The best credit card for millennials is the Capital One Venture Rewards Credit Card, as it offers unlimited 2 miles per $1 spent on any purchase. Great for travel with a significant initial bonus, and you don’t have to worry about using it abroad either due to its $0 foreign transaction fee. It does require good credit for approval though, so it might not be within everyone’s reach.
Intended purpose and creditworthiness are the two main factors that make or break a credit card. Since millennials are a diverse bunch, here is more information to help you navigate through the best credit cards.
Here are the best credit cards for millennials:
Flexible Travel Rewards: Capital One Venture - 100,000 miles bonus for spending $20,000 within the first 12 months or 50,000 bonus miles when you spend $3,000 in the first 3 months. 2 miles per $1 spent on any purchase, with no expiration date and the opportunity to transfer them to over 15+ travel loyalty programs. Up to $100 application fee credit for Global Entry or TSA PreCheck. $95 annual fee. Good credit required.
Online Shopping & Organic Groceries: Amazon.com Credit Card - $50 gift card loaded onto your account after you’re approved, $150 with an Amazon Prime membership. 3 points / $1 spent spent on all Amazon purchases, or 5 with Prime. 2 points per $1 at gas stations, restaurants, and drugstores, and 1 point / $1 on all other purchases. $0 annual fee. Good credit required.
Mobile Payments & Cell Phone Insurance: Wells Fargo Cash Wise Visa® card - $150 bonus when you spend $500 in the first 3 months. 1.8% cash back on mobile wallet purchases (e.g. Apple Pay and Google Pay) in the first year of account opening, and 1.5% cash back on everything else. Up to $600 (subject to $25 deductible) cell phone insurance when you pay your cell phone bill with your card. 0% intro APR on purchases for 15 months. 0% intro APR for 15 months on qualifying balance transfers with 3% intro for 120 days, then up to 5% (min $5) as a balance transfer fee. $0 annual fee. Good credit required.
Paying Off Student Loans: Bank of America® Customized Cash Rewards credit card - 0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days with 3% (min $10) balance transfer fee. 0% intro APR on purchases for 15 billing cycles. 200 points for spending $1,000 in the first 90 days. 3% cash back in a category of your choice and 2% at grocery stores and wholesale clubs on the first $2,500 spent in combined choice category, then 1% thereafter. 1% cash back on all other purchases. Preferred Rewards members have the added benefit of earning 25%, 50% or 75% more cash back, based on their respective tiers. $0 annual fee. Excellent credit required.
Students: Capital One Journey - 1% cash back on all purchases (1.25% if you pay on time). $0 annual fee. Limited History accepted.
Limited & Fair Credit: Capital One Platinum or Capital One QuicksilverOne - Capital One Platinum comes with a $0 annual fee, but offers no rewards, while Capital One QuicksilverOne gives you 1.5% cash back on all purchases, with no limits or expiration dates. $39 annual fee.
Bad Credit Rewards: Discover it Secured Credit Card - 2% cash back on up to $1,000 spent per quarter at gas stations and restaurants combined (1% thereafter and on all other purchases), and Discover matches your first year’s cash back on your account anniversary. $200 minimum deposit. $0 annual fee.
Bad Credit and Low Deposit: Capital One Secured - No rewards. $0 annual fee. $49, $99 or $200 minimum deposit for a $200 starting credit line, depending on the specifics of your credit history. $0 annual fee.
At the end of the day, you have to decide what type of millennial you are in order to determine which of the best credit cards for millennials is right for you.
It depends a lot on what your priorities are. The Uber Visa Card is a cool card. It earns you a $100 bonus after making $500 worth of purchases within the first 3 months. The cash back rewards are great too: 4% on dining, 3% on hotel and airfare, 2% on online purchases and 1% on everything else. And that's just part of the benefits.
Yes, you can get a credit card at 19. The minimum age to qualify for your own credit card account is 19 years old, though you will need to demonstrate enough independent income to pay the bills in order to qualify for your first credit card account.
The best type of credit card for 19-year-olds is one with a low annual fee, preferably $0, that accepts applicants with limited or no credit history. Using such a card responsibly will help you build a good credit score and, in turn, qualify for credit cards with generous rewards, 0% rates and other perks down the road.… read full answer
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.