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It's no secret that millennials prefer to spend more on creating memories and having unique experiences than buying things to make them happy. In fact, a 2014 survey by Harris showed that 78% of those born between 1980 and 1996 would rather pay to attend events or have memorable experiences versus "buying something desirable."
With that in mind, it's clear that the ideal credit cards for millennials should focus on the types of things they're interested in most — traveling and making memories around the world, dining with friends and family, celebrating with nights out on the town and online shopping. Most importantly, they should allow cardholders (of any age) to earn valuable points and miles or cash-back rewards on the purchases they're making anyway so they can keep funding these things in the future.
Below, CNBC Select details the best credit cards for millennials who want to save money on the things they love most and put those rewards toward memorable experiences. (See our methodology for more information on how we made this list.)
Best credit cards for millennials and young adults
- Best for those who love to travel: Chase Sapphire Preferred® Card (See rates and fees)
- Best for travel lovers with a higher budget: Chase Sapphire Reserve® (See rates and fees)
- Best for cash-back rewards: Discover it® Cash Back
- Best for dining and grocery shopping: American Express® Gold Card
- Best for nightlife and entertainment: Capital One Savor Cash Rewards Credit Card
- Best for earning a flat rewards rate: Capital One Venture Rewards Credit Card
- Best for online shopping: Prime Visa (See rates and fees)
Best for those who love to travel
The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections, flexible rewards and more.
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Long list of travel and shopping protections
- Annual Chase Travel hotel credit
- Has an annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, 3x on vacation homes, 3x on gas & EV charging, 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), 2x on all other travel purchases, 1x on all other purchases
- Earn up to $100 in statement credits each account anniversary year for hotel stays through Chase Travel
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get a year of complimentary Apple TV when activated by December 31, 2026 - a value of $156.
- Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
- Receive one statement credit of up to $120 every four years as reimbursement for the application fee charged to your card for a Global Entry, TSA Precheck® or NEXUS application.
- Transfer points to leading airline and hotel loyalty programs
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Who's this for? If you're looking for a card that lets you rack up points on a variety of common spending categories, all while having a reasonable annual fee and many travel benefits, look no further than the Chase Sapphire Preferred® Card.
Other great perks: This card was created with travelers in mind, offering benefits such as primary rental car insurance, trip cancellation and interruption insurance, baggage delay insurance and other peace-of-mind protections. You'll also score discounts on DoorDash purchases and an up to $100 Annual Chase Travel Hotel Credit that applies to stays booked through Chase TravelSM.
How to redeem rewards: You'll get the most value by transferring your points to any of Chase's 14 airline and hotel partners, such as United Airlines MileagePlus, Southwest Airlines Rapid Rewards, Air Canada Aeroplan, World of Hyatt, IHG One Rewards and Marriott Bonvoy.
Best for travel lovers with a higher budget
The Chase Sapphire Reserve® is a standout premium credit card with luxury perks including, hotel credits, complimentary hotel elite status, travel credits, dining credits, rideshare and delivery benefits and much more.
- Access Priority Pass lounges, including unlimited access to Chase Sapphire Lounge® by The Club locations.
- Up to $300 in annual travel credit each account anniversary year
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Top-tier travel and shopping protections
- High annual fee
- Requires a high credit score
- Complicated list of benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
- Get $3,000 in annual value with Sapphire Reserve.
- Earn 8x points on all purchases through Chase TravelSM, including The EditSM and 4x points on flights and hotels booked direct. Plus, earn 3x points on dining worldwide & 1x points on all other purchases
- $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Access over 1,300 airport lounges worldwide with a complimentary Priority PassTM Select membership, plus every Chase Sapphire Lounge® by The Club with two guests. Plus, up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years
- Get up to $150 in statement credits every six months for a maximum of $300 annually for dining at restaurants that are part of Sapphire Reserve Exclusive Tables.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary subscriptions to Apple TV and Apple Music for a minimum of one year when activated by June 22, 2027, a value of $288 annually.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Who's this for? Millennials who are looking forward to doing some "revenge travel" and foodies everywhere should consider the Chase Sapphire Reserve®, which offers a ton of benefits as well as the opportunity to earn rewards points on travel and dining.
Other great perks: Cardholders enjoy a number of premium travel benefits including a Global Entry, TSA PreCheck® or NEXUS application fee credit; an up to $300 annual travel credit; Priority Pass airport lounge access; a robust suite of travel and purchase protections; and VIP access to events and experiences.
How to redeem rewards: As with the Chase Sapphire Preferred® Card, points can be redeemed for hotel stays, flights, car rentals and other travel elements either through Chase Travel℠ or by transferring them to any of Chase's 14 travel partners.
