Despite what you might have thought of credit cards, they are not as popular as before. And no, you don’t need to get a credit card to “prove you’re an adult.” In fact, about 6 in 10 millennials don’t have a credit card at all!
The reason can be varied, from distrust of banking institutions to the rise of better technological solutions to cashless payments, but what is clear is that there are several alternatives to credit cards that you could use if you don’t want to. take one. Here are 3 of the most popular options available to you right now:


1. Cash

Cold. Hard. Cash.
No matter what technology is developed and what new options for alternative credit banks continue to offer, using real money seems to be one of the most popular options that still exist today.
In fact, using only money in your everyday life can be one of the best strategies to reduce your spending and increase your savings. It has been inherently proven that people have a harder time disposing of real money than spending it in other ways. It also limits you to spending only the amount you have on hand, making sure you don’t buy unnecessary things. That’s why a large part of the world’s population only deals with cash in their daily lives.

2. Debit cards

Debit cards can be a close second to save money / limit purchases to real money. A debit card only allows you to use money that is already yours, unlike credit cards that offer you credit that you then have to repay (which is essentially a loan). By using debit cards, you eliminate the risk of accumulating unpaid bills, which then increase in size as they earn interest month after month.
This is why most millennials prefer to have checking accounts linked to a debit card. It allows flexibility since you can use it in an emergency when you need more money than you thought. And that seems to be the safest option because you don’t have to carry large sums of money all the time.

3. Online payment applications

The technology of today’s modern world is advancing quickly and efficiently. One of the biggest technological breakthroughs in the past five years, especially when it comes to a person’s daily life, is the rise of online payment applications. Taking the concept of a debit card a step further, these apps work with a single finger press. And since everyone has a smartphone these days, no additional equipment (and almost no effort) is required either!
Similar to a debit card, these apps only use the money you already have in your name. Most apps just ask you to save your mobile number, link your bank account (even multiple accounts can be linked to one number) and you’re good to go! You can then send, receive and spend money with a single finger using only your mobile number – is it convenient? Each country has its own set of online payment apps, but a few globally recognized names include Google Pay and PayPal.