How to choose the perfect credit card for your family

How to choose the perfect credit card for your family

Rewards, low interest, loyalty? Money gurus tell us the plastic pros and cons!


Credit cards are tricky no matter what time of year you swipe them. What is even trickier is figuring out what kind of credit card you should have in that wallet. We moms have so many decisions to make at any given moment, and adding this dilemma to the pile could be the one that puts Mama over the edge. We are here to help! Here, financial gurus offer their take on the pros and cons of each type of credit card.

1)    Rewards Cards

You’ve seen the ads. Promising points, airline miles, or cash back on every purchase, rewards cards are one of the most popular type of card out there. How can you tell if these cards are right for your family, and if so, which one?

Credit card expert and research analyst Robert Harrow thinks these are an excellent choice. “Moms and families will be best off with a flat rate cash back credit card,” says Harrow. “Whether you are buying something for yourself, outfits for the kids, or filling up your car at a gas station, a cash back credit card is your best bet for general, everyday spending. A decent, flat rate cash back card can act as a 2 percent discount on all your purchases. If you already have a lot on your plate, flat rate cash back cards are a great way to save without an added headache.”

However, Harrow points out that a miles or travel reward card could be a good option if you are planning a family getaway. “Paying for a family vacation is best done with an airline or hotel-affiliated credit card,” notes Harrow. “I recommend signing up for one right before you plan on paying for a pair of tickets or a hotel stay. If the charge is big enough, if might activate the card’s welcome bonus. Airline and hotel cards generally have the highest bonuses of any credit card on the market.

EverydayMe Arabia Tip: Whatever you do, don’t pay annual fees. These often sap most of the rewards you would normally get. There are enough good rewards cards out there that don't have them.

2)    Store or Loyalty Cards

You are at the checkout counter of one of your favorite stores. The cashier asks if you have their credit card and begins to rattle off all of its perks, including a pretty significant discount on the purchase you are making right that minute. It sounds rather enticing. What should you do?

If you shop at one store often for everyday items and groceries, McLain-Duer says having a store card can pay off. However, he says make sure use of that card comes with advantages, such as a percentage back on each purchase, as well as other bonuses like free shipping.

The main concern with loyalty cards is in the fine print of those agreements and terms. They often come with extremely high annual percentage rates (APRs) if you don’t pay off your bill in full each time. Carrying over a balance can end up costing you more in interest than you saved in discounts.

Registration

Join EverydayMe Arabia for exciting giveaways and more!

Subscribe now

3)    Low- or No-Interest Cards

Credit card offers come in the mail all the time, advertising low or no interest for a certain amount of time. Sometimes, the offers are for up to 18 months of zero percent interest on balances. It makes a mom think that seems almost too good to be true. Is signing up for one of these cards ever a good idea?

Financial adviser and money coach Neil Palache says yes, in the right circumstance. “If you want to purchase a large appliance and need to pay it off, find a card that has no fees and has a zero percent deferred interest financing option,” he suggests.

Harrow notes these types of cards can be used to pay off other debt. “If you are struggling with credit card debt, you should consolidate your balances onto one 0 percent APR credit card,” says Harrow. “This will help pay off those expenses, while helping you avoid interest at least for a couple of months.”

Palache agrees, but cautions about strict use of those cards in that manner. “Debt that you’ve already accumulated clearly has to be paid off, but how do you do it? Assuming decent credit, one good way is to transfer balances to a zero interest card so that all of your payments are going towards reducing the principal balance.

Be careful though, as you must make sure that you don’t simply charge up the card that you

just paid off. Be committed to paying off the debt and never having it again.”

What kind of credit card do you have?

Complete your personal information

Please fill in the information marked with an asterisk to proceed; if you want to get tailored offers and content, don't forget to fill in the optional fields.

"Become a member of EverydayMe Arabia for a chance to win 11 Nespresso Inissia, coffee capsules and Crest 3D White Brilliance 2 Step Whitening Kit"

Terms and Conditions

Thank you for visiting & participating in the "Become a member of EverydayMe Arabia for a chance to win 11 Nespresso Inissia, coffee capsules and Crest 3D White Brilliance 2 Step Whitening Kit" developed by Procter & Gamble Gulf FZE and/or affiliates (“P&G”). By using this competition and taking part in the Competition, you are agreeing to the following terms and conditions. Please read them carefully. If you do not agree to be bound by all the terms and conditions set forth below, please do not participate in this competition.

ELIGIBILITY OF ENTRANTS

This activation is open to all who meet the following criteria:

  • Open to residents of the following countries: United Arab Emirates, KSA, Kuwait, Qatar, Oman and Bahrain.
  • Provide proof of identity, citizenship or residence in the form reasonably requested by P&G / gift issuing body
  • Each member agrees not to provide false or misleading personal information, and, in particular, agrees not to register under a false identity. Each member is responsible for using the online information management system to immediately report all changes to the information he or she provided at registration.
  • Minimum age of entry is 18 years old.
  • Competition is not open for employees and agents of the Advertiser, P&G, their Affiliates, any other prize sponsor, and any entity involved in the development, production, implementation, administration or fulfillment of the Competition, and the immediate family members and persons living in the same household as such individuals, whether related or not.

