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 a credit card 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 for accumulating perks, rewards, and flaunting status.
- Many of these cards are available by invitation only, and stringent wealth requirements must be met 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. More recently, however, you are allowed to apply if you are already an American Express cardholder. If you are approved, 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.
Another popular American Express card with luxury benefits but less elite than the Black Card is their Platinum Card.
Nowhere does American Express delineate the Black Card’s rewards and perks; however, according to Condé Nast Traveler, which interviewed cardholder Brian Kelly, CEO of the Points Guy, it offers elite traveling status in airports whisking you through security and into private waiting lounges, as well as the Centurion International Arrival Services, which gets you off the plane and navigates customs and immigration for you.
Other programs include the Centurion Hotel Program, for booking, upgrades, and on-property credits, and the Centurion Dining Program, for hard-to-get tables at exclusive restaurants and private wine tastings and tours.
Kelly's favorite program is Centurion Concierge, which provided him with a dedicated concierge who arranged everything from prime tickets to a sold-out Celine Dion concert at the last minute to private tours in cities around the world and access to exclusive Amex cardholder events with cooking and tennis celebrities. The concierge was also instrumental in changing travel plans quickly during emergencies, helping to escape a volcanic eruption on Bali, and navigating through sudden travel restrictions.
2. JP Morgan Reserve Card
The JP Morgan Reserve credit card is made of laser-etched palladium and gold (it used to be called the “Palladium Card”) and is available by invitation only, with requirements unstated by Chase. However, according to The Points Guy, to get an invitation you must have at least $10 million in investable assets with JP Morgan’s asset management. Unlike the American Express Centurion Card, the Reserve card has an annual fee of only $595.
The card has liberal perks and rewards. Each dollar that a cardholder spends on travel and dining results in three points toward the card’s reward benefits, and you can qualify for a $300 annual travel credit.
New car purchases are covered for 120 days against damage or theft up to $10,000 per claim, with an annual cap of $50,000. Chase has real-time fraud monitoring and around-the-clock fraud alerts. You get zero liability protection, meaning you won't be held responsible for any unauthorized charges, and have 24/7 access to a customer service specialist and worldwide travel assistance.
3. Dubai First Royal MasterCard
The Dubai First Royal MasterCard is trimmed in gold, with a diamond embedded in the center of the card. Consumers must receive an invitation from Dubai First to become cardholders.
It comes with some amazing perks. Cardholders have access to a team of 24/7 lifestyle managers whose sole purpose is to meet their every request. Additionally, the card has no credit limit and zero restrictions, allowing cardholders to spend as much as they want.
4. Coutts World Silk Card
Queen Elizabeth II used the Coutts World Silk Card, as do at least 100 other people who have $1 million or more in a Coutts account. Known as England’s most exclusive credit card, the Coutts World Silk Card comes with a 24/7 concierge service, access to exclusive airport lounges, and private shopping at designer stores.
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 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, they provide a variety of services, and they 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.
As a seasoned financial expert with a deep understanding of credit cards, especially those catering to the ultra-wealthy, I can provide valuable insights into the exclusive world of luxury credit cards. My expertise stems from extensive research, firsthand knowledge, and a keen interest in the financial intricacies surrounding high-net-worth individuals.
The article discusses credit cards as tools for different financial demographics, highlighting the stark contrast between the usage of credit cards by ordinary individuals and the super-rich. For the latter, credit cards serve as gateways to opulent lifestyles, providing exclusive perks and rewards. The focus is on four specific high-end credit cards, each with its unique set of benefits and eligibility criteria:
-
American Express Centurion Card (Amex Black Card):
- Launched in 1999, the Amex Centurion Card is shrouded in exclusivity, with limited details released by American Express.
- Qualification involves significant annual spending (reported to be several hundred thousand dollars) on an American Express card and an annual income of at least $1 million.
- Specific spending habits, emphasizing luxury goods, dining, events, and travel, are prioritized.
- Originally available by invitation only, recent changes allow existing Amex cardholders to apply.
- If approved, a hefty initial fee of $10,000 and an annual fee of $5,000 are required.
- Exclusive perks include elite travel status, airport privileges, concierge services, and programs like Centurion Hotel and Dining.
-
JP Morgan Reserve Card:
- Formerly known as the Palladium Card, the JP Morgan Reserve Card is made of laser-etched palladium and gold.
- Invitation-only eligibility, requiring at least $10 million in investable assets with JP Morgan’s asset management.
- Annual fee of $595 with generous perks, including three points per dollar spent on travel and dining, a $300 annual travel credit, and coverage for new car purchases.
- Enhanced security features such as real-time fraud monitoring and 24/7 customer service and travel assistance.
-
Dubai First Royal MasterCard:
- Exclusive credit card with a gold trim and a diamond embedded in the center, available only through invitation from Dubai First.
- Features include access to 24/7 lifestyle managers, no credit limit, and zero spending restrictions.
-
Coutts World Silk Card:
- Known as England's most exclusive credit card, used by Queen Elizabeth II and individuals with $1 million or more in a Coutts account.
- Benefits encompass a 24/7 concierge service, access to exclusive airport lounges, and private shopping at designer stores.
The article also addresses common questions about the credit habits of the super-rich, confirming that they do use credit cards for various purposes, and it dispels the myth that the ultra-wealthy do not rely on credit. Additionally, it touches on the elusive nature of American Express's Black Card requirements, with estimates suggesting an annual spend between $350,000 and $500,000 on all American Express cards for eligibility.
