Best Credit Cards for Young Adults

best credit cards for young adults
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In this article, we will be discussing the best credit cards for young adults to help them better determine which credit card vendors best serve s them as teens.

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.

Young adults are known for having distinctive spending tastes. They like to travel and dine out and prefer to shop online rather than 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.

 

best credit cards for young adults

 

Given all that, it makes sense for them to have a credit card in their wallets that offers rewards that fit their lifestyle.

Keep reading this article to know our top picks for the best credit cards for young adults;

 

Citi Premier Card

 

The Citi Premier Card is the first on our list of the best credit cards for young adults which we will be discussing in this article.

The Citi Premier Card is a card with a reasonable annual fee that boasts a generous bonus offer. This card is for consumers with strong credit scores who want the perks of a good travel rewards card without having to pay a large annual fee.

Rewards: 3 points per dollar at restaurants, supermarkets, gas stations, air travel, and hotels and 1 point per dollar on all other eligible purchases

Annual Fee: $95

Bonus Offer: 60,000 points after spending $4,000 in purchases within the first 3 months of account opening

 

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 no additional cost
  • Although the Citi Premier’s bonus offer is great, the card doesn’t waive the annual fee for the first year, like some similar cards. If you’re considering this card, make sure you travel enough to make up for the annual fee.
  • Also, this card doesn’t come with additional travel concierge services or trip protection, as do other travel cards.

 

Savor Rewards Credit Card 

 

The next on our list of the best credit cards for young adults is the Savor Rewards credit card, and it makes a very excellent choice for credit.

Meals and entertainment can chomp a huge bite out of your fun budget. The Savor Rewards Credit Card combines big cash-back rewards on both dining and entertainment purchases.

Rewards: Cardholders will earn 4% cashback on all dining, entertainment, and popular streaming services, 3% cash back at grocery stores, and 1% on all other purchases

Annual Fee: $95

Bonus Offer: $300 cash bonus after spending $3,000 on purchases within 3 months from account opening

Other benefits or drawbacks: In addition to earning 4% on meals, the Capital One Savor is one of the few cards that offer a bonus on entertainment purchases.

This includes concert and theme park tickets as well as more everyday fun such as movie tickets and bowling alleys.

Capital One also has special events for cardmembers including VIP packages to sporting events and concerts.

 

Chase Sapphire Preferred Card

 

The Chase Sapphire Preferred card is another one of the best credit cards for young adults which we will be discussing in this article.

The Chase Sapphire Preferred Card sets the standard for travel rewards by offering excellent 5x points on travel purchases through Chase Ultimate Rewards, 3x points on dining, and 2x points on all other travel purchases.

And points are worth 25% more when you redeem travel through Chase Ultimate Rewards. That means that the killer 60,000 points sign-up bonus is worth $750 towards travel.

The Chase Sapphire Preferred Card is one of our favorite travel rewards cards, but don’t apply unless you’re a big spender (and a big traveler).

First the good. The Chase Sapphire Preferred Card earns 5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining, 2X points on all other travel purchases, and 1 point per $1 spent on everything else.

On top of that, you can get a whopping 60,000 sign-up bonus points after spending $4,000 on purchases in the first 3 months from account opening.

That’s a $750 travel value when you redeem through Chase Ultimate Rewards the highest in the business.

Here’s the kicker. There’s a $95 annual fee. You need to be a big spender to make this card worth your while.

If you want to avoid the annual fee, we recommend looking at the alternative cards here. But if you’re living large, this is the perfect card for you.

 

Capital One QuicksilverOne Cash Rewards Credit Card

 

If you don’t have the excellent credit needed to score some of the bonuses other Capital One credit cards offer, consider the Capital One QuicksilverOne Cash Rewards Credit Card.

It’s a terrific card for average credit and you can still earn 1.5% cashback on all purchases with a modest $39 annual fee.

Credit Score Requirements:

  • 1.5% cashback on all purchases
  • Be automatically considered for a higher credit line in as little as 6 months
  • No foreign transaction fees and a modest $39 annual fee
  • If you are starting to build credit, the Capital One QuicksilverOne Cash Rewards Credit Card provides a good chance of approval with a modest annual fee (waived the first year) and a generous 1.5% cashback.

With the Capital One QuicksilverOne Cash Rewards Credit Card, you’ll earn 1.5% cashback on every purchase with no rotating categories or hoops to jump through.

This card does feature a higher APR than others on this page but is ideal if you’re going to pay your balance in full each month to avoid finance charges.