GENERAL TERMS

You understand, recognize and agree that:

  • P&G and affiliates reserve the right, at any time during the competition to disqualify any person who does not satisfy the above eligibility criteria.
  • You are not an employee of P&G nor do you work for or are contracted by an affiliate or agency of P&G hired by P&G to promote and/or sell P&G Products.
  • Your submission will be made without any prior payment or promise of payment having been made to you or the expectation to you of any payment, benefit or advantage in return for your proposed submission, except for the possibility of having your submission used for P&G promotional purposes as explained below.
  • You should not upload
  • Any content belonging to anybody else, such as material which contains trademarks and/or copyright protected material, any material broadcast on TV or Radio, or any other material that does not belong to you
  • Any sensitive information about someone’s mental or physical health, political or religious beliefs
  • Anything that is derogatory or defamatory to any person or members of a particular group
  • Anything that is illegal, abusive, offensive, obscene, bullying or name calling of other people
  • Anything that in any way exposes information of a private nature (including but not limited to person identifiable information such as websites, addresses, email addresses, contact information, etc), is spam, is sexually explicit, depicts violence, sadism or cruelty
  • Anything that condones illegal drug usage
  • Anything that portrays any corporation or brand negatively
  • Anything which promotes your own products or services or any third party’s products or services
  • Any information known by you to be false, inaccurate or misleading
  • Any programming or materials containing any Trojan horses, computer viruses, worms, harmful codes, or other potentially damaging computer programmes or files

INTELLECTUAL PROPERTY

  • If the Competition requires a photo or being uploaded, it must be a photo of you and nobody else, famous or otherwise.
  • You retain all of your ownership rights in your uploaded content and by entering the Competition and uploading your content; there is no assignment of any intellectual property rights in your material to P&G. This license granted by you terminates when you remove or delete any material from the Application or at the latest 2 months after the end of the Competition.
  • All content that you submit is original and accurate.

PRIVACY

INDEMNIFICATION

  • By entering the Competition, you agree to defend, indemnify and hold harmless P&G, its directors, employees and agents, from and against any and all claims, damages, losses, liabilities, costs or expenses (including but not limited to legal fees) arising from: (i) your use of and access to EverydayMeArabia competition (ii) your breach of any of these terms; (iii) your breach of any third party rights, including without limitation any copyright, intellectual property, or privacy right; (iv) your breach of any laws and regulation in creating, posting and/or subsequently amending your submissions; or (v) any claim that any one of your submissions caused damage to a third party. This indemnity shall survive the duration of the Promotion.
  • P&G expressly disclaims any responsibility or liability for injury or loss to any person or property relating to the delivery and/or subsequent use of the prizes awarded. P&G makes no representations or warranties concerning the appearance, safety or performance of any prize awarded. Restrictions, conditions, and limitations apply. P&G will not replace any lost or stolen prize items.

COMPETITION DATE

  • Competition starts on the 1st of May, 2018 and ends on the 31st May 2018.

COMPETITION RULES & MECHANICS

  • Participants will need to register on EverydayMe Arabia so that they can participate in the competition
  • There is no cost or purchase required to enter the Competition.
  • The prize to be won is 1 Nespresso Inissia, coffee capsules and Crest 3D White Brilliance 2 Step Whitening Kit
  • There will be 11 winners in total. All 11 winners will receive one Nespresso Inissia, coffee capsules and Crest 3D White Brilliance 2 Step Whitening Kit
  • Color of the Nespresso and accessories cannot be guaranteed.
  • A person can participate by registering in the website and can only win one time over the duration of the activation and only on the English or Arabic version of the website; not in both.
  • Winner will be announced on our Facebook Page and contacted via email or via mobile for prize delivery.
  • Winner that doesn’t share a valid email address or a valid mobile detail will be replaced.
  • The personal contact details of every winner shall be collected by P&G and/or any agent or representative for purposes of delivery of the prizes. Prizes / tickets or vouchers will be delivered to the address of the winner as such address is provided by the Participant in writing to P&G and/or any agent or representative. Upon receipt of a prize, the winner shall sign the prize receipt acknowledgment form. Return of any prize and/or prize receipt acknowledgment form as undeliverable, or inability of P&G to contact a potential winner may result in disqualification of the winner and selection of an alternate winner.
  • Direct all queries to our contacts (i) Saudi: 800-244-0039 (ii) UAE: 00966-2-657-4751 (iii) Email: apconsumers@custhelp.com
  • In the event of a dispute about the identity of an online entrant, each online entry will be declared made by the authorized email account holder of the email address submitted at the time of entry. “Authorized email account holder” is defined as the natural person who is assigned to an email address by an internet access provider, online service provider, or other organization (e.g. business, educational institution, etc.) that is responsible for assigning email addresses for the domain associated with the submitted email address. The potential winner may be required to provide P&G with proof of identity, and/or proof that he/she is the authorized account holder of the email address associated with the winning entry.
  • P&G reserves the right to accept or reject any or all of the entries without assigning any reason whatsoever.
  • All votes, comments, and opinions communicated by the public in this giveaway are not expressive of P&G, its people, opinions and/or beliefs. They are fully created and performed by the fans joining and playing on this platform.
  • P&G and affiliates reserve the right to disqualify or select alternative winner and modify content of terms & conditions.
  • By participating in this game, the participant agrees to abide by all P&G terms and conditions for this Competition.

APPLICABLE LAWS

  • This Agreement is subject to the laws of the United Arab Emirates