Business, Central New York, Consumer

Millennials Should Look into Owning Credit Cards

Milennials should take a closer look at what's not inside their wallet (c) 2017 Tommy Farrell

Milennials should take a closer look at what’s not inside their wallet (c) 2017 Tommy Farrell

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Millennials & Credit Cards - NCC News

By Tommy Farrell SYRACUSE, N.Y. (NCC News) — If you are a millennial, there is an unconventional way to deal with spending habits: credit cards.

The consumer financial service company, Bankrate.com, issued a new study that found millennials are spending more than older generations in groceries, gas, and technology. However, according to Bankrate.com, nearly two-thirds of millennials do not own a credit card.

“In general, millennials, because they’re so debt-adverse, have avoided credit cards more than older generations have,” said credit card analyst Robin Frankel.

Reward credit cards give incentives, mostly cash back. Some credit cards give a percentage on specific categories such as groceries, gas, or travel. With millennials spending more in areas like groceries and gas, Frankel compared it to getting an automatic discount on every purchase.

“We always recommend that if you’re spending a huge chunk of your income on everyday expenses, like groceries and gas, that you look into getting a credit card that’ll reward you for spending in those areas,” Frankel said.

It isn’t having a credit card that is scaring millennials. It is being in debt that haunts them the most. Derrick Susice, 30, of Syracuse, was lucky enough to learn a lesson from his brothers.

“My brothers, they’ve used up a ton of them, and they’re in major debt. They don’t even care,” Susice said.

According to Frankel, as long as millennials are paying their rewards credit card back in full each month, getting a rewards card in areas that you spend the most can be very beneficial.