Bank like a financial pro with the Alliant mobile app. Make payments, deposit checks, manage cards and so much more.
Renovate your kitchen, pay off high-interest debt, or have access to emergency funds when you need it with an Alliant Home Equity Line of Credit.
Browse new and used vehicle inventory, and qualify for a rate discount when you buy!81
Separate each of your savings goals into an Alliant Supplemental Savings Account so you can visualize your progress.
Discover how an award-winning banking experience could be your next little win.
Logo courtesy of CNBC
By Paul Brucker
Peek into the wallet of a Millennial and what are the odds that you’ll see a credit card? Merely 37%. That’s right: 63% of Americans between the ages of 18 and 29 do not own a single credit card while only 35% of those over age 30 lack one. Last year the credit scoring firm FICO reported that the number of young Americans without credit cards had doubled between 2007 and 2012.
What’s up with that? Here are some considerations:
So, should Millennials say “yes” to credit cards?
Some financial experts insist that it’s really in a Millennial’s long-term best interest to get and use a credit card. After all, possessing a credit card is not, in itself, a problem – the irresponsible use of one is. And paying with a credit card remains one of the key ways to build a solid credit score. Without a great credit score, you’ll have to pay higher rates for insurance policies, auto loans and mortgages. And you may even be denied a job because many employers do credit checks on prospective new hires. “Millennials need to approach a credit card as a way to make payments and pay off balances rather than a debt instrument,” says Bankrate reporter Jeanine Skowronski
What about the Millennials who do use credit cards?
About 40% of young adults with credit cards pay their full balance each month, compared to 53% of people over the age of 30. And 3% of Millennials say they often skip paying their monthly bills completely. “This is likely because they are using the credit card as a way to pay for things they couldn’t otherwise afford, when they should be using it as a credit building tool,” notes Skowronski.
In the market for a great credit card? Consider applying for an Alliant Visa® Platinum or Alliant Visa® Platinum Rewards credit card. They are now enhanced with an EMV smart chip to help prevent fraud caused by skimming or counterfeit cards, and to make international travel more hassle-free.
Sign up for our monthly newsletter to help you stay at the top of your financial game.
Welcome! You'll now have financial tips sent to you directly each month.
You are leaving Alliant’s website to enter a website hosted by an organization separate from Alliant Credit Union. The products and services on this website are being offered through LPL Financial or its affiliates, which are separate entities from, and not affiliates of, Alliant Credit Union.The privacy and security policies of the site may differ from those of Alliant Credit Union.
You are leaving an Alliant Credit Union website and are about to enter a website operated by a third-party, independent from Alliant Credit Union. Alliant Credit Union does not manage the operation or content of the website you are about to enter. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. The privacy and security policies of the site may differ from those of Alliant Credit Union.