NEW YORK—What are the most popular features of credit cards that are attracting younger consumers?
According to Creditcards.com it’s signup bonuses of at least $500 in cash or $1,200 in travel credit.
The study surveyed Millennials ages 23 to 38.
“This is a change compared to older generations who prefer debt relief, like 0% interest offers on balance transfers or new purchases,” stated Yahoo Finance in its analysis.
One theory that may explain the preference for travel signup bonuses is that 57% of Millennials polled said they have flown or stayed in a hotel every year, compared to 48% of older generations, Yahoo Finance said.
“Another possibility: the rise of churning—when people constantly obtain credit cards, reap the signup bonus, and move on to the next one,” added Yahoo Finance.