Is This the Coolest New Travel Credit Card? Millennials Think So
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One survey says that many millennials don’t even have credit cards, but Quartz is reporting that they can’t get their hands on a new travel credit card from Chase fast enough.
“By one estimate, 63 percent of millennials don’t have credit cards, so it’s curious they’re suddenly fawning over a new, perhaps viral, card on the market,” writes Ian Kar for Quartz.
Millennials can’t seem to get enough.
“The Chase Sapphire Reserve has been a hit since it was revealed in late August,” writes Kar. “It’s taken on coveted-gadget status, complete with unboxing videos and Reddit posts with thousands of comments.”
When it comes to courting millennials into the world of credit cards, it’s all about exclusivity — or so it seems.
“The perks of the Chase Sapphire Reserve include lounge access at airports, a $300 annual travel credit, a $100 credit toward an application for TSA Global Entry or Pre-Check (both programs expedite airport screening), and three points for every dollar spent on travel and dining,” notes Kar.
When it came to launching the Chase Sapphire Reserve, Chase knew who to target and why.
READ MORE: How to Get the Most of Your Travel Rewards
“These perks were carefully calculated by the bank to lure millennials,” reports Kar. “At a conference held by Barclays this month, JP Morgan’s head of consumer banking, Gordon Smith, gave a presentation that said “millennials spend more of their ‘wallet’ on experiences than other generations,” according to a deck obtained by Quartz.
For more on credit cards, the travel spending of millennials and why this new card beats Chase’s already popular travel credit card, read on here.
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