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.
Best for Special Benefits: Citi Chairman Credit Card
If you’re looking for a prestigious credit card, but you don’t quite qualify for an invitation from any of these 3 ultra-exclusive credit cards, don’t worry. You might get a better - and less expensive - credit card experience with a normal rewards credit card. Or, a good travel credit card might fit your lifestyle. The best credit cards don’t usually require a million-dollar income or private banking clout, and they still deliver plenty of great perks.
The Centurion® Card from American Express is an extremely exclusive card available only through invitation to high-income, high-spending Amex clients. This card has no preset spending limit, which means that the amount you can spend can change each month based on how much you choose to spend, your credit, your income and more.… read full answer
But it’s hard to narrow it down to a single card when the decision depends on how much you spend, how much you’re willing to pay in fees, and what perks you value most.
Here are some of the best credit cards for rich people:
The best credit card for high spenders will ultimately depend on the spender in question. You can check out our editors’ latest picks for the most exclusive credit cards on the market to weigh your options.
A black credit card is an exclusive, invitation-only credit card issued by American Express. The so-called Amex black card is more formally known as the Centurion® Card from American Express, and it has become a status symbol in pop culture.
What you should know about the Centurion® Card from American Express
Amex does not disclose requirements for the Centurion® Card from American Express, but online reports say you have to spend a certain amount per year on an Amex card to merit consideration for an invitation. The Centurion® Card from American Express also requires a $10,000 initiation fee and a $5000 annual fee. And its main perks, aside from the prestige, appear to be hotel benefits, … read full answerCenturion Lounges, Delta Medallion status and a do-anything, round-the-clock personal concierge.
But if you’re looking for a black card that you can actually apply for, there are some alternatives. They won’t carry the same social weight, but their fees aren’t as astronomical, either.
The Mastercard® Black Card offers 1 point per $1 on all purchases. You can redeem points for airfare at a value of 2 cents per point, and for cash back at 1.5 cents per point. You’ll also get a $100 annual air travel credit, 24/7 concierge to assist you with travel needs, and a $100 credit to cover the cost of applying for Global Entry. You need good credit or better to get approved. The annual fee is $495.
This black-in-color credit card has a $650 annual fee. Marriott Bonvoy Brilliant offers 95,000 Marriott Bonvoy bonus points after spending $5,000 in the first 3 months, plus a free night every year on your account anniversary. You can also earn 6 points / $1 spent at hotel participating in the Marriott Bonvoy program. The card also offers up to $300 in statement credits each year (up to $25 per month) for eligible purchases at restaurants worldwide.
The Centurion® Card from American Express is apparently reserved for Amex cardholders who spend a certain amount per year. The annual fee is $5000 and there’s a $10,000 initiation fee as well. It offers access to Centurion Lounges, hotel benefits, Delta Medallion status, and personal concierge. Plus, you can earn 1 point per $1 in Membership Rewards.
A black credit will always have a certain amount of mystique because of the secrecy and exclusivity of the Centurion® Card from American Express. But you can’t just apply for the real thing, and most of us don’t spend enough to qualify, anyway. Plus, it doesn’t really matter what color your credit card is, as long as it offers good terms.
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