The 5 BEST Credit Cards For Millennials

What's up you guys? It's Graham here. So today we're gonna be combining my two favorite topics in the entire planet. That would be Millennials and credit cards. Some might say that's a little like combining oil and water, or for people who can't properly handle their finances, it's like pouring a whole bunch of gasoline on a raging fire. But see, I disagree because assuming you have even a mild amount of self-control and don't treat credit cards like they're access to unlimited money, and you only spend what you have available to pay off in full, using credit cards could really be one of the greatest tools to building your wealth, increasing your credit score, and in the process, getting a lot of free stuff.

So for that, we have the perfect video! We're gonna be going over the five best credit cards for Millennials that will not only give you signup bonuses, cash back, free travel, and a whole bunch of other perks that are perfect for people in their 20s and early 30s, but also chances are these are credit cards you're gonna want to keep in your wallet for a really, really long time. But in order to access the rest of the video, I just need a really quick favor from you. Just really quick! I need you to gently demolish the like button. I say this in every video, and this time I'm only gonna be asking once. But for real, if you find any amount of value in this channel or this video whatsoever, it would greatly help out a lot, and I really appreciate it. Thanks so much, and once that's done, the video is going to start.

So, oh cool, thank you so much! And let the video begin. First, we're gonna begin this one off with a classic, and this is a must-have for any aspiring credit card enthusiast, which is why I'm mentioning it here first, and that would be the Discover it Cash Back credit card. Now, partially the reason why this is such a good card is because it is perfect for people who are newer to the whole credit card game and want to build their credit score while still wanting to get rewarded at the same time. And this card easily checks off all of those boxes.

First, it's a really simple card to apply for and get approved. Discover is known for being very beginner-friendly, meaning if you don't have an extensive credit history or maybe you just turned 18 and you want to start building your credit, this is probably going to work for you. And this is why it is so good for Millennials: first, there's a $0 annual fee, which if you watch my videos, is exactly the card you want to start with because it costs you nothing to keep open.

Now this is really important because when building your credit, the longer you keep your cards open for, the more credit history you will have, and the more credit history you have, the higher your credit score will be. So building up a foundation of no annual fee credit cards is really important when you're just beginning, and it's imperative that you do this with no annual fee credit cards. So it doesn't cost you any money to keep open in the future, even if you don't use the card.

Besides that, a big reason why this is perfect for Millennials is that they offer you a 5% cash back reward on revolving categories throughout the year, which means for every $100 you spend, they're gonna be giving you back five dollars, which is enough to buy half an avocado toast right now. This 5% cash back revolving category is applicable for amazon.com, Target, and Walmart.com, which is perfect for holiday shopping or buying random stuff you probably shouldn't be buying. Then, in the beginning of 2020, you're gonna start getting 5% cash back on grocery stores, Walgreens, and CVS. And then after that, gas stations, Uber, Lyft, and so on.

And if that isn't amazing enough, for the first 12 months, they will match your cash back dollar for dollar with no minimums! That's right, that's like you're getting 10% cash back on the revolving categories in the first year. Come on, getting a 10% discount on those revolving categories is pretty awesome. Then in addition to that, you're also gonna be getting unlimited 1% cash back on every other purchase with the card, which, like I said, they will match for the first year, so it's more like you're getting a limited 2% cash back for the first year. This means that you will get 2% cash back on that disgusting White Claw stuff that all the Millennials seem to be drinking.

So as my first choice for all of the beginner credit card enthusiasts out there, this is it. Next, we're gonna be stepping it up just a little bit depending on how you spend your money and also for anyone who wants a free $300 for doing like 10 minutes' worth of work, this is the card for you: the Capital One's Saver card. Now this is a really good next-up card to the Discover it because Capital One tends to be very beginner-friendly in terms of their requirements for applying. They're usually pretty lenient about who gets approved. You don't need a lot of prior credit history, and you don't need a perfect credit score.

