Best Credit Cards for Millennials
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Much has been written about the consumer preferences of the so-called Millennial generation. For big companies, there is a lot at stake as this group may surpass Baby Boomers as the largest generation in American history. And as digital authorities in a time of relative economic prosperity, Millennials are poised to be a successful and wealthy market for goods and services.
But if you are a Millennial, all of this attention to your supposedly unique preferences can seem both odd, and somewhat condescending. For the most part, Millennials are looking for the same things that previous generations did at their age. Like others before them, they seek value and won’t be fooled by unsubstantiated marketing claims. Millennials may be on a tight budget when they graduate and start their careers, but their tastes quickly go up-scale as their income rises.
With this in mind, here are five credit cards that are best for Millennials:
Citi Double Cash
For Millennials looking for value and simplicity, the Citi Double Cash card delivers both. First, it offers up to 2% cash back on all purchases. This includes 1% cash back at the time of the transaction, and a second 1% cash back when you pay for the purchase. There is no limit to the amount of cash back you can earn, and this card has no annual fee. It also includes 18 months of 0% APR financing on balance transfers, with a 3% balance transfer fee. Just note that balance transfers do not earn cash back. Other benefits include Citi’s Price Rewind and its Private Pass program that offers access to concert and sports tickets. Citi also includes trip cancellation and interruption protection, extended warranty coverage, and a damage and theft protection policy.
JetBlue Plus Card
Like young Americans of previous generations, Millennials love to travel. But instead of enduring the traditional airlines, many prefer newer carriers like JetBlue, which is the only airline that offers free high-speed Wifi at every seat. The JetBlue Plus Card from Barclaycard is also different from other traditional airline’s credit cards. You earn 6x points on all JetBlue purchases, 2x points at restaurants and grocery stores, and one point per dollar spent elsewhere. With JetBlue’s TrueBlue frequent flyer program, points can be redeemed for any seat at any time on JetBlue-operated flights. Other cardholders benefits include a free checked bag and a 50% savings on in-flight purchases. You also get 5,000 bonus points back each year after your account anniversary. You also receive 30,000 points once you spend $1,000 during your first 90 days as a cardholder. There’s a $99 annual fee for this card, and no foreign transaction fees.
Barclaycard Arrival Plus™ World Elite Mastercard®
Millennials have caught on, more than others, to the bait and switch tactics of major airline’s frequent flyer programs. These programs would have you save up all of your miles, only to learn that there are no awards available at the lowest mileage levels, sometimes for months on end. To get around this problem, you can turn to the Barclaycard Arrival Plus World Elite Mastercard. This card offers double miles on all purchases, and each mile is worth one cent toward any travel reservation made. You also get 5% of your redeemed miles back, every time you use your miles. Other benefits include 12 months of 0% APR financing on balance transfers made within 45 days of account opening, and a complimentary online FICO score. You receive 50,000 bonus points once you make $3,000 in purchases during the first 90 days of being a cardholder. There’s an $89 annual fee for this card that is waived during the first year, and no foreign transaction fees.
Capital One® Premier Dining Rewards Credit Card
Another way that Millennials can realize great value from their credit cards is to receive more cash back from the purchases that they make most often. The Capital One® Premier Dining Rewards card offers 3% cash back on all dining expenses, and 2% cash back on grocery store purchases. You also earn 1% cash back on all other purchases. You earn a one-time bonus of $100 once you spend $500 during the first three months of opening the account. There are no limits on the amount of cash back that you can earn, and your rewards never expire. There’s no annual fee for this card, and no foreign transaction fees.
Barclaycard Ring™ Mastercard®
The Barclaycard Ring Mastercard is unlike any card offered, and its unique features can appeal to Millennials. It offers you the chance to shape the policies of the card through the Barclaycard Ring online Community. There, you can discuss the card, track community performance, and influence its direction. You can even interact directly with Barclaycard’s product managers, not some faceless customer service agents. Perhaps this is why the Ring is also a card that has excellent rates and fees. New applicants receive 15 months of 0% APR financing on both new purchases and balance transfers completed within 45 days of account opening, with no balance transfer fee. This card has no annual fee, no foreign transaction fee, and a cash advance fee of only $3 per transaction. You also receive free online access to your FICO credit score. Finally, you can participate in the Giveback™ program where you can nominate and vote on charity partners that will receive donations.