Millennials Are More Likely to Choose Credit Cards With Travel Bonuses, Survey Finds
There’s a dizzying number of credit cards to choose from — with most offering tempting perks to get you to sign up and spend money. But with so many options, it can be tricky deciding which perk to go with: Do you opt for a great sign-up bonus? Initial zero-percent interest? Or choose a card that offers cash back?
According to a new CreditCards.com report, this is yet another area where Millennials differ from previous generations. Over one-third of Americans said 3 percent cash back on all purchases is the most alluring feature on a credit card, while 36 percent of Millennials (ages 23-38) said they were more likely to be enticed by hefty credit card signup bonuses — specifically $500 in cash or $1,200 in travel credit.
The metric suits the age group’s spending habits, with 57 percent of Millennials reporting going on a trip in the last year that involved a flight or hotel stay.
This lifestyle-to-credit card connection is what customers should keep in mind. According to CreditCards.com analyst Ted Rossman, “When comparing credit cards, ask yourself two key questions: How do I spend my money? And what do I want to get out of my rewards? Matching a card to your lifestyle will reward you for things you buy anyway, provided you pay your bills in full every month.”
So with all of those points waiting to be transformed into a trip, maybe it's time to check out the best places to travel this year.