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@Berk wrote:Here:
http://www.bankrate.com/finance/credit-cards/more-millennials-say-no-to-credit-cards-1.aspx
Here:
And here:
And the ironic thing about it is that they turn their backs on credit cards and car loans but when they go to apply for a mortgage they find out they have a lack of a credit history and throw a tantrum.
@Discover2016 wrote:
@Berk wrote:Here:
http://www.bankrate.com/finance/credit-cards/more-millennials-say-no-to-credit-cards-1.aspx
Here:
And here:
And the ironic thing about it is that they turn their backs on credit cards and car loans but when they go to apply for a mortgage they find out they have a lack of a credit history and throw a tantrum.
Bingo!
@Anonymous wrote:
This thread also proves why Amex is where they're at. Millennials just don't care about that "Amex appearance" so they need to offer products that are more than just based on prestige.
Outside of the myFICO community, I don't think that there are a whole lot of people who think that Amex only offers cards based on prestige. What does "based on prestige" even mean?
@Sharingan wrote:As for the OP's second consideration, there are other banks with charge cards; however, they have AFs as well from what I can see. The challenge would be combining a competitive reward structure with $0 AF, as there wouldn't be a steady flow of interest for the bank to defray some of the rewards disbursements. Such a charge card may work well for customers but would probably perform quite poorly for the bank. The American Express Zync card (which I still have to this day) was AmEx's attempt to compete in this segment and it fell flat. The AF started as low as $25 and increased as the user added more rewards to the card in the form of "packs." I doubt you will see AmEx introducing a no-AF charge card anytime soon.
I think AmEx could do a flat 1.5x cashback/MR charge card without charging an AF considering the higher swipe fees they get. In fact, I'd go as far as to say that nearly every credit card reward program is likely funded almost completely through swipe fees (which is why they've been tending to upgrade cards to Visa Signature/WMC/WEMC lately).