Just one out of three millennials carries credit card, threaten industry

Millennials have been accused of disrupting many industries, from newspapers to brick-and-mortar stores. Credit cards appear to be next in line.

Just one out of three millennials carries plastic, according to a Bankrate.com survey, compared to the majority of older Americans. In addition, a Fed survey found the 18 to 24 demographic preferred to pay cash more than others. And if they do carry a card, it tends to be of the prepaid or debit variety, TD Bank found.

None of that bodes well for banks like JPMorgan Chase & Co. or payment networks like Visa Inc. and MasterCard Inc., since the