When J.P. Morgan Chase pitched its Chase Slate credit card four years ago to Brooklyn College freshman Judy Tan, the bank made the offer by direct mail. She was already a customer of the bank since her father went with her to a branch to help her open a checking account and sign up for a debit card.

When she received the offer, Tan, 23, was inclined to apply because she’d read an article online that encouraged young people to build their credit scores early in life by obtaining their first credit card—or lose out later because they lack a credit history.

The potential consequences “spooked me a bit and it was the primary reason for applying in the first place,” recalls Tan, who graduated in 2016 and now works for Age Brilliantly, a non-profit online platform for older adults. Yet despite marketing the card to Tan, Chase rejected her application—at first, anyway. Following the advice of a branch officer, Tan waited awhile and tried again. The bank approved her application on the second try.

Banks are keenly aware of millennial women as a crucial segment.

Millennials as a whole already represent more than 75 million U.S. citizens (24 percent of the population) and will have the greatest spending power of any generation by next year ($3.39 trillion). Assuming roughly half of those numbers represent women…

 

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