Now what makes this card pretty appealing is that, first, they'll give you a $300 bonus when you spend $3,000 on the card in the first three months. Before anyone goes and roasts me in the comments and gets really angry and says, “But Graham, that's a scam! You have to spend three thousand dollars just to get $300 back?" That means you're losing $2,700! Dislike unfit? Well, common sense would say that you should only spend money that you were planning to spend anyway. That way, instead of spending $3,000 and not getting anything, you're spending $3,000 and getting $300 back for pretty much no extra work whatsoever.

So I recommend in order to hit that minimum spend that you just put everything you possibly can on the credit card: groceries, car insurance, gym memberships, Christmas gifts, anything you could possibly think of goes on the credit card, and then enjoy that free $300 to spend on whatever millennial stuff you want! But anyway, in addition to the signup bonus, you're also gonna be getting unlimited 4% cash back on dining and entertainment, 2% cash back at grocery stores, and 1% cash back on everything else plus no foreign transaction fees.

Let's be honest, for me, the 4% cash back on dining is really the main appeal of this credit card, plus the $300 signup bonus. Because, unfortunately, the downside to this is that there is a $95 annual fee after the first year, which means you'll need to make sure you actually spend enough money on dining to make that annual fee worth it. And for those who are curious, it's $2,375 spent per year in dining to break even on that annual fee. So to me, this card really only makes sense in the first few years when you factor in the signup bonus and 4% cash back on dining, assuming you even spend money on dining to begin with and also assuming that you don't keep this card open indefinitely without using it.

But besides that, it's a fantastic card for all you foodies out there and want to spend money on trendy restaurants, Beyond Meat burgers, and other millennial-related delicacies. Plus, who wants a $300 signup bonus? Third, we have another personal favorite of mine because I spend way too much money on here, as I'm sure you do too, and most Millennials, and that would be Amazon and with that, their amazing credit card: the Amazon Prime card. Now, with this, I don't even know where to begin because for someone who does a lot of their shopping on Amazon, this is just a really, really good card to have, and it makes a lot of sense, especially for Millennials.

First, just for signing up, they will give you a $100 Amazon gift card. That's basically a free $100 that you could spend on this Nicolas Cage pillowcase, or this avocado toast t-shirt, or this book about how to move out of your parents' house, and you're gonna have left money to spare. Or you could spend it on, you know, holiday shopping, but that's not as fun. Speaking of shopping on Amazon, when you use this credit card, you're gonna be getting 5% off your Amazon purchases. That's like an immediate 5% savings unlimited for any purchases on Amazon! So if you do a lot of Amazon shopping, it's a no-brainer. Plus, that 5% discount also applies to Whole Foods since Amazon bought them.

Although I will say, Whole Foods is way too expensive, and Trader Joe's is where it's at. Now in addition to that, this card will also give you 2% cash back on restaurants, gas stations, and drugstores, and 1% cash back on all other purchases. Now unfortunately, even though there's no annual fee, in order to get the 5% off Amazon purchases, you will need to be an Amazon Prime member, which costs you $119 a year. But come on, it's almost the year 2020, and by now pretty much everyone has Amazon Prime anyway! Like once you experience free two-day shipping, your life is gonna be forever changed.

So if you don't have it already, I'll tell you it's so worth it. They have pretty much everything you could possibly think of on the website. I don't even need to leave my house anymore to buy anything; it's great! So I have to say, overall, this is a no-brainer card to get if you have Amazon Prime, do shopping on Amazon, want 5% cash back on those purchases, and want a $100 gift card. It just makes sense! And if that's not you, and you don't have Amazon Prime and you have no desire to shop on Amazon, then don't worry about it.

Let's go on to number four. That would be one of my all-time favorite credit cards, and this is the first grown-up credit card I ever got that really got me started on my journey of collecting credit cards, getting points, and traveling everywhere for free, and that would be the American Express Gold Card. This one has so many amazing perks and benefits and bonuses, and I don't even know where to begin, so I'm just gonna start listing things off now.

