Still, "Like all consumers, millennials need to consider a few key criteria before applying for a card," says Eric Rosen, a travel credit card expert for The Points Guy. These include sign-up bonuses, interest rates, annual fees and whether the card offers bonus earnings or cash-back opportunities that match up with their spending habits.
And a word of warning, says Rosen. Don't overspend to get rewards: "No matter how valuable the points you earn are, they do not make up for the massive interest rates many of the best travel rewards cards charge on balances," he explains, "and carrying large balances will affect your credit."
Here are five of the best cards worth applying for.
1. Chase Sapphire Preferred
"The Chase Sapphire Preferred is probably one of the best all-around travel rewards cards there is," says Rosen, who recommends it to millennials for several reasons, including the waived $95 fee for the first year. "$95 is middle of the road between no fee cards and those charging $450-$550 a year. It's a relatively low fee."
The sign-up bonus on the card is 50,000 Ultimate Rewards points when you spend $4,000 on purchases within the first three months. This is about $1,300 a month, but you can put all your monthly bills, groceries and more on it.
Reward points can be redeemed directly through Chase at a rate of $1.25 cents a piece to purchase airfare, hotels, car rentals and cruises. Or you can transfer points to the program's 13 travel partners, including United and Southwest, turning them into frequent flier miles. The card earns two times points per dollar on travel and dining purchases and one per dollar on everything else.
The APR (annual percentage rate, or interest rate of what you owe) is 13.49 to 24.49 percent, plus variable (meaning that rate can change over time).
2. Uber Visa from Barclay
Millennials eat out or order in five times a week, they're using Uber more than last year and a recent report shows 67 percent of millennials shop online. The Uber Visa from Barclay is ideal for those exact kinds of purchases.
"What sets this card apart are the earning opportunities in the variety of different categories," says Rosen.
It earns 4 percent back on restaurants, takeout and bars, including UberEATS; 3 percent back on airfare, hotels and vacation home rentals; 2 percent back on online purchases including Uber rides, online shopping and video and music streaming services; and 1 percent back on all other purchases.
The card also has no annual fee and comes with a sign-up bonus of $100 back after spending $500 on purchases in the first 90 days, which is effectively a 20 percent return on spending. Other benefits include mobile phone protection (up to $600) and no foreign transaction fees, which means you won't pay a fee when using the card outside the US.
The APR is a variable 16.49, 22.24 or 25.24 percent.