Do young adults want credit cards? The bottom line

The most scrutinized generation in history may be the millennials. Many theories suggest that millennials are ruining everything from cereal to diamonds.

According to conventional belief, millennials aren't very interested in credit cards either. But is it actually the case?

I think young adults will eventually dive further into the credit card pool, despite their initial reluctance. And they ought to. Compared to other forms of payment, credit cards provide far higher benefits and buyer protections (including fraud resolution, purchase protection, extended warranties and more).

Debit cards and the majority of buy now, pay later programs (at least so far) do not assist you in building credit, whereas credit cards do.

The message has definitely been received by older millennials. When the Chase Sapphire Reserve® card was introduced in 2016, it signaled the beginning of a new era of travel incentives that catered to travelers of this age range.

The oldest millennials have reached the age of 40 and are now more established in their careers and families, which also helps.

I think that younger adults are changing their minds. During his company's earnings call in January 2021, Discover CEO Roger Hochschild said, "In my decades in this business, there's always something that's going to kill off credit cards. Yet, the industry's growth trajectory has been steady thus far.

Previous Post Next Post

نموذج الاتصال