April 16--While millennials may be saying yes to beards and tattoos, they are saying no to credit cards, according to a new report.
In fact, 1 in 3 millennials have never had a credit card, according to a survey released Wednesday by CreditCards.com.
Furthermore, the survey found that most Americans think people should have their first credit card by age 22. In reality, the median age for getting a credit card is 21.
Fewer than half of credit card holders surveyed said they got their first card before age 21, according to the poll. But nearly 70 percent got their first charge card before age 25.
Opinions on what age Americans should have their first charge card differs by location. Just 46 percent of rural residents say someone should get their first card before age 25, versus 70 percent of urban and suburban Americans. And 9 percent of rural Americans say people should never sign up for a credit card. This compares to just 2 percent of urban-suburbanites.
Despite all of the opinions, getting a credit card isn't as easy as it used to be due to the 2009 CARD Act, which requires consumers younger than 21 to show proof of income or have an adult co-signer.
The poll also showed that one-third of Americans believe that 18- to 20-year-olds should have their own credit cards.
The survey queried 1,000 adults by phone.
crshropshire@tribpub.com
