| Credit Cards For Young Adults |
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swipe4free
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| Credit Cards For Young Adults |
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Why Young Adults Are Flocking to Credit Cards in Greater Numbers
Take a trip to any mall in America and you’ll see that many of the shoppers are young adults. This segment of shoppers likes to spend money, and often the money being spent isn’t even theirs.
According to a Bankrate survey from January of 2021, 50 percent of individuals ages 25 to 31 own at least one credit card. That survey also found that over a third of individuals ages 18 to 24 also have at least one credit card. These are all percentage increases, as in 2016, Bankrate found that just 33 percent of individuals ages 18 to 29 owned a credit card.
There are a few key reasons why young adults are flocking to credit cards in greater numbers these days, and these are discussed in the following section.
Benefits of Using Credit Cards for Young Adults
One-Time Bonuses
One-time bonuses are attractive to young adults for a variety of reasons. Some view one-time bonuses as a reward for spending money. To these individuals, the $150 (or more) bonus is like a gift from the credit card company; a thank you for spending their money and paying it back.
Others view the one-time bonus as a deduction for a purchase. In other words, if you’re planning to buy a $600 television as the first purchase on a new credit card—and there’s a one-time bonus of $200 if you spend over $500—you’re really only spending $400, as $200 will be credited back just because you spent the money.
Cash-Back Incentives
The cash-back incentive is similar to the one-time bonus incentive. Cash-back, however, is not a one-time reward, but rather a reoccurring reward that’s percentage-based. These days, credit cards offer anywhere from 1 percent to 3 percent cash-back on all purchases, and often there are special offers that guarantee even higher cash-back percentages.
Rewards
Young adults like credit cards that utilize points systems, as the points a cardholder accrues can eventually be redeemed for travel, gift cards, or merchandise. If an individual is routinely spending at a particular store, they should apply for a store credit card, as this way they can take advantage of the points system and get more from spending.
Safety
Credit cards aren’t as prone to fraud as debit cards are, and here again, this is a reason why young adults prefer the former over the latter. Young adults do a lot of shopping online, and therefore they need the added protection that credit cards afford.
Moreover, if a merchant can do NFC payments, a credit cardholder can use their card without ever swiping. Or, if the card is linked to their smartphone, they can use it without ever taking out the physical card
For More Details visit: https://swipe4free.com/why-more-young-adults-use-credit-cards/
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Tue Jul 12, 2022 7:05 am |
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Deen888
Senior Member
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Joined: 14 Feb 2018
Location: Los Angeles
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I never suspected that getting a credit card might be so easy, I used to think that it requires certain effort. I got mine from Direct Express by the way, here https://direct-express.pissedconsumer.com/customer-service.html you will find the contacts. It is extremely important to choose a reliable bank when it comes to your finances, please check client reviews before applying for a credit or debit card. Best of luck!
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Sun Dec 04, 2022 2:30 pm |
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eBod
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Joined: 19 Sep 2022
Location: New Zealand
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I don't know why they make it so easy for young adults to get credit cards. It was way too easy for me and I found myself in a huge amount of debt within about three months of having my first credit card. It caused me so much stress. I finally got rid of this burden two years later, but it required a lot of hard work and self discipline. I wish more people knew that credit cards are a potential debt trap!
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Tue Jan 17, 2023 10:47 pm |
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ameliaaria
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Joined: 30 Jan 2023
Location: Toronto
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I agree, credit card debt can be a trap for many people, especially for those who are not financially savvy or have poor spending habits. It is important to be aware of the potential risks and to use credit cards responsibly. This includes setting a budget, paying off balances in full each month, and understanding the terms and conditions of the credit card agreement. It's great to hear that you were able to overcome your debt and hopefully others can learn from your experience. Check out for more information https://www.charlesdebtmanagement.ca/personal-financial-services/consumer-credit-management/
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Tue Jan 31, 2023 2:40 am |
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