The most exclusive credit cards, such as luxury cards and so-called “black credit cards,” are typically used by the wealthiest people. We made the decision to investigate whether that is the case and learn the true credit card usage habits of wealthy Americans.
There are some similarities between how wealthy Americans use credit cards and how the average American does.
When possible, they use credit cards instead of cash back or annual fees, and they typically have faith in the major issuers. However, they also have some bad habits: only a third pay their statement or entire balance each month, and nearly half had automatic payments set up.
According to a Motley Fool Ascent survey, millionaires and less wealthy people have different preferences when it comes to credit cards.
For instance, they prioritize rewards over interest rates and are more likely to own travel rewards cards.
Continue reading to see how wealthy Americans utilize credit cards and how they differ from the typical American.
The world of the super rich is shrouded in mystery, and their financial habits are no exception. But one question that has always intrigued people is: what credit cards do billionaires use?
While the exact answer is elusive as billionaires are notoriously private about their finances, we can delve into the realm of possibilities by analyzing the features and requirements of some of the most exclusive credit cards available.
Unveiling the Inner Circle: The Most Exclusive Credit Cards
Several credit cards cater to the needs and desires of the ultra-wealthy. These cards boast unparalleled benefits, from 24/7 concierge services to access to private jets and exclusive events. However, obtaining these cards is no easy feat. They often require invitation-only access or a minimum net worth in the millions.
1. The Centurion® Card from American Express: The Legendary Black Card
The American Express Centurion Card, also known as the Black Card, is arguably the most prestigious credit card in the world. Its exclusivity is legendary, with rumors of a $10,000 initiation fee and a $5,000 annual fee. To even be considered for an invitation, you need to spend at least $250,000 annually on an existing American Express card.
But what makes the Black Card so coveted? Beyond its sleek design and status symbol appeal, it offers a plethora of benefits, including:
- Automatic elite status at major hotel chains: Enjoy VIP treatment at hotels like IHG, Hilton, and Marriott.
- Complimentary Delta SkyMiles Platinum Medallion status: Fly in style with priority boarding, free checked bags, and access to airport lounges.
- Exclusive access to airport lounges and elite car rental programs: Travel in comfort and convenience with access to exclusive lounges and premium car rentals.
- 24/7 concierge service: Your personal assistant for everything from booking travel and securing concert tickets to tracking down lost items and creating personalized itineraries.
2. J.P. Morgan Reserve Card: For the Discerning Investor
The J.P. Morgan Reserve Card is another invitation-only card reserved for clients with at least $10 million in assets managed by J.P. Morgan Private Bank. This card exudes luxury, crafted from brass and palladium for a hefty feel.
While details are scarce, the J.P. Morgan Reserve Card reportedly offers benefits similar to the Chase Sapphire Reserve®, including 3X points on travel and dining and 1X on all other purchases. However, the true value lies in its exclusive perks:
- 24/7 concierge service: Your dedicated assistant for travel arrangements, restaurant reservations, car rentals, and cruises.
- Exclusive access to events hosted by Chase: Enjoy unforgettable experiences at events like the Sapphire Private Dining Series at renowned restaurants worldwide.
- Annual fee of $595: A price tag that reflects the card’s exclusivity and premium services.
3. Dubai First Royale Mastercard: A Diamond-Studded Masterpiece
The Dubai First Royale Mastercard, issued by Dubai First Bank in the United Arab Emirates, claims the title of the world’s most exclusive credit card. With only around 200 cardholders, it’s an invitation-only card reserved for the ultra-elite.
This card is a true statement of luxury, featuring edges plated in real gold and a dazzling diamond embedded in its center. Information is limited, but rumors suggest the card comes with no credit limit, allowing you to indulge in extravagant purchases like yachts.
According to reports, the Dubai First Royale Mastercard comes with a lifestyle manager who helps with booking special reservations and organizing opulent travel. However, this privilege comes with a hefty annual fee of over $1,900.
4. Silk Charge Card from Coutts: Discretion and Unparalleled Service
London-based private bank Coutts offers its own ultra-exclusive card, the Silk Charge Card. shrouded in secrecy, rumors suggest cardholders must deposit at least £1 million with Coutts to gain access.
