Are you a young adult looking for the best credit card to help you start building your credit and financial foundation? Look no further! The right credit card can do wonders for you in terms of rewards, cashback, and more. In this article, we'll walk you through the best credit cards for young adults in 2023, and what makes them the ideal choice for you.
Best Credit Cards 2023 For Young Adults Table of Contents
What To Look for in a Credit Card For Young Adults
Before diving into our top picks for young adults, let's explore the critical factors to consider when choosing the ideal credit card. Here are some aspects to keep in mind when searching for your perfect match:
- Annual Fees: Many credit cards have annual fees, and as a young adult, you might want to avoid those extra costs. Look for cards with low or no annual fees to keep your expenses down.
- Rewards and Cashback: Some cards offer rewards in the form of points or cashback. These perks can help you save on purchases or even earn free merchandise and travel. So, prioritize cards with lucrative rewards programs that match your spending habits.
- Introductory Offers: Many credit cards provide introductory offers, such as 0% interest rates or additional rewards for a limited time. These promotions can be an excellent opportunity to save money and build credit.
- Approval Odds: As a young adult, your credit history may be limited. Therefore, find a card designed for those with limited credit to increase your chances of approval.
Our Top Credit Card Picks For Young Adults in 2023
Here's a list of our top credit card recommendations for young adults in 2023:
1. Chase Freedom Unlimited
- No annual fee
- 1.5% cashback on all purchases
- Extra cashback during the first year as an introductory bonus
- 0% APR for the first 15 months
The Chase Freedom Unlimited is an excellent choice because it offers a flat rate of 1.5% cashback on all purchases, 0% APR for the first 15 months, and no annual fee. The card also comes with an attractive introductory bonus, allowing you to earn additional cashback during your first year.
2. Capital One QuicksilverOne
- $39 annual fee
- 1.5% cashback on all purchases
- Designed for those with average credit
- Credit limit increase after responsible use
The Capital One QuicksilverOne is perfect for those with limited credit history, as it's designed for individuals with average credit. With a cashback rate of 1.5% on all purchases and the potential for a credit limit increase after responsible use, this card is an excellent choice for building credit and earning rewards.
3. Discover it Student Cash Back
- No annual fee
- 5% cashback on rotating categories, 1% on everything else
- Designed for students with limited credit history
- Good Grades rewards for maintaining a high GPA
Students with limited credit history should look into the Discover it Student Cash Back card. Offering no annual fee and rewards for maintaining good grades, it's a budget-friendly choice for young adults. Earn 5% cashback on rotating categories and 1% on everything else.
Best Credit Cards 2023 For Young Adults Example:
Imagine you're a college student looking to earn rewards on your everyday spending. The Discover it Student Cash Back card is ideal for you, offering 5% cashback on categories like groceries, gas, and dining out. Let's say you spend $300 a month on the 5% cashback categories and $200 on other purchases. Over one year, you could potentially earn $264 in cashback rewards from using this card responsibly.
By understanding your financial goals and spending habits, you can find the perfect credit card to start building credit and earn valuable rewards as a young adult. Our guide on the best credit cards for young adults in 2023 is an excellent starting point in your search. Share this article to help your friends and peers find their ideal card, and explore more personal finance guides on Flik Eco.
