A credit card may garner a lot of bad reputation. Though it is true at some level, many people still hold the view that credit cards just help people stay in debt. But have you checked the real data? Is there any true validity behind this usage? Do they truly help in improving the financial situation of people? Is there any scope for credit card fraud? In short, do they work as well as their promises?
According to the World Bank and the International Monetary Fund, 3.2 billion people around the world use credit cards. One of the main reasons behind the popularity of credit cards is that they offer convenience and user-friendly features. Another important reason most people do put an emphasis on having and using a credit card regularly is that it improves the credit score. It provides a way to borrow funds without taking out any loans or having to buy a home or car. Although credit cards can be used to get instant cash, they have also been proven to help you improve your financial situation.
Credit cards have many benefits for customers. They provide the convenience of shopping and better payment option. Credit cards let you make instant payments, save your funds in real-time, and make online transactions desirable over ATMs. Although most people are aware of the credit cards they use dont know that there are different types of credit cards and each of them has its benefits. In this article, we have provided you with the best credit cards a millennial can have in 2023.
What are you waiting for? Let’s jump right into the article.
No Annual fee credit cards
Well, one of the major things about a credit card is that users have to pay an annual fee every year. Most credit card companies do offer interesting offers and discounts but they do charge a ridiculous amount of annual fee. If the benefits offered by the credit card cannot justify the annual fee then it is best for you not to sign up for such credit cards.
If you are someone who is not interested in paying hefty annual fees then it is best for you to check out the no-annual-fee credit cards. A few cards that offer excellent sign-up benefits without a sign-up fee are the Capital one venture one credit card, Bank of America travel rewards credit card, etc.
Cash Back Credit Cards
Well, another thing that millennials love is saving money. No matter how little money you can save, a money-saving hack is always worth it. Well! If you are someone always trying to save money on groceries or shopping then the best way is to have a cash-back credit card. There are few credit cards that reward you with cashback and have no annual fee. Amazing, right?
Another interesting benefit of cash-back cards is that it actually encourages users to make purchases using credit cards. Some of the cards that offer good cash back on purchases are the Discover it Cash Credit Card, Capital One Cash Rewards Credit Card, etc. Always remember that the golden rule for improving your finances is saving where ever possible. Start using a cash-back credit card and you can see how much you were able to save by the end of the year.
Business Credit Cards
Are you someone who has recently started a side hustle or a small business apart from your primary income source to make extra money. Then this credit card is just for you. Most people have to pay for additional cable, phone, internet, and office supplies when they start their own businesses. But the sad part is that there are none to a few credit cards that do offer users a discount for such payments.
And you already know saving a few bucks can also mean a lot when you are a small business owner. With business credit cards like Southwest rapid rewards performance credit card, Chase ink business cash credit card, etc businesses can pay for things like office supplies, phone bills, and internet bills. Not only that they can also pay for search engine and social media marketing using credit cards and earn points.
Premium Travel Credit Cards
Another interesting but major way a millennial can save money is by using a travel credit card. How often do you travel? Well! The answer varies depending on many factors such as your work, how often you visit home or take a holiday. No matter what you do you would at least fly once or twice a year, right? If you are not someone that actually plans your travel or knows the nicknacks of travel budgeting then you may end up losing a lot of money.
Signing up for a travel credit card can never be worse than paying double or triple the actual ticket for a last-minute trip. One of the best things about travel credit cards is that apart from discounts they also give you extra miles and whenever you want you can use them to upgrade your seat. There are many credit card that pertains to travelling like Capital One Venture reward credit cards, Chase Sapphire Preferred Card
In a nutshell,
So many credit card options to choose from can also become overwhelming. Also if you are not clear on how your credit card benefits you have then you will be losing out on a lot of money that could be saved. This is why it is important to know more about your credit cards. Instead of picking the first card your bank offers, you must spend time to understand and know your cards.
Are you feeling overwhelmed by which credit card to choose? Well! Not anymore, we have provided you with a list of credit cards that will be beneficial for you. Find a credit card that is best for your requirements. Hope this article has been helpful to you. If you are interested in more such articles that will improve you in the journey of saving money and earning money then check out the zeen website.