Similar to other premium cards, the Silk Charge Card’s greatest selling point is its first-rate concierge service. Benefits like complimentary breakfast and room upgrades are available at more than 1,800 upscale hotels worldwide. Additionally, the service can arrange for travel, obtain passes to private events, and even provide access to Coutts’ personal suite at the O2 arena in London.
Additionally, the card provides access to exclusive airport lounges through the LoungeKeyTM program.
5. Mastercard Black Card: A Gateway to Luxury Experiences
Unlike the previous cards, the Mastercard Black Card is actually attainable through an application process. If you qualify, you’ll gain access to a host of travel and concierge perks, but the annual fee of $495 reflects the card’s exclusivity.
What does the Mastercard Black Card offer? A dedicated 24/7 concierge service to assist with travel arrangements, restaurant reservations, finding high-demand products, and even delivering gifts and flowers.
The concierge can also be your lifeline in times of crisis, helping you recover lost items or adjust travel plans quickly.
This Black card also provides travel credits, airport lounge access, hotel room upgrades, and comprehensive travel insurance.
6. Visa Infinite: The Pinnacle of Visa Cards
Visa Signature and Visa Traditional cards are ranked lower than Visa Infinite, which is a classification for the top tier of Visa-branded cards rather than a single card.
Credit cards with Visa Infinite status include the Capital One Venture X Rewards Credit Card ($395 annual fee), the Chase Sapphire Reserve ($550 annual fee), and the U S. Bank Altitude® Reserve Visa Infinite® Credit Card ($400 annual fee).
What sets Visa Infinite apart? A wealth of perks designed to elevate your lifestyle:
- Concierge service: Your personal assistant for booking travel, securing restaurant reservations, and getting tickets to sporting events and concerts.
- Visa Infinite Luxury Hotel Collection: Enjoy VIP status, room upgrades, and complimentary breakfast at over 1,800 luxury properties worldwide.
- Rental car discounts: Save on rentals with Avis, Hertz, National, and Audi.
- Personalized experiences: Indulge in exclusive winemaker and celebrity chef experiences through Infinite’s fine wine and food program.
- Airport lounge access: Enjoy over 1,300 airport lounges worldwide.
- Travel credits: Offset travel expenses with generous travel credits.
- Travel insurance: Travel with peace of mind with comprehensive travel insurance.
Feeling Like a Millionaire Without the Billionaire Price Tag
While using a billionaire’s credit card might seem like a distant dream, there are plenty of elite cards available to those who aren’t quite at the billionaire level. These cards offer impressive rewards programs and valuable perks, bringing a touch of luxury to your everyday life.
1. The Platinum Card® from American Express: Luxury Travel Rewards
This luxury travel card comes with a $695 annual fee, but it delivers significant value in return. You’ll earn 5X points on flights and prepaid hotels booked directly through American Express Travel (up to $500,000 per calendar year) and 2X points on prepaid rental cars booked through the portal. You’ll also earn 1X points on all other purchases.
The Platinum Card® offers a plethora of travel credits, airport lounge access, complimentary hotel status, and travel insurance.
2. Chase Sapphire Reserve: A Rewards Powerhouse
For its $550 annual fee, the Chase Sapphire Reserve rewards you with 10X points on hotel stays, car rentals, and Chase Dining purchases booked through Ultimate Rewards, 5X points on air travel booked through Ultimate Rewards, 3X points on restaurants and general travel, and 1X points on all other purchases.
This card also grants access to over 1,300 airport lounges, travel credits, and travel insurance.
3. Chase Ink Business Preferred® Credit Card: Rewards for Your Business
This card’s low $95 annual fee packs a punch with its rewards program: Earn 3X points on travel and select business categories (up to $150,000, then 1X) and 1X points on everything else. You’ll also enjoy perks like purchase protection and trip cancellation and interruption insurance.