Best for earning cash-back rewards
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Who's this for? For millennials who are interested in receiving as many cash-back rewards as possible, the Discover it® Cash Back makes a great choice no matter what your spending style is like these days — as long as you check Discover's 5% Cash Back Calendar where you'd have to enroll every quarter to earn 5% cash back on up to $1,500 in purchases made in various categories throughout the year, then 1%.
Other great perks: This card offers an unlimited match to new cardmembers, dollar-for-dollar, of the cash back you earn during your first year as part of its Cashback Match feature, so if you use this card a lot, you could end up with a nice end-of-the-year bonus. It also offers a 0% intro APR for 15 months from account opening on purchases (after, 17.49% to 26.49% variable APR).
How to redeem rewards: Cash-back rewards can be deposited straight into your bank account, redeemed as statement credits or used to pay for PayPal purchases.
Best for dining and grocery shopping
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets. Membership Rewards® points transfer to many of the top airline and hotel loyalty programs, which makes this card one of the best options for earning travel rewards.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Large annual fee
- Credits are more complicated, you earn them monthly or semi-annually
- Spending caps on the top bonus categories
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
Who's this for? The American Express® Gold Card is a great option if you're a foodie and want to earn rewards points to put toward future travels.
Other great perks: If you plan on using all the benefits regularly, the American Express® Gold Card can pay for itself. Cardholders receive up to $120 in annual dining credits (up to $10 in statement credits monthly) when they enroll and use their card to pay for dining through Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder (enrollment required) — and up to $120 worth of Uber Cash annually ($10 each month once you enroll by linking your Amex Gold Card to your Uber account; you must have downloaded the latest version of the Uber App and your eligible American Express Gold Card must be a method of payment in your Uber account; the Amex Benefit may only be used in the United States). An Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
The card also offers various travel benefits like *car rental loss and damage insurance, baggage insurance and special perks on stays booked through The Hotel Collection. Terms apply.
How to redeem rewards: American Express Membership Rewards® points can be redeemed for gift cards and statement credits, or used to book travel through the Amex Travel Portal. To get a potentially bigger bang for your buck, transfer your Membership Rewards points to any of Amex's airline or hotel partners, including Delta SkyMiles, JetBlue TrueBlue, Hilton Honors, Marriott Bonvoy, Choice Privileges and more.
Best for nightlife and entertainment
The Capital One Savor Cash Rewards Credit Card is one of the most rewarding options for earning cash back in categories such as entertainment and dining without paying an annual fee. Plus, you can combine its rewards with Capital One's travel cards to convert them into transferable miles.
- One of the most rewarding cash back cards for entertainment and streaming services
- No annual fee
- Easy-to-earn welcome bonus
- High APR
- Requires a good to excellent credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- For a limited time, earn a one-time $250 cash bonus once you spend $500 on purchases within the first 3 months from account opening
- $0 annual fee and no foreign transaction fees
- Earn unlimited 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, plus 1% on all other purchases
- Earn 8% cash back on Capital One Entertainment purchases
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases and balance transfers for 12 months; 18.74% - 28.74% variable APR after that; balance transfer fee applies
- Top rated mobile app
Balance transfer fee
Introductory fee of 3% of the amount of each transferred balance that posts to your account during the first 12 months that your account is open. After that, 4% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you at any other time.
Who's this for? The Capital One Savor Cash Rewards Credit Card is a great pick for millennials who love to spend their nights or weekends out with friends, see a game or concert and check out new restaurants.
Other great perks: Cardholders can enjoy a complimentary Uber One membership (through Nov. 14, 2024) and travel and shopping benefits such as travel accident insurance, extended warranties and more. Cardholders also receive access to exclusive events and experiences, such as presale concert tickets, through Capital One Entertainment and through Capital One Dining.
How to redeem rewards: Rewards can be redeemed for cash back, or you can use them to make purchases online via Amazon.com or PayPal.
Best for earning a flat rewards rate
The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for beginners or heavy travelers.
- Valuable welcome offer worth at least $750 in travel
- You can transfer miles to over 15 Capital One partners, including Emirates Skywards, Choice Privileges and Singapore Airlines KrisFlyer
- No foreign transaction fees
- Lacks ongoing travel benefits such as statement credits or lounge access
- Limited bonus spending category that only applies to certain Capital One Travel bookings
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Earn unlimited 2X miles on every purchase, every day
- Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection
- Transfer your miles to your choice of 15+ travel loyalty programs
- Top rated mobile app
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
Who's this for? For a straightforward way of earning rewards without having to worry about bonus spending categories — because millennials are busy and sometimes it's just easier that way — consider the Capital One Venture Rewards Credit Card.
Other great perks: This card provides a robust suite of travel benefits given its low annual fee, including a statement credit of up to $120 to cover Global Entry or TSA PreCheck® membership.
