

• Annual fee: $120
• Interest rates: purchases 20.99%, cash advances 21.99%
• Income requirement: None specified
• Welcome bonus: earn up to 75,000 points. Offer ends July 24, 2023. Spend and other conditions Apply.  Plus, get an additional 10,000 points when you make a purchase between 14 and 17 months. Conditions apply—offer ends July 24, 2023.
• Earn rates: 5x the Marriott Bonvoy points on Marriott purchases and 2x the points on everything else
• Perks: Travel insurance including travel emergency assistance; flight delay; delayed, lost or stolen baggage; $500,000 travel accident and hotel burglary coverage; and car rental theft and damage protection. Also complimentary Marriott Bonvoy Silver Elite status, 15 Elite Night credits per year, annual Free Night award, and access to American Express Invites, Amex Front of the Line and and Amex Offers.

Can you add family members as additional cardholders?

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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