 

Capital One Platinum Credit Card

 

Finding an unsecured credit card with average credit can be difficult, but the Capital One Platinum Credit Card is happy to have your business.

You won’t find many perks to owning this credit card, but it’s a great first card for young people looking to build a strong credit history and there’s no annual fee.

Credit Score Requirements:

  • Only average / fair/limited credit is required for approval
  • Be automatically considered for a higher credit line in as little as 6 months
  • No annual fee or foreign transaction fees
  • The Capital One Platinum Credit Card is a great basic credit card with no annual fee for applicants with average or limited credit.

If you have a little bit of credit history (or a fair one that you want to improve), the Capital One Platinum Credit Card is an ideal starter credit card. You won’t earn rewards with this card, but there’s no annual fee to worry about, either.

One of the great things about Capital One is that they offer cards like this and great prime rewards cards.

So if you start with a Platinum card and use it responsibly for a while, you may be able to upgrade your account.

 

Petal 1 Visa Credit Card

 

The Petal 1 “No Annual Fee” Visa Credit Card is a great no-annual-fee card with a solid rewards system for people with limited or no credit.

It reports to all three major credit card bureaus and you can score a higher credit limit between $300- $5,000 just make sure to use your card responsibly.

Credit Score Requirements:

  • There’s no credit history required, making it perfect for beginners.
  • The Petal 1 “No Annual Fee” Visa Credit Card doesn’t charge an annual fee, and there are no over-limit or foreign transaction fees, either.
  • 2% – 10% cashback at select merchants.

If you’re still building your credit history and want to earn rewards to get the purchasing power you need, the Petal 1 “No Annual Fee” Visa Credit Card is a great cashback card with no fees.

You won’t pay an annual fee, and even international transactions are fee-free. For someone just starting, every dollar saved is a dollar earned.

And while you’re building your credits, why not also be able to earn rewards. You can earn cashback between 2%-10% back on spending at specific merchants.

All you have to do is check the app to find offers near you and your cashback will then be issued as a statement credit or can be sent to you via check or ACH if over $20.

The Petal 1 “No Annual Fee” Visa Credit Card has an APR of 19.99 – 29.49% Variable, and you’ll be issued a credit limit between $500 and $5,000.

This is not negotiable, but once you’ve built your credit score, you can parlay it into a higher limit with another card.

One of my top cashback credit cards picks for young adults is the Chase Freedom Student credit card. It’s is a great card to boost your credit score while enjoying some cashback benefits at the same time.

You’ll get 1% cashback on every dollar you spend, along with bonuses and occasional promotional offers that will earn you even more.

With the Chase Freedom Student credit card, you’ll enjoy an interest rate of 14.99% Variable.

This interest rate doesn’t expire after an introductory period, so you’ll continue to get the relatively low APR for the life of the card.

To sweeten the deal, Chase is offering a $50 bonus on the first purchase you make within the first three months of opening your account. That means you’ll get 5,000 points that you can redeem as cashback, just for spending any amount.

Although the APR is a little higher than some others, the rewards are well worth it, especially if you make regular purchases. Best of all, you’ll be building credit while you earn cashback.

 

Platinum Secured Credit Card from Capital One

 

The final credit card on our list of the best credit cards for young adults is the Platinum Secured Credit card from Capital One.

Owning a secured credit card can be a necessary step in bringing your credit profile out of the gutter and the Platinum Secured Credit Card from Capital One is one of the strongest secured credit cards on the market today.

It’s rare to find one that doesn’t charge an annual fee and Capital One will automatically review your credit limit in as little as six months.

Credit Score Requirements:

  • Start with an initial credit line of $200 w/ a minimum deposit of $49, $99, or $200
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • No annual fee and no foreign transaction fees
  • The Platinum Secured Credit Card from Capital One has no annual fee and immediately allows you to begin building credit with responsible use. A secured credit card works like a prepaid debit card you must first make a deposit.
  • Unlike a prepaid card, however, a secured credit card builds credit (because you make payments, rather than spend your deposit) when used responsibly, with regular reporting to the three major credit bureaus.
  • With the Platinum Secured Credit Card from Capital One, you will get an initial $200 credit line after making a security deposit of $49, $99, or $200. Then get access to a higher credit line in as little as six months after credit line review.

 

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CONCLUSION

 

To conclude, now that you know some of the best credit cards for young adults, feel free to pick whatever best suits your spending capability.

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