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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 some 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.
Capital One® Savor Cash Rewards 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® Savor Cash Rewards card offers 4% cash back on all dining and entertainment 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 $500 once you spend $3,000 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 are no foreign transaction fees on this card but there is a $95 annual fee which is waived during the first year.