To start, there's a bonus out there somewhere. You have to find it and look for it, but if you find it, it's gonna give you 50,000 points when you spend $2,000 on the card in the first three months. Now if I can actually find this offer, and if it still works, I will link to it down below in the description with instructions on what to do. But if you get the offer, here's how good it is: on the surface, 50,000 points is equivalent to about $500 worth of value depending on how you redeem it. But you could usually squeeze out a lot more value from those points if you transfer them to an airline partner known as Aeroplan, and then use those points to redeem for free airfare.

Usually, it costs 25,000 points to fly anywhere in North America round-trip, meaning 50,000 points could get you two round-trip plane tickets that would cost as much as $500 a piece if you would just bought them normally. This has been my go-to for free travel, and Aeroplan has been absolutely fantastic. I have not paid for a plane ticket in years, and this is how I do it. In addition to that, you're also going to be getting a $120 per year dining credit that can be used towards RUB, Bubb, Seamless, The Cheesecake Factory, Ruth's Chris Steakhouse, Boxed, and participating Shake Shack locations.

Now the dining credit is given in $10 increments every single month, but still, go to The Cheesecake Factory every month, enjoy yourself a free cheesecake, and savor the fact that it was free. And trust me when I say this, but free food tastes a lot better when you don't have to pay for it. You're also gonna be getting a $100 airline credit every year, which means that you could select the airline that you're going to be getting a free flight from through Aeroplan and then enjoy $100 off your in-flight meals, checked bags, or any other incidentals you're charged along your travels. But typically, I just use it to load up on free food on the airplane that I could take with me after my flight.

Not to mention you're also gonna be getting four times points when you spend your money on dining, supermarkets, and three times points when you spend your money on travel. And they're running promotions on their websites all the time where you could apply for specific discounts and certain merchants or discounts off your order or just free stuff. I mean, the discounts are pretty good. And to be honest, there's too many benefits to list without making this single segment like 20 minutes long. But some of the other benefits include no foreign transaction fees, baggage and rental car insurance, and some really, really good purchase protection. Plus their customer service, from my experience, has been really top-notch.

Now the downside unfortunately is that this credit card comes with a $250 annual fee but from my experience, the annual fee pays for itself so many times over if you utilize this card towards travel and you take advantage of everything the card has to offer. So from my perspective, the annual fee and this credit card is entirely worth it! And finally, number five, we have the credit card that in my opinion made credit cards cool again for Millennials, and that would be the almighty Chase Sapphire Reserve.

This is certainly the most grown-up credit card on the list, and because it's kind of black and metal, it makes you look like a baller because the look is impressive. It just gives off the vibe like, "Yeah, I'm a millennial, I'm good with my finances." So what if I have a trendy credit card? I got it a while ago for the signup bonus, and then I never got rid of it! Now this is not a credit card I would recommend applying for if you're just starting out, don't already have a few credit cards, or don't really do any traveling. But if you already have a decent credit score and like to go places, then I have a feeling this is the perfect credit card for you.

And here's why. To start, you're gonna be getting a 50,000 points signup bonus when you spend $4,000 in the first three months. Now yeah, that might be a lot of money depending on how much you typically spend, but as long as you could find some creative ways to spend $4,000, like prepaying for things in advance, putting additional expenses on the card, or doing anything else like that, you should be able to reach the $4,000 without an issue. And if you know you cannot do that, then don't apply.

Though in terms of how much those 50,000 points are worth, when you redeem it for travel on Chase's portal, it has a value of $750, which is pretty good just for signing up for a credit card and meeting the minimum spend. In addition to that, you're also going to be getting a $300 annual travel credit, which to me is a huge advantage of getting the card. And from my experience, they'll apply this travel credit towards pretty much anything! I've used it towards parking meters, Ubers, rental cars, Airbnbs, you name it! Like anything that involves you moving around or staying somewhere that isn't your house is pretty much counted as travel.

