UI Text to scale with parent

Hi all,

I am trying to make a "playing card" prefab. So I have created an empty object which is parent of 2 plane objects with textures (front and back of the card). So now I want to add some text to the card. I'm experimenting with the new UI Text. I want my text to scale with its parent object, which scales with the screen size. I can see "Best Fit" being useful option in this case, but then the size of the UI text object is in pixels and will not scale with its parent.

So long story short - is there any way to make the new UI text (area) scale with its parent (well grand-parent since the canvas is the first parent).

Thanks in advance