Research Summary. American Express is one of the world’s most prestigious credit card companies. Despite not being the market leader, American Express has established a distinctive premium brand that sets it apart from rivals.
American Express has a lot going for it, and it has the numbers to prove it. Take a look at the following statistics to understand the extent of American Express’s success:
The world of credit cards is shrouded in mystery, with issuers rarely revealing details about their cardholder demographics. However, a recent article by Monkey Miles has shed light on the average income and net worth of American Express Platinum cardholders, based on data from Departures magazine, a publication exclusively for Platinum members.
The Shocking Numbers
According to Departures, the average Platinum cardholder:
- Has a net worth of $4.3 million.
- Has a household income of $474,000.
- Is 56 years old.
- Owns 3.6 properties.
These figures are significantly higher than what many would expect, and they raise several questions.
Are These Numbers Accurate?
It’s important to note that the data comes from a magazine survey, which means it may not be entirely representative of the entire Platinum cardholder population. Additionally, the survey may have been skewed towards wealthier cardholders who are more likely to read Departures.
What About Millennials?
The average age of a Platinum cardholder is 56, which suggests that millennials are not a major force in this demographic. However, it’s worth noting that many millennials have been able to obtain the Platinum card through churning and other strategies.
The Bottom Line
While the exact numbers may be debatable, it’s clear that Amex Platinum cardholders are a wealthy group. This is likely due to the card’s high annual fee ($695) and the fact that it offers a variety of perks that are attractive to high-income earners.
Additional Insights
- The average Centurion cardholder (the “black card”) has a net worth of $11.4 million and a household income of $1.8 million.
- The median income and net worth of Platinum cardholders is likely significantly lower than the average.
- The number of properties owned by Platinum cardholders is surprisingly high.
- Millennials are likely playing a larger role in the Platinum cardholder demographic than the data suggests.
The data on Amex Platinum cardholder demographics is fascinating, but it should be taken with a grain of salt. The numbers are likely skewed towards wealthier cardholders, and they may not be entirely representative of the entire population. Nonetheless, it’s clear that Platinum cardholders are a wealthy group, and they are likely to remain so for the foreseeable future.
Frequently Asked Questions
- How many Platinum cardholders are there?
Amex does not disclose the number of Platinum cardholders. - What are the benefits of the Platinum card?
The Platinum card offers a variety of benefits, including airport lounge access, travel insurance, and hotel elite status. - Is the Platinum card worth it?
Whether or not the Platinum card is worth it depends on your individual spending habits and travel needs.
Additional Resources
Disclaimer
The information provided in this article is for general knowledge and informational purposes only, and does not constitute professional financial advice. It is essential to consult with a qualified financial advisor for any financial decisions or investments.
American Express Statistics by Credit Cards and Cardholders
- There are 56. In the US, there are 4 million American Express cards, and 65 3 million internationally. With a total of 121. American Express has a global presence in the credit card market with 7 million cards. Though the company’s primary focus is on the United States, as the name might suggest
- In the US in 2021, $879 billion worth of American Express credit card transactions were made. Outside the United States, an additional $387. There were 2 billion credit card transactions, for a total of $1 billion in transactions annually. 28 trillion.
- $7,370. Each American Express card was used to spend an average of 58 last year. This comes to $614. 21 per month for each American Express card, showing that the typical user is a heavy consumer.
- 71. 4 million American Express cards are proprietary cards-in-force, while 50. 3 million cards-in-force are issued by third parties. Broken down, this means that proprietary cards make up 58. 7% of total American Express cards, leaving the remaining 41. 3% to third parties such as banks.
American Express Statistics by Credit Card Market Share
- In terms of home market share based on payment volume, American Express comes in third. As the following table illustrates, American Express is a close third, even though Visa dominates the US credit market. Company Market Share Visa 53. 99% Mastercard 22. 94% American Express 18. 99% Discover 4. 08% .
- In terms of domestic market share based on the quantity of cards in use, American Express comes in at number four. These numbers indicate that even though American Express may outperform Discover Card in terms of payments volume, fewer cards are actually in use. This would suggest that American Express customers make larger purchases. Company Market Share Visa 49. 54% Mastercard 34. 52% Discover 8. 39% American Express 7. 55% .