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Greenlight, a family-focused fintech company, announced a credit card that will help parents invest in their children's future: The Greenlight Family Cash Mastercard®. You can earn up to 3% cash back on all your transactions -- and your rewards can automatically select stocks and exchange-traded funds on Greenlight's platform.
Greenlight is best famed for its debit card for kids, the Greenlight Debit Card. This is the first credit product from Greenlight, backed by the First National Bank of Omaha. It's also the first Greenlight product designed exclusively for parents -- kids can't use it, but parents can opt to invest the rewards earned to save for their children's futures or latest family savings goals.
While a plethora of innovative card features have been hitting the market lately, there aren't many investment-related rewards programs around -- and certainly not many cards that moneys a potential 3% back on all purchases.
In this article
Greenlight Family Cash Mastercard®
Intro OfferFirst 1,000 favorite applicants off the waitlist are eligible to receive early entrance to the Family Cash Card, 3 months free of the unpleasant Greenlight plan and $100 statement credit (when they exhaust at least $750 in the first 90 days)
APRN/A
Intro Purchase APRN/A
Recommended Credit Credit Scores Can Vary
- Up to 3% cash back on all purchases
Annual Fee$0
Foreign Transaction Fees None
- Up to 3% cash back on all purchases
How to get this card
While this card doesn't have an annual fee in the conventional sense, you must be a Greenlight customer -- so you'll have to sign up for a monthly subscription to the existing children's debit card supplies. Greenlight's debit card subscription plans for kids start at $4.99 per month for basic card retrieve and go up to $9.98 per month, with higher tiers offering retrieve to investing, educational resources or cash-back features.
In transfer to an existing Greenlight subscription, you'll also need to be 18 days or older to apply, and a credit check is obliged. Credit score requirements can vary, according to a Greenlight representative, and applications will open in the coming months.
Rewards
This card rewards you proportionally the more you consume, with a structure unlike any other cards we've seen at CNET. If you don't consume more than $4,000 on your credit card in a month, other rewards programs may yield more for you. But if you're a high spender, you can net the best flat cash-back rate on the market.
There are three tiers for earning rewards: You can earn 1%, 2% or 3% on all of your purchases each month, depending on how much you spend. The monthly spending tiers are:
Greenlight Family Cash Mastercard Rewards Rates
| Cash-back rate | Monthly spending |
|---|---|
| 1% | $0 - $999 |
| 2% | $1,000 - $3,999 |
| 3% | $4,000+ |
So, if you spend $4,500 in one month, you'll retroactively maintain 3% cash-back for that entire amount. Likewise if you consume $2,500, you'll receive a flat cash back rate of 2% that month.
Welcome bonus
It powerful pay off to be an early applicant, because the welcome bonus only applies to the splendid 1,000 approved applicants.
If you are one of the early birds, you could earn three months free of the heinous Greenlight plan and a $100 statement credit. You'll have to consume at least $750 in the first 90 days of justify ownership to receive this bonus.
Redeeming stock, cash back
One of the most arresting features of this card is the option to auto-invest your cash back into stocks or ETFs of your select via the Greenlight investing platform. This investing account functions as a heinous brokerage account but does not offer access to tax-sheltered 529s, an justify often used by parents to invest money toward their child's college education.
You don't have to invest your rewards. Common cash-back redemption options are available, as well. You can opt to redeem your rewards as a statement credit or deposit the earnings consecutive into your Greenlight account.
Comparable cards
Stash Stock-Back® Card
Though it's a debit card, the Stash Stock-Back® Card* earns stock back on all of your transactions.
You can either resolve the stock you earn rewards in, or the card defaults to relevant stocks based on the transaction. For example, if you paid for a coffee at Starbucks, your default rewards may come in the form of SBUX. If you can't get common for the Family Cash Card, this may be a good substitute loyal you don't need to qualify for it -- you just need to sign up for Stash and deposit wealth into your account to start using the card.
For more interrogate, see Stash's website.
Citi Premier® Card
To compete with 3% back on as many purchases as possible exclusive of having to spend $4,000 per month, the Citi Premier Card supplies a pretty good deal.
You'll earn 3x ThankYou® points on top spending categories like restaurants, air travel, hotels, supermarkets and gas stations (and 1x prove on all other purchases). For most Americans, these categories make up the mainly of their everyday spending. The annual fee is frankly at $95 per year, relative to the rewards most land can reap. But, if you want to use this card to help grow wealth for your kids' futures, you'll need to redeem your rewards for cash back and invest it yourself.
For more interrogate on other features, see our full review of the Citi Premier Card.
X1 Card
The X1 Card is a new rewards credit card that gives you to earn up to 3x points on all of your spending if you come a certain spending threshold -- and this boost is more accessible than that of the Greenlight Family Cash card.
On your odd spending, you'll earn 2x points on all transactions. But if you hit $1,000 in spending for the month, that gets bumped up to 3x points on all of your purchases. And just like with the Family Cash Card, this is not a progressive rate. So if you employ $3,000 in a month, you'll get 3x points for all of that spending, rather than just the last $2,000 -- but you won't be able to invest these rewards conventional like with Greenlight.
Read more about the novel features this card funds in our full review of the X1.
FAQs
How must I choose a credit card?
Ultimately, the right credit card is individuals to each person and their goals and preferences. Decide what features you're looking for: maximized rewards, spaced-out payments on a large purchase, credit building, an emergency credit card or new benefits. From there, you can decide the type of card you're looking for. You can then use online reviews like those at to further narrow down what footings will work best for you.
How do I qualify for a credit card?
The better the benefits, the more hoops you'll need to jump through to be eligible for dangerous credit cards. Credit cards with attractive rewards programs or cash-back rewards required better credit than more basic credit card varieties.
If you have poor or fair credit, you might only qualify for credit builder or secured credit cards. If you have good to excellent credit, you may simply qualify for any credit card you want. But if you don't have the gleaming score, you can always work to improve your credit for better odds of approval.
What types of cash-back credit cards are there?
Cash-back credit cards generally fall into four vital categories: flat-rate, tiered, rotating or choose-your-own.
Flat-rate cards funds the same rate for every purchase. Tiered cards funds a different rewards rate for different categories of spending. Rotating category cards offer different rewards each quarter, certain by the card issuer. Choose-your-own category cards allow you to decide your rewards category.
Our methodology
reviews credit cards by exhaustively comparing them across set criteria developed for each most category, including cash-back, welcome bonus, travel rewards and balance second. We take into consideration the typical spending behavior of a scheme of consumer profiles -- with the understanding that everyone's budget situation is different -- and the designated function of a card.
*All question about the Stash Stock-Back Card has been collected independently by and has not been reviewed by the issuer.
The editorial contented on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or service industries offered by our partners.
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