India is moving towards a digital economy with more and more people switching over to electronic modes of payments. The most popular method of digital payment is by using credit cards. The millennial generation is also amongst the more computer-friendly generation as compared to the earlier ones. Hence, you find a significant proportion of millennials (age group of 23 to 38) using credit cards.
Popularity among millennials
Usually, you start earning when you are around 23 years of age. It is also the right time for you to start building your credit history. It gains significance because you should have an excellent credit rating to become eligible for loans like car loans, home loans, and personal loans that you would require in the future. Credit cards provide you with an excellent opportunity to build up your credit rating.
It explains why you have a maximum number of young salaried professionals in the age group of around 25 years applying for credit cards in India. There are different types of credit cards you can own, it should totally depend on your requirements that which type suits you. Here are five popular credit cards among millennials in 2019.
Yatra SBI Card
Millennials love to travel all over India and explore the beautiful parts of India. It is also the right age for people to travel. SBI Yatra Card is the ideal credit card, as you get exciting discounts such as
a) Up to Rs 1000 on domestic flight booking
b) Up to Rs 4000 on international flights
c) 20% off on Domestic hotel bookings
Besides, you get joining perquisites such as a welcome gift and discount vouchers from Yatra.com up to Rs 8250. Other attractions include reward points, fuel surcharge waivers, and complimentary accidental insurance.
This card comes with a fee of Rs 499 for the first year.
Indian Oil Citi Platinum Card
Millennials use cars and two-wheelers more than anyone else does. Hence, they are the maximum consumers of fuel in the country. Therefore, a credit card that offers discounts on the purchase of fuel should be the ideal one for the millennial generation. This Indian Oil Citi Platinum Card does not give you joining benefits that cards like Yatra SBI provide. However, it gives you opportunities to save money on refuelling your vehicles. The benefits are as follows.
a) On every Rs 150 you spend in refuelling at authorised Indian Oil petrol pumps, you get four turbo points. Redeem turbo points for free fuel @ Rs 1 for one Turbo point
b) This card also provides two turbo points on spending Rs 150 at supermarkets and groceries.
c) Full surcharge waiver on fuel at Indian Oil outlets
The joining fees of Rs 1000, but you get a refund if you spend Rs 30,000 every year.
Axis Bank Neo Credit Card
Millennials love to shop online, especially on websites like Amazon, Jabong, and so on. If you study the average age of moviegoers in India, millennials constitute the majority. A credit card that provides benefits in these categories is welcome for such a generation. Axis Bank Neo Credit Card is the perfect instrument to hand over to the millennial generation.
As joining perquisites, you get
a) A Jabong voucher for Rs 500
b) An Amazon voucher worth Rs 250
c) BookMyShow voucher for Rs 300
Besides, you get rewards such as cashback @ 10% on selective spending, a discount of 15% at selected restaurants, and 2 points for every Rs 200 you spend.
This credit card comes with a low joining and renewal fee of Rs 250.
HSBC Visa Platinum Card
The most significant advantage of HSBC Visa Platinum Card is that it does not attract any joining fee or annual renewal charges. It is a lifetime free credit card. This card comes with high rewards such as,
a) Three times reward points on spending on dining and telecom categories for the initial 12 months
b) If your spending is between Rs 4 and 10 lakhs, you get the advantage of five times reward points.
c) On spending Rs 50,000 in a month, you get a BookMyShow voucher worth Rs 500
d) Get one movie ticket free per month on booking one ticket through BookMyShow
HDFC Bank Diners Club Black Card
As you move up the corporate ladder, millennials require a higher spending limit. The HDFC Bank Diners Club Black Card provides such an opportunity, especially for the older millennials.
This high-value credit card comes with attractive benefits
a) A discount of 15% at more than 3000 premium hotels all over India
b) Unlimited access to airport lounges at more than 700 airports across the globe
c) Golf lovers get access to more than 60 golf courses situated in India and across the world and play six complimentary golf games.
Besides, you get 10,000 bonus points as joining rewards. On the reward points’ front, the cardholder receives 5 points for every Rs 150 spent on the card.
This credit card comes with a joining fee of Rs 5000. However, you get a full refund if you spend up to Rs 1 lakh in the first 90 days after issuance of the card.
Final words : We have discussed five different credit card products that offer various rewards points and discounts. These credit cards appeal to the entire millennial generation. One should note that such rewards are available to responsible credit card holders alone. Hence, it is in your interests to maintain the account properly and pay the credit card bills on time.