Do billionaires have credit cards?
What Credit Card Do the Super 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
One of the world's most prestigious credit cards is the Centurion® Card from American Express*.
The same survey found 70% percent of Americans with a net worth over $1 million have two or more credit cards, compared to 41% of Americans with a net worth under $1 million.
Since income is not one of the five factors that determine a credit score, the wealthy are just as likely to have a low credit score as the people with lower income. The rich can miss payments, rely too heavily on credit, and open too many new accounts, all of which may lower their credit score.
American Express. accounts for almost all of celebrities purchasing, so you might have seen that. Dave Portnoy, the Barstool Sports owner, recently had a video come out with him having over 45. billion American Express points that he could spend. They're using cards that literally.
Kim Kardashian and Oprah Winfrey, meanwhile, have used the American Express Centurion, which is said to enable cardholders to buy anything they desire, no matter how seemingly inaccessible. Here's a closer look at three of these exclusive credit cards and what they offer.
- The American Express Centurion Card is the most exclusive credit card in the world and is commonly known as the “Amex Black Card.” ...
- The Centurion card is so exclusive that American Express won't release the card's full details or say how one can become a cardholder.
The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card gives about 1% back. Cardholders can also get an initial bonus of $200 cash rewards after spending $500 in...
American Express targets these affluent cardholders through a '“spend-centric” model that focuses on generating revenues primarily by driving spending on its cards. That's where rewards come in. In just 2022, Amex spent almost $17 billion providing services and rewards to its card members.
The rich can and do have bad credit scores. A person needs to borrow money to build credit. A rich person quite often can do without a loan of any kind, and may not use credit cards.
Can billionaires be in debt?
Absolutely, it is common for millionaires and billionaires to go broke – but let's get one thing straight. When these high-rollers crash, it's not because money has limits; it's because their discipline does.
It's also important to note that not all billionaires may keep their wealth in traditional banks. Some may invest their funds in other types of financial institutions, such as private equity firms, hedge funds, or family offices.
Some examples include: Business Loans: Debt taken to expand a business by purchasing equipment, real estate, hiring more staff, etc. The expanded operations generate additional income that can cover the loan payments. Mortgages: Borrowed money used to purchase real estate that will generate rental income.
The world's second-wealthiest man, Warren Buffett, stunned CNN viewers in 2013 when he pulled his American Express card out of his wallet. It wasn't black or platinum, as one would expect of a man who is worth almost $73 billion.
The American Express Centurion Card, colloquially known as the Black Card, is a charge card issued by American Express. It is reserved for the company's wealthiest clients who meet certain net worth, credit quality, and spending requirements on its gateway card, the Platinum Card.
The American Express Business Centurion Card, better known as the "black card," has no pre-set spending limit and is typically offered only to high-net-worth individuals. As you might expect, large purchases are regularly made on American Express Business Centurion Card.
X.com developed and operated a financial services website with banking services provided by First Western National Bank, an FDIC-insured bank in La Jara, Colorado. The company was initially funded by Elon Musk and Greg Kouri, who went on to fund Musk's later ventures: Tesla and SpaceX.
The Chase Sapphire Reserve® is a premium credit card offering lifestyle-enriching perks to frequent travelers. Luxury benefits include VIP airport lounge access, free Lyft, DoorDash and Instacart membership. The annual fee is high, and you usually need a good or excellent credit score to get this card.
| How many credit cards do you have | Net worth greater than $1 million | Net worth less than $1 million |
|---|---|---|
| 1 | 22% | 36% |
| 2 | 37% | 25% |
| 3 | 21% | 9% |
| 4 or more | 12% | 7% |
- Centurion® Card from American Express: Most Prestigious Overall.
- The Platinum Card® from American Express: Airport Lounge Access.
- The Business Platinum Card® from American Express: Business Rewards.
- Capital One Venture X Rewards Credit Card: Best Rewards.
What is the most expensive type of credit card?
The American Express Centurion Card, also known as the “Black Card,” is one of the most expensive credit cards in the world, with an initiation fee of $10,000 and an annual fee of $5,000.
American Express also is known as the world's largest issuer of charge cards and for targeting its products to high-income individuals with strong credit scores.
So, while there is no absolute number that is considered too many, it's best to only apply for and carry the cards that you need and can justify using based on your credit score, ability to pay balances, and rewards aspirations.
Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.
- Best for students: Discover it® Student Cash Back.
- Best for no annual fee: Citi Double Cash® Card.
- Best secured credit card: Discover it® Secured Credit Card.
- Best for cash back: U.S. Bank Cash+® Visa® Secured Card.
- Best for no credit: Petal® 2 “Cash Back, No Fees” Visa® Credit Card.
