What do you expect from your credit cards? The idea of flashing a credit card as a status symbol, and paying a hefty fee for the privilege, doesn't seem to appeal to young adults at all. Cards with good security and above all, low costs, are more likely to strike a chord.

A recent by survey by credit score mogul FICO asked whether millennials are sticking with credit cards or if mobile payment apps like Samsung and Apple Pay are becoming their preferred payment method.

The conclusion? About 2 out of 3 millennials age 18 to 24 have at least 1 credit card in their wallet, whether it's leather or digital. At 83%, millennials aged 25 to 34 are the most likely out of any age group to have at least 1 credit card, and almost half of all millennials have between 3 and 5 credit cards.

What's more, many millennials say they plan to apply for at least 1 more credit card within the next 12 months. 36% of young millennials say they plan to open a new credit card account by this time next year, while 44% of older millennials say the same, the most out of any demographic. It turns out that millennials are a lot more eager to acquire credit than their older counterparts.

Which features do millennials consider make top credit cards, and what can card issuers do to get millennials to sign up?

  1. No Annual Fee

    Most millennials know how banks earn their money, and don't see the need to pay for the "privilege" of using a credit card. 75% of the older millennials aged 25 to 34 surveyed by FICO said that no annual fee is a must for any credit card. Older, wealthier credit card users are more likely to look past an annual fee if the card offers features like travel rewards and zero-foreign transaction fees. Younger millennials are even more focused on fees, with 80% will only go for credit cards with no annual fee.

  2. Low Interest Rate

    Highlighting millennials' cost-consciousness when it comes to credit cards, 71% of older millennials say that credit cards with a low interest rate top their list when selecting a new card, and 79% of younger millennials say the same.

  3. Cash Back Rewards

    After no annual fees and low interest rates, millennials say they want a card that offers cash back rewards. 71% of all millennials say that they want credit cards which offer cash back rewards, but are less focused on travel rewards credit cards than their older counterparts.

  4. Security

    FICO's report also reveals that security matters a lot to the so-called digital generation. More than half of all millennials said they expect cards to offer automatic account notifications and enhanced security features.

    Millennials are also the most likely of any demographic to switch banks because of a bad mobile banking experience. Security and a seamless mobile experience are key to getting millennials to sign up for a new credit card or bank account.

Despite the hype around digital wallets, according to FICO's research only 9% of young millennials use a mobile payment app like Samsung Pay, Android Pay or Apple Pay. Older millennials are even less interested, with only 4% reporting that they use some kind of mobile payment app.

But there's still a lot of room for digital wallets to grow. 41% of older millennials and 29% of younger millennials are keeping tabs on developments in the mobile payment app space, even if they aren't using them yet.