How to redeem rewards: Miles can be redeemed for flights, hotels, rental cars and other parts of your trip through Capital One Travel, or you can use them to offset recent travel purchases at a fixed value of 1 cent per point. Alternatively, you can transfer them to any of Capital One's hotel and airline partners including Accor Live Limitless, Air Canada Aeroplan, Etihad Guest and others to get even more value from your rewards.
Best for online shopping
The Prime Visa is only available to Amazon Prime members ($139 for an annual membership and $14.99 for a monthly membership) but is very rewarding for Amazon purchases.
- High rate of return at Amazon.com, Whole Foods Market and on Chase Travel purchases
- Offers an automatic gift card welcome bonus after card approval
- Option to earn rewards or take advantage of 0% promo APRs
- Includes a wealth of travel insurance protections
- Requires an Amazon Prime membership for approval
- If you choose the promo APR, you won't earn rewards on those purchases
- Rewards can't be pooled with other Chase credit cards
Rewards
- Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market and on Chase Travel purchases with an eligible Prime membership
- Unlimited 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare)
- 10% back or more on a rotating selection of items and categories on Amazon.com with an eligible Prime membership
- Unlimited 1% back on all other purchases
Balance transfer fee
Either $5 or 4% of the amount of each transfer, whichever is greater
Who's this for? The Prime Visa is a top choice for busy millennials who prefer to do their shopping online. In addition to Amazon purchases, the card also lets you earn extra rewards for shopping at Whole Foods Markets, restaurants and gas stations.
There's just one catch: You'll need to have an Amazon Prime membership to take full advantage of this card's benefits — otherwise, the Prime Visa makes a good alternative, offering a slightly lower welcome bonus and lower rewards-earning rates.
Other great perks: You'll never have to worry about paying foreign transaction fees when using this card abroad. Cardholders also have access to a suite of Visa Signature perks, such as lost luggage reimbursement, travel accident and baggage delay insurance, auto rental collision damage waivers, extended warranty and purchase protection.
How to redeem rewards: Cashback earned with this card can be redeemed toward Amazon purchases or simply deposited into your bank account.
How do you get a credit card as a young adult?
Young adults can be added as authorized users on someone else's account and can apply for their own credit cards once they turn 18. Beware that according to the Credit Card Accountability Responsibility and Disclosure Act of 2009, anyone under the age of 21 must have a co-signer (typically, a parent or legal guardian) or submit financial information showing they can independently pay off the balance they mean to borrow.
Most of the cards on this list require good or excellent credit (scores above 670) to get approved so it's important to check your credit score before applying. If have a limited credit history or need to work on building your credit, consider applying for a no-annual-fee secured credit card such as the Discover it® Secured Credit Card or the Capital One Platinum Secured Credit Card. These types of cards allow you to make a security deposit, which varies based on your creditworthiness and will act as your credit limit. If you continue to pay your monthly bills on time and in full for at least seven months, you'll have the opportunity to have your account reviewed and potentially changed to an unsecured card, at which point your deposit will be returned.
Student credit cards can also be beneficial, depending on your spending habits, and can be a great way for students to get started on their credit card journey.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
FAQs
What types of credit cards are best for millennials and young adults?
The best credit card for you will depend on several factors, such as the benefits it offers, how easy it is to rack up rewards, the kinds of rewards you're interested in earning (cash-back vs. points for a future trip), its annual fee and whether or not there's a generous welcome bonus being offered. Your credit score will also play a factor in what cards you can even qualify for.
What is the average credit card debt for millennials?
A survey conducted by Real Estate Witch showed 67% of millennials owed credit card debt, with the average balance being $5,349.
What is the average credit score for a millennial?
According to a recent report by the Experian credit bureau, "The average credit score for millennials in the 25 largest U.S. cities is 670 or more, which is considered a good FICO® score."
Bottom line
With the right credit card, millennials can earn rewards points or cash back on the things they're paying for anyway, from groceries, commuting and rideshare services to big nights out on the town with friends and weekends away with loved ones.
When applying for a new card, make sure you'll be able to use enough of the card's benefits and perks to justify paying its annual fee, especially if it's a steep one. Also, be careful with your budget and only apply for a new card if you can hit the minimum spending requirements responsibly.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards for millennials and young adults.
Our methodology
To determine which cards offer the best value for millennials, CNBC Select analyzed over 230 of the most popular credit cards available in the U.S. We compared each card on a range of features, including: rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
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For rates and fees of the American Express® Gold Card, click here.
For rates and fees of the Discover it® Cash Back, click here.
For rates and fees of the Discover it® Secured Credit Card, click here.
*Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
We may earn commissions from qualifying purchases made through Amazon links.
