Though many Gen Z adults still prefer other forms of payment over credit cards, companies are launching new credit card programs that incentivize young people to use credit cards for their rent and other large expenses.
As this shift takes hold, new credit cards are specifically targeting Gen Z adults. Lamarre pays his rent using the Bilt card, which was launched last March. A Bilt representative told BuzzFeed News the credit card’s target demographic is renters ages 21 to 35, and most of its users are Gen Z and millennials, with a median age of 29.
Some people have a stable income and are diligent about making credit card payments on time, making it easier to game the points system. But Channel said if you lose your job or suddenly cannot make a payment, “worst case scenario, you get charged interest and fees on that monthly payment on top of what you already have to spend” by using these services. The interest rate on credit cards is usually significantly higher than on other loans. Ultimately, he said, he “wouldn’t recommend it.
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