4. Capital One Venture X Rewards Credit Card: A Travel Rewards Juggernaut
The Venture X from Capital One boasts one of the most lucrative rewards programs: Earn 10X miles on hotels and rental cars booked through Capital One Travel, 5X miles on flights booked through Capital One Travel, and 2X miles on all other purchases. This card also has a robust welcome bonus and comes with travel credits that can offset the annual fee.
The Bottom Line: Feeling Like a Millionaire, No Matter Your Net Worth
While certain credit cards serve as status symbols, don’t despair if you can’t snag a Centurion Card or Dubai First Royale Mastercard. There are plenty of cards designed for the rest of us that come with robust rewards programs and valuable perks, bringing a touch of luxury to your everyday life.
Remember, the right credit card can enhance your lifestyle and financial well-being, regardless of your net worth. Choose a card that aligns with your spending habits and rewards your passions, whether it’s travel, dining, or cash back.
Bank of America and American Express are the most popular credit card issuers among high-net-worth Americans
Bank of America is the most well-liked credit card issuer among millionaires, despite the wealthiest being linked to luxury credit cards and so-called “black cards.” Fifty percent of Americans with a net worth over $1 million have a Bank of America credit card.
American Express (38%), Capital One (35%), and Chase (34%) are other popular credit card issuers among Americas wealthy.
| From which of the following issuers do you currently hold a card? | Net worth greater than $1 million | Net worth less than $1 million |
|---|---|---|
| Bank of America | 50% | 24% |
| American Express | 38% | 19% |
| Capital One | 35% | 37% |
| Chase | 34% | 23% |
| Citibank | 27% | 11% |
| Discover | 24% | 14% |
| Barclays | 21% | 4% |
| USAA | 21% | 6% |
| Wells Fargo | 21% | 13% |
| U.S. Bank | 20% | 4% |
| PNC | 16% | 5% |
| Navy Federal Credit Union | 14% | 3% |
Compared to less wealthy Americans, millionaires are more likely to own a credit card from almost every major issuer—the only exception being Capital One. This is likely due to rich Americans simply having more credit cards than the average American.
Wealthy Americans are less trustworthy of nearly every credit card issuer compared to the average American
Rich Americans are less trusting of nearly every credit card issuer than Americans with less than $1 million in assets, even though they have more credit cards from most issuers.
The two exceptions are PNC and Barclays, which is regarded by both rich and less wealthy Americans as the least trustworthy credit card issuer.
| Which of the following credit card issuers do you find most trustworthy? | Net worth greater than $1 million | Net worth less than $1 million |
|---|---|---|
| American Express | 80% | 89% |
| Bank of America | 77% | 80% |
| Barclays | 70% | 62% |
| Capital One | 78% | 86% |
| Chase | 76% | 85% |
| Citibank | 77% | 82% |
| Discover | 74% | 85% |
| Navy Federal Credit Union | 72% | 80% |
| PNC | 74% | 72% |
| U.S. Bank | 76% | 77% |
| USAA | 76% | 78% |
| Wells Fargo | 71% | 73% |
Asking Millionaire’s what CREDIT CARDS They USE?
FAQ
What is the most powerful credit card in the world?
Do billionaires carry credit cards?
What is the #1 credit card to have?
What credit cards do billionaires use?
To answer these questions, we have presented this article where we’ll be discussing the top credit cards that billionaires use. So, let’s get started! The most exclusive and luxurious credit card, American Express Centurion Card is always the first preference for billionaires.
What are the most prestigious credit cards used by millionaires?
Keep reading to see our list of some of the most prestigious credit cards used by millionaires, and for those of us who aren’t raking in seven figures a year (hi), we offer links to some perk-packed cards for the more common consumer. 1. Chase Sapphire Reserve®
What credit cards do the rich use?
The super rich use a variety of different credit cards, many of which have strict requirements to obtain, such as invitation only or a high minimum net worth. Such cards include the American Express Centurion (Black Card) and the JP Morgan Chase Reserve. Do the Rich Have Credit Cards?
Are credit cards good for billionaires?
For any ordinary individual, credit cards offer limited services and reward points. But for billionaires who are often invited to obtain the credit cases, are offered numerous luxurious services such as fancy goods, travel insurance, access to private events, lavish dinners, access to private islands and many more.