68% of millennials prefer credit cards that offer rewards—here's why that could actually cost them (via CNBCMakeIt)
It seems every week that credit card companies are upping their rewards, adding new perks and rolling out brand new cards.
Only 6% say a credit card with 0% interest on a balance transfer for existing debt most appealed to them. And yet, that's exactly the kind of card that would be most beneficial for many millennials. That's because about 43% of millennials say they're carrying a monthly balance on their credit card. It's worse for those using a rewards credit card because these types of cards have higher interest rates, on average, than other types of cards, Rossman says.
"Credit card rates have never been higher, and many cardholders are paying around 20% on their balances," Rossman says."You should eliminate your credit card debt before chasing rewards, so a 0% balance-transfer card would be a much better choice if you're in debt."Nearly half of U.S. adults don't know that 0% balance transfers exist, according to a separate CreditCards.com survey from last year.
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