Millionaires use credit cards like the Centurion® Card from American Express and the J.P. Morgan Reserve Credit Card. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting. For example, in the case of the Amex Centurion Card – also known as “the Black Card” – you reportedly need to charge at least $100,000 across Amex credit cards every year to even qualify for an invite.
Credit Cards That Millionaires Use
When invite-only cards aren’t a good option, some millionaires choose premium travel rewards cards such as American Express Platinum card and Chase Sapphire Reserve. People with at least good credit who are approved for either card can expect lucrative bonuses, generous rewards on purchases, and other perks that will more than offset their hefty annual fees. The American Express Platinum card charges $695 a year to own, and Chase Sapphire Reserve likewise carries a big price tag with its $550 annual fee.
Millionaire business owners may also get good use from a business credit card such as the The Business Platinum Card® from American Express, a top choice for frequent travelers who don’t mind shelling out $695 a year for all the high-end perks the card offers. The Ink Business Preferred® Credit Card is another attractive option for business owners with seven-figure incomes, as the card offers stellar rewards on business-related purchases and a significantly lower annual fee ($95) than American Express Business Platinum card.
This answer was first published on 04/20/21 and it was last updated on 08/04/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
One of the world's most prestigious credit cards is the Centurion® Card from American Express*. Though there may be other cards with more elaborate benefits, those cards are kept well under wraps.
What is the most powerful credit card in the world? ›
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.” ...
- 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.
Most Prestigious Credit Cards in 2024
- Centurion® Card from American Express: Most Prestigious Overall.
- The Platinum Card® from American Express: Airport Lounge Access.
- Chase Sapphire Reserve®: Visa Infinite Concierge.
- Capital One Venture X Rewards Credit Card (see Rates & Fees): Generous Rewards.
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.
Why do rich people have Amex cards? ›
The allure lies in premium benefits, ranging from airport privileges to everyday perks like Walmart Plus memberships or Uber cash. The key is to position the Amex card as not just a financial tool but a lifestyle enabler. This resonates with individuals who seek added value in every transaction they make.
What credit card has a $100000 limit? ›
On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.
What is the #1 credit card to have? ›
Chase Freedom Unlimited®: Best feature: Flexible cash back rewards. Capital One Venture Rewards Credit Card: Best feature: Travel rewards. Delta SkyMiles® Blue American Express Card: Best feature: Delta Air Lines rewards. Chase Sapphire Preferred® Card: Best feature: Travel rewards.
What is a black card limit? ›
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.
What credit card do celebrities use? ›
Stars Love Amex, But Not The “Black Card”: 19 of the 27 celebrity wallets we examined contain an American Express credit card. The Amex Green Card and the Gold Rewards Business Card are the most popular, by far.
Who can carry a black card? ›
Elite Status
The invitation-only Diners Club Black Credit Card requires a high level of financial stability and impeccable credit history. To be eligible for this elite status, you typically need to have a substantial income and a credit score that exceeds conventional requirements.
American Express has neither confirmed nor denied the rumor. Other rich and famous people known to use an American Express Business Centurion Card include: Beyonce.
Does Kim Kardashian have a credit card? ›
Kim Kardashian's new credit card, "The Kardashian Kard," has a terrible pricing model. Worse than you might expect. It's a prepaid card, which means it targets kids. Fair enough.
What is the single biggest credit card trap for most people? ›
The minimum payment mindset
Here's how most people get trapped in credit card debt: You use your card for a purchase you can't afford or want to defer payment, and then you make only the minimum payment that month.
What is the hardest American Express card to get? ›
Centurion® Card from American Express
A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.
What credit card has no limit? ›
Unfortunately, there are only a few cards that advertise no preset spending limit and most are from American Express. It's also worth noting that each of the cards that don't have a preset spending limit charge an annual fee.
Is Amex a symbol of wealth? ›
The Essence of Black Cards
Introduced in the last year of the 20th century, the American Express Centurion Card, commonly referred to as the 'Amex Black Card,' redefined luxury within financial circles. It transformed from a mere payment mechanism into a coveted symbol of wealth and distinction.
What is higher than a black card? ›
The Centurion card beats out the Mastercard Black card in terms of rewards, benefits, and features. The major drawback of the Centurion card is its $10,000 initiation fee and $5,000 annual fee (plus $5,000 annually for each authorized user).
Is a black card unlimited? ›
Black credit cards are best for their virtually unlimited spending limits. If you want to buy a yacht with a credit card, a black card should make it possible.
What is the black card for billionaires? ›
Introduced in the last year of the 20th century, the American Express Centurion Card, commonly referred to as the 'Amex Black Card,' redefined luxury within financial circles. It transformed from a mere payment mechanism into a coveted symbol of wealth and distinction.