So for probably 99.999 percent of the population out there, that $300 is pretty much free money because it's money you would have been spending anyway! Plus, speaking of travel, with the Chase Sapphire Reserve, they will give you complimentary Priority Pass lounge access, which is another $95 a year in value. To me, this was a total game-changer when I started traveling because these lounges are pretty nice! Like any time you go to an airport, instead of waiting in one of those cold, uncomfortable seats where all the normal people sit, you'll be able to enjoy the comforts of being in a private room, sitting in a nice chair with free Wi-Fi, free food, free drinks, and being surrounded with other exclusive trendy people. Seriously though, every single time I go to one of these lounges, I will eat at least $30 of free food and free drinks. Plus, sometimes they'll even offer you a $28 food credit in airports where there's not a Priority Pass lounge, and that's $28 worth of totally free food!

You're also going to be getting a $100 credit towards Global Entry or TSA PreCheck, which means that you get through the lines that much faster anytime you travel. In addition to that, you also get three times points on travel and dining, and one point per dollar spent on everything else. And there's so many other perks and rewards with this card that I just don't have time to mention because I don't want this video to be too long, otherwise people get intimidated at the length of the dough and don't even want to click on it!

Now unfortunately, just like the American Express Gold Card, there is an annual fee with this, and that is $450 a year. However, when you consider that you get a $300 travel credit, $100 towards Global Entry or TSA PreCheck, and $95 Priority Pass lounge access, it's really like you're making $45 a year for getting this card! Not to mention the 50,000 points you get for signing up, or all of the other features this card has to offer. So if you do any sort of travel whatsoever, it’s worth it! And it's easy to see why this card is so popular for Chase and with Millennials.

Then finally, I just want to throw in two honorary mentions. These are cards that are really good, and I wanted to mention, but I felt like they weren't good enough for Millennials to have their own dedicated spot. So I'm just gonna list these out really quick. And the first one is the Uber credit card! With this, you get a $100 Uber bonus after spending $500 in the first three months, plus you get 5% cash back on Uber services, 3% cash back on hotels, airfare, and restaurants, and then 1% cash back on everything else. Plus what I find pretty unique with this card is that you'll get up to $600 of cellphone protection if your phone is damaged or stolen when you pay your phone bill with the Uber card.

Because, as I'm sure you're aware, Millennials love to drop their phones all the time and damage them and crack them. So at least you get some protection with this, all for a $0 annual fee. So overall, this card isn't bad per se, and honestly, it's pretty decent, but it's mostly ideal for people who use Uber a lot! So if that's not you, then I wouldn't really recommend it. But if it is you, then yeah, it's pretty good! And then lastly, we have the Citi Double Cash Rewards Card. This is a really great credit card for people who just want to keep it simple and get a solid cash back credit card without any complications, without any annual fees, and without any foreign transaction fees, and without thinking to yourself, "Wait a second, what revolving category am I in this month?"

Basically, this card is just really good at giving you 2% unlimited cash back on everything. And I think there's something to be said about the simplicity in that. It's a really good card overall, and if you don't have it, then I would recommend it. But there are better cards out there for specific categories that also give you a sign-up bonus, and this is why I still felt it deserved to be an honorary mention and placed here at the very end.

And there you have it, my five now turned into seven best cards for Millennials that I would highly recommend you look into. These cards will all give you impressive cash back, free travel, signup bonuses, and so many other perks just for putting your normal everyday avocado toast purchases on the credit card. Because honestly, if you're gonna be spending money, you may as well do it in such a way that you get rewarded for it, and you get free travel, and you get a whole bunch of other perks where otherwise you wouldn't be getting anything.

And as a millennial, it's our duty to spend responsibly, put it on credit cards, pay it off in full every single month, and always smash the like button for the YouTube algorithm. So with that said, you guys, thank you so much for watching! I really appreciate it, as always. If you've not already subscribed, make sure to destroy the subscribe button and notification bell so YouTube notifies you anytime I post a video. Also, feel free to add me on Instagram; I post here pretty much daily, so if you want to be a part of it, feel free to add me on that.

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So anyway, with that said, thank you so much for watching, and until next time!