While millennials have been called the entitled generation, this generation has been saddled with tough circumstances. As millennials were just getting out of college around 2008, the recession hit and the job market was less than kind.
As this contributed to significant debt, millennials have relied on credit cards to help out. This group tends to favor not just any regular credit card but ones that have a rewards loyalty program.
Here are the numbers:
40 | Highest number of credit cards millennials have
1.5 million | Number of reward points from credit card use
100,000 | Amount of reward points offered up by JPMorgan Chase bank
14 percent | Increase in credit card signups in Q3 2016
40 | People under this age who had credit card balances that grew in Q4 2016
Source: http://www.pymnts.com – Payments
PYMNTS’ Daily Data Dive: Millennials Favor High Reward Points Programs