For people of average wealth, credit cards are ways to get by when money is tight, make additional purchases, or earn generic rewards. The super rich, however, have access to cards that give them luxurious perks, helping them to further fund their extravagant lifestyles. Many of these exclusive credit cards come only through invitation or by achieving specific benchmarks.
Key Takeaways
- Ordinary people use credit cards to make purchases when cash is not readily available, with many Americans carrying a balance month to month.
- For the ultra-wealthy, however, credit cards are used to accumulate perks and rewards and flaunt status.
- Many of these cards are available by invitation only, and cardholders must meet stringent wealth requirements to qualify for them.
1. American Express Centurion Card
The American Express Centurion Card is the most exclusive credit card in the world and is commonly known as the “Amex Black Card.” Launched in 1999, American Express has kept it in a shroud of uncertainty, giving it a very high level of status in the minds of consumers.
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. According to reporting by Credit Karma, you need to spend at least several hundred thousand dollars a year on an American Express card and have an income of at least $1 million annually.
Condé Nast Traveler reports that you also have to have specific spending habits, with Amex prioritizing those whose purchases tend toward luxury goods, dining, events, and travel.
Initially, you had to be invited by American Express to get the card. American Express states the company has always been open to requesting Centurion membership by speaking to a representative over the phone; the company created an online request form in 2021. However, American Express took down the form.
Since the Centurion card is invitation-only, you can ask an American Express representative to consider you for the card. If the company extends an invitation, you will need to pay an initial fee of $10,000 and an annual fee of $5,000. The annual percentage rate (APR) for cash advances is the prime rate plus 21.99% and capped at 29.99%. There is also a pay-over-time feature that allows you to carry a balance and pay interest on it.
2. JP Morgan Reserve Card
Many luxury card companies tailor a luxury credit card’s income limit to an individual’s income level as part of its assessment.
What Credit Card Do the Super Rich Use?
The super rich use various 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?
Yes, the rich have credit cards and use them for the same purposes that everyone does: they come with perks, provide various services, and remove the need for carrying large amounts of cash. High-net-worth Americans hold at least two to four credit cards.
How Much Money Do You Need to Have an American Express Black Card?
American Express does not publish its requirements for receiving a Black Card, though it has been said that it requires individuals to have spent between $350,000 and $500,000 on all of their American Express cards in a calendar year.
The Bottom Line
Getting a credit card favored by the super rich can be a challenge. In most cases, you can’t simply apply for one—you’ve got to be invited. Because of the secrecy around these cards, it’s also difficult to determine whether or not the cards truly offer the best rewards given their steep income and spending requirements. If you don’t want to wait for an invitation, research the best reward credit cards to find luxurious perks and benefits.
