Whether you have debt to pay off or a low credit score, find out credit card is best for your family's situation.

By Michelle Crouch
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Everything changes when you have kids, including your finances. Consider this your personalized guide when it comes to setting your family up for credit success.

If You Have... A low credit score

Consider: A secured card that offers rewards, like Discover It Secured card

Why: It can help you build your credit if you use it regularly and make payments on time. You provide a refundable deposit in exchange for a spending limit. But after you consistently pay off your balance, the bank may raise your credit line without an additional deposit.

If You Have... A lot of credit-card debt but a decent credit score

Consider: A no-fee 0% interest balance-transfer card, like Amex EveryDay Credit Card or Chase Slate

Why: You get 15 months to pay off your debt without any interest piling on. Just be reasonably sure that you can wipe out the balance in the allotted time (terms vary by card) because otherwise, the interest rates will probably become higher than those on your current cards.

If You Have... Little or no credit-card debt and a high credit score

Consider: A cash back or travel rewards card with no annual fee, like American Express Blue Cash Everyday Card

Why: You may be able to snag free flights or get hundreds of dollars back for your spending. However, their interest rates are high, so don’t choose a rewards card if you carry a balance from month to month.

Parents Magazine

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