The credit card billionaires are most likely to use is the Centurion® Card from American Express, also known as the Amex Black Card, which has unique benefits and is reserved for high-net-worth individuals. Some of the rich and famous people rumored to have the card include Jerry Seinfeld and Halle Berry.
However, actual billionaires aren’t really in the habit of telling people what credit cards they have. Some billionaires like Mark Cuban even claim they don’t use credit cards, although the ability to make large purchases without needing to come up with the cash makes credit cards appealing to billionaires and average customers alike. Billionaires have a lot of income and probably have excellent credit, so they can likely choose whichever card they want from the offers with the best perks.
Billionaire Credit Cards: Top Cards for the Rich & Famous
When invite-only cards aren’t a good option, some millionaires choose premium travel rewards cards such as American Express Platinum card and Chase Sapphire Reserve. People with at least good credit who are approved for either card can expect lucrative bonuses, generous rewards on purchases, and other perks that will more than offset their hefty annual fees. The American Express Platinum card charges $695 a year to own, and Chase Sapphire Reserve likewise carries a big price tag with its $550 annual fee.
Millionaire business owners may also get good use from a business credit card such as the The Business Platinum Card® from American Express, a top choice for frequent travelers who don’t mind shelling out $695 a year for all the high-end perks the card offers. The Ink Business Preferred® Credit Card is another attractive option for business owners with seven-figure incomes, as the card offers stellar rewards on business-related purchases and a significantly lower annual fee ($95) than American Express Business Platinum card.
No,. American Express is not specifically for rich people, even though it does have a high level of status in many people’s minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don’t need to be rich to have a good credit score.… read full answer
In addition, some forums even report approvals for people with incomes as low as $25,000 per year. An income of $60,000 or higher is more likely to get you approved, though.
Why Some People Think Amex is for the Rich
The Black Card
The rumor that American Express cards are for rich people might come from the fact that one card––the Centurion “Black” Amex––is, in fact, for rich people. This card is invitation only, and it’s rumored that you must spend at least $100,000 across your Amex cards annually to be considered, though it could be much more. There is also a hefty $5,000 annual fee that cardholders must pay each year.
Another aspect of American Express credit cards that caters to the rich is the fact that some Amex cards, such as The Plum Card® from American Express, are charge cards. This means that cardholders must pay their balance in full each month, since they are not allowed to carry a balance on the card. These cards are clearly not intended for long-term borrowing, so they better suit the spending habits of those who can afford to pay their balance in full each month.
Average Spending Volume
Finally, it’s worth mentioning that the average spending volume on Amex cards is very high compared to other card networks. In 2018, for example, the average American Express cardholder spent $14,480. In contrast, the average spending across cards on the other 3 major networks that year was only $3,918.
This means that many American Express cardholders are heavy spenders, but it certainly doesn’t mean that low spenders can’t get approved for Amex cards.
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