May 17, 2022
Looking for the perfect credit card really shows you what you prioritize in your financial life. For parents, it’s a no-brainer. The perfect credit card sets you and your family up for success. But… does it exist?
Starting today, it does.
In our most recent national survey, we asked parents all our burning questions about credit. The TL;DR? We found that parents really care about finding the best solution for their family finances — so they can invest for their kids’ futures. Without further ado, here are the results from our credit survey.
To understand what types of credit cards are best for parents, we learned how they’re using cards in the first place. Turns out, card usage is on the up and up. 42% of parents have been using their credit cards more in the past 6 months.
Why? Lots of reasons. The top ones: inflation, gas prices and the pandemic.
More credit card usage usually means more spending. 43% of parents said they are spending more and 29% say they have been saving less in the past 6 months.
So, how do parents feel about their credit card knowledge? One step further: How do they feel about teaching their kids about credit? Let’s run through the numbers.
41% of parents experience credit card anxiety. (We hear you.)
81% wish they had more financial education about credit growing up. (Greenlight’s on a mission to change that.)
79% signed up for their first credit card on their own. (WOW!)
When looking for the perfect credit card as a parent, there are lots of factors to consider. What we learned in our survey is that parents care (and sometimes worry) about their kids’ futures. No surprises there, right?
90% of parents wish they had saved for their kids’ futures. Every future looks different, but we found that the #1 savings goal for kids’ futures is college. Planning for the long term can take a lot of time and work. That’s why Greenlight is changing the game for families of all kinds.
Phew. We learned A LOT in this survey. The big takeaway: Parents want what’s best for their family, which means planning for their kids’ financial futures and wellbeings. At the same time, parents are looking for their own financial solutions to get the most value out of credit card usage.
That’s where the Family Cash Card can help. We’re excited to bring you our first-ever credit card for parents — with up to 3% cash back* on every swipe. With the Family Cash Card…
Keep your family finances all in one place (fewer apps to open and accounts to check).
Use your cash back your way. If you have big goals for your family’s future, you may want to auto-invest your cash back. Or, if you want your funds immediately, send it to your Parent’s Wallet for anything you need.
Lead by example. When you use your Family Cash Card wisely, your kids will learn about credit without even realizing it.
Sweet deal, right? Now that you’re in the know, get on the waitlist so we can tell you as soon as it’s time to apply for the Family Cash Card. P.S., refer your friends to move up in line!
*Earn 3% when you spend $4,000+, 2% when you spend $1,000 up to $4,000 and 1% when you spend <$1,000 in a billing cycle.
After your one month trial, plans start at just $4.99/month for the whole family. Includes up to five kids.