Have you ever wondered if millionaires use credit cards? If they do what cards do they use? As one popular catch phrase goes, “whats in your wallet?”. There is one card on the market that is essentially only available to millionaires and those who are affluently rich, the American Express Centurion card. Most people simply refer to it as “the black card” due to its distinctive all black look, sounds mysterious doesn’t it?
Indeed the American Express Centurion card is the most coveted card in the world. This is not a card that one can simply apply for, as it is by invitation only. You will never see an advertisement for this credit card. In essence this credit card is out of reach for most of us. To even be considered as a candidate, you must have spent at a bare minimum $250,000 on another American Express credit card in the last year. The average income for these card holders is around $1.3 million dollars per year, with a net worth of $15 million or higher.
This card has the worlds highest annual fee, which is $2500 per card. That does not count the $7500 dollar initiation fee when your account is set up. In order to keep your card, you have to maintain spending of at least $250,000 per year on the card.
Despite the high costs, most millionaires carry this card in their wallets. It comes with some world class perks, the like of which no credit card can ever compare, making this truly a card for the rich and famous. You have access to millionaires only Centurion lounges, as well as any other airport lounge around the world. Many rental car companies and hotels give these card holders automatic elite status. They get free companion airfare tickets with the purchase of any airfare ticket, as well as automatic platinum status on Delta and US Airways. If this wasn’t enough they also get a $200 statement credit on any airfare related expenses. They also have access to Amex’s “Fine Hotels and Resorts” program, entitling these card holders to exclusive perks.
Yet this pales in comparison to the 24/7 concierge service perk. The concierge service is run by a company Amex hired, called Circles. They can get these card holders any restaurant table they want, any airline seat, any reservation, and any hotel room the card holder desires. They also make happen all sorts of over the top requests that these card holders may have. For those who are rich, time is money, so this service is invaluable.
The second card most likely to be in a millionaires wallet is the J.P.Morgan Palladium card. This card is actually made out of 23-kt gold and palladium, an ultra rare metal. This cards precious metals alone make the card worth over $1000 most times, given market prices on these metals. This card is also by invitation only, and it is rumored that to even be issued this invite that you must have at least $25 million in assets with JP Morgan’s private bank. There is reportedly less than 4500 of these cards in the world today. The perks rival those of the Amex black card.