Older millennials have most credit cards

Older millennials have most credit cards

RICHMOND, Va. (WWBT) - Most millennials have historically wanted nothing to do with credit cards, but a new report says times are changing.

It turns out older millennials have more credit cards than any other age group.

This is according to a new CreditCards.com report. It finds that millennials, once they hit their 30′s and get more established in their jobs and family lives, do want credit cards.

And they appear to be gravitating toward travel reward cards with big sign up bonuses and perks.

The study finds that millennials 30 to 38 now have on average of 3.9 credit cards in their wallets.

Interestingly, younger millennials ages 23 to 29 still only have about one card, the least of any group.

Experts say this could still be unintended consequence of the CARD Act, where many 20-somethings are having trouble qualifying for their first credit card because they lack a sufficient credit history.

In case you are wondering, boomers have 3.6 credit cards and Gen Xers? 3.5.

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