Did you know there are 13 million single parents in the United States? Raising a child in 2011 cost nearly $227,000 per child. To say most single parents carefully budget their spending is an understatement. These are the parents who are foregoing those splurges on non-essential things in an effort to put as much back as possible for their child’s future.
That future may or may not include college, an automobile or even the possibility of a wedding at some point. Regardless, single parents are always cautious about their future.
It may surprise you to learn there are many credit card offers that can help these parents, whether it’s cash back bonus opportunities or gas rewards. They may not be marketed that way, but in a one income household that has children, every little bit helps.
A low interest credit card is always a good choice, regardless of one’s monthly income. The Discover More Card is an exceptional choice for those whose budgets are a bit tighter. What makes it a great choice for single parents is the 0% intro APR for both purchases and balance transfers for 15 months.
For parents who might have had to charge school clothes of even an occasional doctor’s visit to another card and are now paying interest on those charges, you get more than year to pay those balances down with no interest. Plus, the rotating categories allow an additional 5% cash back – which is great, again, for the start of the school year when it’s all about new clothes, school supplies and other expenses. There’s also no annual fee and if you want to add your teen or young adult to your account, there’s no fee for the additional card.
And speaking of back to school and students, be sure to check out the Discover Student Card. Another great choice with an intro rate of 0%, there’s also zero fraud prevention, too. That means if your college student who loses her card on campus won’t come back to haunt you. The rotating categories allow additional 5% cash back opportunities for the book store, all those late night pizzas and other expenses college students face.
Single Parent Tip: Remember to set priorities for your young adult so that they get the lessons of responsible money management.
The One rewards card allows 1.25 dollars earned on every dollar spent – every single day and on every single purchase. Your bonus miles allow you to fly free with no black out dates and the 0% intro rate is great for better financial management. No annual fee and no foreign transaction fees make this a good choice for single parents everywhere.
Tip: Experts always suggest a “plan b”. A credit card that has a low intro rate makes a fine backup plan for emergencies and unplanned expenses such as car repairs.
Chase has a family of cards, with the Chase Freedom being one of its most popular. Each has its own unique offerings. There’s a $200 cash back bonus associated with the Chase Freedom MasterCard and no annual fee. Simply spend $500 the first three months (and what single parent doesn’t already do this?) and you’ll instantly earn your cash back bonus. Plus, there’s a 5% cash back bonus you’ll earn on the first $1500 spent at gas stations and Amazon.com through March 31, 2012. The way fuel prices are rising, this one’s a no-brainer.
Another tip for single parents: Prepare Your Estate. Ensure your will is current and you’ve named a guardian to care for your children if the other parent is unable to do so. Don’t forget any inheritances and make your sure insurance policies are all in one safe place.
One More One
Finally, the Cash Rewards card offers much the same as its One counterpart, including a no annual fee and a 0% intro rate through February, 2013. We like this choice for single parents because it’s simply cash back. It’s easy to redeem your cash points and you’ll enjoy everyday cash back bonus categories. Again, this makes for an ideal solution for frazzled parents who are juggling back to school expenses, household bills and the other everyday parenting duties. A low rate tops it off after your intro rate expires.
No one said parenthood was easy, but when you’re a single parent who’s shouldering it all, there are ways to ease those overwhelming surprises that seem to occur on a daily basis.