Credit cards are a great tool to help consumers get the best bang for the buck, regardless of how they chose to spend their bucks. Millennials are known for having distinctive spending tastes. They like to travel and dine out and prefer to shop online rather then head to the mall. According to one Harris survey, three out of four would rather spend their dollars on experiences than on owning lots of stuff. Given all that, it makes sense for them to have a credit card in their wallets that offers rewards that fits their lifestyle.
Below are five credit cards that are particularly well suited to Millennials—or anyone of any age—whose spending tilts towards travel, eating out and shopping online. To qualify for these cards, you’ll need good to excellent credit.
Methodology
Forbes analyzed popular rewards credit cards that offered rewards on categories millennials love, like dining, travel, rideshares and more.
Best for Dining and Entertainment Spending
Uber Visa Card
Millennials like experiences. The Uber Visa Card rewards them for these experiences, whether it’s dining out with friends or booking their next adventure across the world. This credit card has high cash back on dining (including UberEATS orders) and offers additional perks like cell phone protection and a statement credit for streaming subscriptions.
Rewards: Earn 4% cash back on dining (including restaurants, takeout, bars and UberEATS), 3% cash back on hotels and airfare, 2% cash back on online purchases (includes Uber rides, online shopping and video and music streaming services) and 1% cash back on everything else.
Annual Fee: None
Bonus Offer: Earn $100 after $500 in card spend in the first 90 days.
Other Benefits or Drawbacks:
- No foreign transaction fees
- Cardholders who pay their phone bill with the card receive up to $600 reimbursement for mobile phone damage
- Earn a $50 statement credit for online subscription services after you spend $5,000 or more on your card per year. That’s close to four months free of Netflix or eight months free of Hulu.
Best for Amazon Shopping
Amazon Prime Rewards Visa Signature Card
Shoppers who enjoy the convenience of Amazon Prime will like its credit card, The Amazon Prime Rewards Visa Signature Card. This card not only offers a whopping 5% cash back on Amazon purchases, but it comes with a wealth of travel benefits and no foreign transaction fees. If you’re a frequent Amazon shopper, this card is a great way to maximize how far your dollars go.
Rewards: 5% back at Amazon.com and Whole Foods; 2% back on restaurants, gas stations and drug stores; 1% back on all other purchases. Earn an extra 5-20% back in rewards when purchasing Prime Card Bonus items from Amazon (in addition to the standard 5% back)
Annual Fee: None, but you must be an Amazon Prime member (which costs $119 per year) to apply
Bonus Offer: Receive a $70 Amazon gift card instantly upon approval
Other Benefits or Drawbacks: The card comes with additional benefits, including:
- No foreign transaction fees
- Travel and emergency assistance
- Lost luggage reimbursement up to $3,000 for you and immediate family members
- Baggage delay insurance for baggage delays over six hours, worth $100 a day for three days.
- Travel accident insurance for air, bus, train or cruises booked with the card, up to $500,000
- Auto rental collision damage waiver
- Roadside dispatch assistance
- Extended warranty protection – an additional year on eligible warranties of three years or less
- Purchase protection for 120 days against damage or theft (up to $500 per claim and $50,000 per account)
- Access to the Visa Signature luxury hotel collection and concierge services
One thing to keep in mind is the card only grants 1% cash back on regular purchases—it’s really only worth holding if you’re a frequent Amazon or Whole Foods shopper.
Best for Frequent Travelers
Chase Sapphire Reserve
The Chase Sapphire Reserve is a longstanding favorite among credit card holders, and for good reason. Its sign-up bonuses are top notch, and it comes with a handful of benefits that can make frequent traveling more comfortable.
Rewards: Earn 3x points on travel and dining; 1x point for all other purchases.
Annual Fee: $450
Bonus Offer: Earn 50,000 bonus points after $4,000 in spending in the first three months from account opening (redeemable for $750 toward airfare, hotels, car rentals and cruises when booking through Chase Ultimate Rewards).
Other Benefits or Drawbacks:
- $300 annual travel credit in the form of reimbursement for travel purchases each year
- Receive a statement credit of up to $100 every four years as reimbursement for Global Entry or TSA Pre✓® fees.
- Complimentary access to over 1,000 airport lounges with free enrollment in Priority Pass Select
- Transfer points on a 1 to 1 ratio to one of Chase’s 13 airline and hotel partners, including Southwest Airlines, JetBlue, Ritz-Carlton and more.
This card is for consumers with excellent credit, but that’s not the only thing to keep in mind: Chase also has a strict eligibility rule, known as the “5/24 rule.” Under this rule, Chase will not consider applicants who have opened five new credit cards in the past 24 months, from any issuer.
Best for Travel Rewards Without a Large Annual Fee
Citi Premier Card
The Citi Premier Card is a card with a reasonable annual fee that boasts a generous bonus offer. This card is for consumers with excellent credit scores who want the perks of a good travel rewards card without having to pay a large annual fee.
Rewards: 3x points on travel expenditures and gas; 2x points on restaurants and entertainment purchases; 1x point on all other spending.
Annual Fee: $95
Bonus Offer: Earn 60,000 bonus points after $4,000 in spending within the first three months of account opening, redeemable for $750 toward airfare when booking through the ThankYou Travel Center, or worth $600 when redeemed for gift cards.
Other Benefits or Drawbacks:
- No foreign transaction fees
- Points can also be used to shop online at Amazon.com or BestBuy.com
- Add authorized users for free
Although the Citi Premier’s bonus offer is great, the card doesn’t waive the annual fee for the first year, as do similar cards. If you’re considering this card, make sure you travel enough to offset the annual fee. Also, this card doesn’t come with additional travel concierge services or trip protection, as do other travel cards.
Best for Cash Back
Discover it Cash Back
The Discover it Cash Back card is one of the most straightforward and highest-yielding cash back cards on the market. The categories for its top cash back percentage rotate quarterly, and cash back never expires and isn’t capped each year. This is a good card for consumers who want to be rewarded for their everyday spending.
Rewards: Earn 5% cash back on categories that rotate quarterly, including gas stations, restaurants, Amazon, grocery stores and more, up to $1,500; earn 1% cash back on all other purchases. Cash back never expires.
Annual Fee: None
Bonus Offer: All cash back earned is matched at the end of the first year with no cap.
Other Benefits or Drawbacks:
Additional benefits of this card include:
- Freeze it: Discover offers easy ways to freeze your card, should you lose it. Cardholders can turn their card on and off directly from the Discover app or online.
- Monthly credit score: Your FICO credit score is printed on your monthly statements and can be accessed anytime via the Discover app or website.
- Dark web monitoring: Discover claims it monitors the Dark Web, an underground version of the internet rife with hackers and personal data for sale. Discover will send free alerts to cardholders if their Social Security number is found on the Dark Web.
- $0 fraud liability: Cardholders will not be responsible for unauthorized purchases on the card.
- No foreign transaction fees.
