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These Are the Best Credit Cards for Millennials

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Young people have been hesitant to sign up for credit cards; a 2016 survey revealed only 33% of adults between the ages of 18 and 29 had a card. But the tide is turning for millennials, based on Experian's new Credit Outlook for Millennials and Generation Z report.

Millennials (defined as adults 22 to 35) accounted for 20% of all new credit card originations—excluding retail cards—in the fourth quarter of 2017. Millennials are also taking on more credit card debt: their credit card balances grew 28% since 2011.

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When it comes to choosing a credit card, there is no one perfect credit card for any age group: millennials should pay attention to their specific needs and credit backgrounds. We have highlighted a few different credit cards to suit different user profiles. Find the best one for you. Note that all interest rates and details are current as of the publication date.

Find the best credit cards in Experian CreditMatch.

Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card

Apply

on Capital One's website

Recommended FICO® Score*
Fair

Capital One QuicksilverOne Cash Rewards Credit Card

APR

26.99% (Variable)

Intro APR

N/A

Rewards

1.5% cash back on All Purchases

Annual Fee

$39

Card Details
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Be automatically considered for a higher credit line in as little as 6 months
  • Monitor your credit profile with the CreditWise® app, free for everyone
  • $0 fraud liability if your card is ever lost or stolen
  • No limit to how much cash back you can earn, and cash back doesn't expire for the life of the account
  • Help strengthen your credit for the future with responsible card use
  • Get customized alerts and manage your account with the Capital One mobile app

Best for: Millennials who want cash rewards but don't have the best credit

Rewards credit cards are often reserved for those with excellent credit. If you're still improving your credit scores but want to start earning some cash back on your purchases, this card is a good option, thanks to its relatively low annual fee.

You'll earn 1.5% unlimited cash back on every single purchase, and as long as you're paying off your card every month, you can help your credit scores and not worry about racking up interest charges. Note: This card only makes sense if you plan on spending at least $2,600 a year, or about $217 a month, in order to break even with the annual fee.

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

Apply

on Chase's website

Recommended FICO® Score*
Good - Exceptional

Chase Sapphire Preferred® Card

APR

15.99% - 22.99% Variable

Intro APR

N/A

Rewards

2X points on Dining & Travel

1X points on All Other Purchases

Intro Bonus

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®

Annual Fee

$95

Card Details
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.
  • 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.

Best for: Millennials who travel and eat out a lot and can afford an annual fee

If you are willing to pay an annual fee, the Chase Sapphire Preferred® Card is one to consider. Cardholders earn 2 points per $1 spent on travel and dining purchases and 1 point per $1 spent on everything else.

You also have the chance to earn a hefty 60,000 point bonus by spending $4,000 on purchases on the card in the first 3 months. Chase points are worth one cent each for cash back, but they are worth 25% more if you redeem them for travel through Chase's Ultimate Rewards portal.

For example, 60,000 points are worth $750 in travel. There's also no foreign transaction fee on the card, so it's the one you want in your wallet when traveling abroad.

Find the best credit cards in Experian CreditMatch.

Chase Sapphire Reserve®

Chase Sapphire Reserve®

Apply

on Chase's website

Recommended FICO® Score*
Exceptional

Chase Sapphire Reserve®

APR

16.99%-23.99% Variable

Intro APR

N/A

Rewards

3X points on Travel & Dining

1X points on All Other Purchases

Intro Bonus

Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Annual Fee

$550

Card Details
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. From 6/1/20 through 6/30/21, gas station & grocery store purchases will also count towards earning your Travel Credit.
  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases.
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel.
  • With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
  • Earn 3x total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. Includes eligible pick-up and delivery services

Best for: Millennials who travel and dine out a lot and want an elite credit card

If you have excellent credit and want a luxury credit card in your wallet, Chase Sapphire Reserve® is a smart upgrade from its Chase Sapphire Preferred® Card. You'll earn 3 points per $1 spent on travel and dining, and 1 point per $1 spent on everything else. You also have the chance to earn a hefty 50,000 point bonus by spending $4,000 on purchases on the card in the first 3 months.

But this card also comes with a host of other benefits, including impressive trip cancellation and delay insurance, auto rental collision damage waiver, lost luggage reimbursement, Priority Pass complimentary airport lounge access, special car rental privileges, and more.

And if the fee seems steep, note that you get a $300 annual credit toward any travel purchases, and up to $100 toward a Global Entry or TSA PreCheck fee credit. Points are worth 50% more if you redeem them for travel through Chase's Ultimate Rewards portal. (So 50,000 points are worth $750 in travel.)

Amazon Rewards Visa Signature Cards

Best for: Millennials who spend a lot of money at Amazon and Whole Foods

Amazon has partnered with Chase to offer two credit cards that offer generous rewards if you spend a lot of money at Amazon and Whole Foods. If you are an Amazon Prime member, you'll get the Prime version of the card, which gives 5% back on Amazon and Whole Food purchases.

If you don't have Prime, you'll earn 3% back on Amazon and Whole Food purchases. Both cards offer 2% back at restaurants, gas stations and drugstores, and 1% back on everything else. You can redeem your rewards for Amazon purchases, or through Chase for cash back, gift cards or travel.

Discover it® Secured

Discover it® Secured

Apply

on Discover's website

Recommended FICO® Score*
Poor, New to Credit, Rebuilding

Discover it® Secured

APR

22.99% Variable APR

Intro APR

10.99% on Balance Transfers for 6 months

Rewards

2% cash back on Gas Stations & Dining

1% cash back on All Other Purchases

Intro Bonus

Unlimited Cashback Match. Discover will automatically match all the cash back you’ve earned at the end of your first year.

Annual Fee

$0

Card Details
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Using your secured card will build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
  • Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.

Rates and Fees

Best for: Millennials who don't have a strong credit history and need help building it up

If you are trying to improve your credit scores and build up a strong credit history, a secured credit card might be the way to go. Such cards require you to pay a refundable deposit which serves as collateral and acts as the amount of your credit line.

With Discover's secured card, you also earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and unlimited 1% cash back on all other purchases. You will also earn a dollar-for-dollar match on all the cash back you earn at the end of your first year. After 8 months, Discover will review your account to determine if you can transition to an unsecured line of credit.

The information related to the Amazon Rewards Visa Signature credit cards has been collected by Experian and has not been reviewed or provided by the issuer of the card.