Best Credit Cards for Millennials

By Ashley Eneriz. Last updated 6 April 2020. 0 comments

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A recent study by Bankrate found that 67% of millennials don’t have credit cards. It seems like they’re learning from the mistakes of their elders and avoiding costly debt. They’re saving more and spending within their means. That’s great news for the financial outlook of millennials.

However, swearing off credit cards can come back to hurt them in the future. Using credit cards responsibly is a powerful way to build a strong credit score. Without it, millennials who want to buy a car or a home in the future may find themselves struggling to get approved for a low interest rate, regardless of their responsible spending. You have to have a good record of paying back debts, in order to be approved for one.

Besides the importance of building a credit history, there are other reasons millennials should embrace credit cards. Free perks and services could save loads of money and as long as the balance is paid in full each month, millennials can continue to avoid debt but reap the additional benefits credit cards can offer. These are the best credit cards for millennials.

Now Is the Time to Travel (for Free)

Take advantage of travel opportunities before you get married and have kids. The best travel rewards credit cards offer attractive bonuses for new cardholders.

The Chase Sapphire Preferred® Card allows you to earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months of account opening. That's $750 in travel when you redeem through Chase Ultimate Rewards®. Also pay no delivery fees and get reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service (activate by 12/31/21), and earn 5X points on Lyft rides through March 2022. This card also allows you to transfer your points to other airline and hotel loyalty programs so that you can book award flights and nights through them, too. The annual fee is $95.

Click here to learn more and apply for the Chase Sapphire Preferred® Card today!

See also: Credit Cards that Offer the Best Sign Up Bonuses

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