Getting a credit card opens a chance to raise your credit score and earn some cash back. Most fear them, worrying they will overdo it, not be able to pay in time, therefore ending up with a bad credit score. Fear not, there are so many credit card options out there, many catered towards millennials that are less strict on payment deadlines and have lower fees. Another stressful task is having to find the right credit card for you – and there are hundreds of options. How do you know which one to use? Here are five credit cards fit for any millennial’s life style:
Designed to be used with Apple Pay, the Apple Card is the ideal, flexible option for millennials wanting to build their credit and earn some cash back. A big bonus of the Apple Card, is that is has absolutely no fees: no annual fee, no late fees, and no over limit fees. You pay as you can, and payments are easily paid through the iPhone wallet app. And, cash back benefits are instantaneous and are automatically put into your account to spend. No need to fill out cash back paperwork. If you’re worried about paying back a large debt, the Apple Card sets monthly payments based on your ability to pay it back. Another bonus of the card is that is is extremely secure. It lives in your wallet application, so your physical card has nothing but your name and chip, limiting the chances of fraud. It hasn’t launched yet, but we can expect it to be available this summer.
Capital One Quicksilver Cash Rewards
This is the perfect “starter” card to build credit. The annual fee is only $39, and you can receive up to 1.5 percent cash back for every purchase if you pay on time every month. With very low interest charges, you can focus on paying on time and building credit, rather than crazy interest fees.
Discover it Secured
This a great card to build up credit for those who have low credit scores. There are no annual fees, and it requires you to put in a refundable deposit as collateral, which acts as a credit line. This card also gives 2 percent cash back for gas and restaurants. After eight months, Discover reviews your account and can refer you to an unsecured card.
American Express Cash Magnet Card
This card allows you to “Pay It Plan It”. The feature from American Express lets holders pay off small amounts right away, or even (for a small fee) break up larger amounts you can pay off over time. You also get 1.5 percent cash back, and $150 cash reward if you spend $1,000 within the first three months.
Citi Double Cash Card
This is the perfect card for those who want a flat-rate card. For every purchase, you get 1 percent cash back, and additional 1 percent once you pay it off. This gives an incentive to pay it off on time every month.