Our Verdict
The Greenlight Family Cash Card is ideal for a small slice of spenders: Families that can routinely put north of $4,000 a month on their credit card and want access to or already have a subscription to Greenlight’s banking and debit app for kids.
If that sounds like you, you’ll be rewarded with a rich earning structure of 3% cash back after spending at least $4,000 in a billing cycle, 2% cash back after spending at least $1,000 but less than $4,000 in a billing cycle and 1% cash back for spending less than $1,000 in a billing cycle. Families with less-deep pockets can benefit as well, but even though the card charges no annual fee, a monthly Greenlight subscription is required, which starts at $4.99 a month.
Pros
- Earn up to 3% cash back on all purchases
- Redeem rewards for cash back or investments
- No annual fee
Cons
- Must spend $4,000 per month to reach the highest cash-back rates
- Requires Greenlight membership, which starts at $4.99 per month
- No 0% intro APR offers
Highlights
- Earn 3% cash back after spending at least $4,000 in a billing cycle, 2% cash back after spending at least $1,000 but less than $4,000 in a billing cycle and 1% cash back for spending less than $1,000 in a billing cycle
- No annual fee with a Greenlight subscription
- No foreign transaction fees
Introduction
Greenlight offers a debit card for kids that parents can monitor and control. Its subscription platform offers investing and savings accounts, plus tools to help parents educate children on building a solid financial foundation. The Greenlight Family Cash Card expands the company’s offerings with a cash-back credit card for parents. It features a tiered earning structure that rewards cardholders with higher cash-back earning rates based on how much they spend each billing cycle. Reward rates are 3% cash back after spending at least $4,000 in a billing cycle, 2% cash back after spending at least $1,000 but less than $4,000 in a billing cycle and 1% cash back for spending less than $1,000 in a billing cycle.
There are no foreign transaction fees on international purchases, and the card includes World Mastercard benefits like travel protections and discounts and credits to popular services. While the card does not charge an annual fee, you must subscribe to Greenlight to qualify. Monthly subscription fees range from $4.99 to $14.98, depending on which features you want access to.
Many families that sign up for a Greenlight subscription find value in the included services, like the debit card and education app for kids that provide parental controls and monitoring of spending. Children also earn 1% on their savings, which could encourage good financial habits early. However, if you’re not interested in joining the Greenlight ecosphere, you should look elsewhere for your next credit card.
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Quick Facts
- No annual fee though a Greenlight monthly subscription is required
- Unlimited cash back up to 3% on every purchase
- 20.49% - 28.49% variable APR on purchases
Greenlight Family Cash Card Rewards
Earning Rewards
Families can earn unlimited cash-back rewards from the Greenlight Family Cash Card without activating or remembering bonus categories. The amount of cash back you’ll earn depends on how much you spend each billing cycle. Greenlight rewards cardholders with higher earnings when they spend more.
When you spend less than $1,000 in a billing cycle, you’ll get 1% cash back. Cardholders who spend between $1,000 and $4,000 will earn 2% cash back. To earn the highest cash-back rate of 3%, you must spend at least $4,000 each billing cycle.
If you qualify for a higher tier, all of your spending earns the highest rate, not just the amount within that range. For example, if you spend $2,000 per cycle on the card, you’ll receive $40 cash back each statement period.
Redeeming Rewards
Greenlight offers three simple options for redeeming your cash-back rewards: statement credits, bank deposits or auto-investing.
Cardholders can redeem their rewards for statement credits to offset purchases. Since the Family Cash Card is attached to the Greenlight subscription, you can also receive an instant deposit into your parent’s wallet. Your parent’s wallet account is a virtual bank account that stores money you want to add to your child’s Greenlight card.
For families that want to save for the future, Greenlight allows you to invest your cash-back rewards. You can place one-time investments or set up auto-invest to automatically save each month.
Rewards Potential
Based on Forbes Advisor’s research, the average household with good to excellent credit spends about $36,177 per year on their credit cards. This is an average of $3,010 per month, which would qualify for the 2% cash-back rate. If all of that spending was made using this card, you’d earn over $722 per year.
While some cardholders will choose to take the cash back immediately, others will invest their rewards in meeting other financial goals. When cash-back rewards are automatically invested, their potential value could increase substantially over longer periods of time.
| Greenlight Family Cash Card Rewards Potential | |||
|---|---|---|---|
|
Category
|
Earning Rate
|
Estimated Annual Spend
|
Estimated Annual Earnings
|
|
Cash back on all purchases
|
2%
|
$36,177
|
Total: $722
|
Other Greenlight Family Cash Card Benefits
- No foreign transaction fees: Avoid bank fees when making international purchases.
- Monthly Lyft credit: When you pay for three Lyft rides in a month, you’ll receive a $5 credit toward a future ride.
- Free two-day online shipping: A complimentary ShopRunner membership unlocks free two-day shipping and free returns at many popular online retailers, including Under Armour, Saks OFF 5TH and Bloomingdale’s.
- Mastercard travel and lifestyle services. Generous benefits when booking hotels through Mastercard’s travel services, including upgrades, amenities, free nights and lowest rate guarantees.
How the Greenlight Family Cash Card Stacks Up
While the Family Cash Card has many attractive benefits, it may not be the best card for your family.
Greenlight Family Cash Card vs. Chase Freedom Flex℠
With the Chase Freedom Flex℠, families can earn 5% cash back on up to $1,500 in combined purchases in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases. The Freedom Flex runs on the Mastercard network and comes with World Elite Mastercard benefits including cellphone insurance and more. And there’s no annual fee, so all of the cash back earned is yours to keep.
Greenlight Family Cash Card vs. Bank of America® Customized Cash Rewards credit card
The Bank of America® Customized Cash Rewards credit card rewards families on the categories they’re likely to spend the most without charging an annual fee. The card earns 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases. Those with larger banking and investment balances who qualify for Bank of America’s Preferred Rewards program can get a boost of up to 75% more per dollar spent. This means top-tier cardholders can earn up to 5.25% cash back on bonus categories and 1.75% on everyday purchases.
Greenlight Family Cash Card vs. Fidelity® Rewards Visa Signature® Credit Card*
Families that want to invest their rewards automatically should consider the Fidelity® Rewards Visa Signature® Credit Card*. It earns an unlimited 2% cash back on every eligible net purchase, and there is no annual fee. Your rewards never expire and they can be deposited into any eligible Fidelity account, including brokerage accounts, Cash Management Accounts or a 529 college savings plans.
Is the Greenlight Family Cash Card for You?
The Greenlight Family Cash Card is an excellent choice if you are a big spender or if you’re interested in other Greenlight services. Big spenders can maximize their cash back to earn up to 3% cash back on all purchases by spending at least $4,000 on the card each month.
While this card does not charge an annual fee, you must subscribe to Greenlight to gain access to the card. Families that want to use Greenlight’s financial literacy tools will benefit from paying the monthly service charge and earning unlimited cash back from the Family Cash Card. Otherwise, the monthly fees will erode your rewards, and you’ll be better off with a different credit card.
Find The Best Credit Cards For Families Of 2024
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, which include:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
*The information for the following card(s) has been collected independently by Forbes Advisor: Fidelity® Rewards Visa Signature® Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
