Do millionaires use credit cards?

Millionaires utilise credit cards such as the Centurion® Card from American Express, the Platinum Card® from American Express, & the J.P. Morgan Reserve Credit Card to manage their financial resources. These high-end credit cards are exclusively accessible to those who have been invited to apply, and millionaires have the highest chance of receiving one of them. As an example, in order to even be considered for the Amex Centurion Card – commonly known as “the Black Card,” you apparently need to charge at least $100,000 across all of your Amex credit cards in a single calendar year.

Many billionaires prefer premium travel rewards cards such as the American Express Platinum card and the Chase Sapphire Reserve when invitation-only cards aren’t an option. Cardholders who qualify for either of these cards and have good-to-excellent credit may look forward to lucrative sign-up bonuses, large rewards on purchases, and other advantages that will more than compensate for the cards’ high annual fees.

With an annual cost of $695, the American Express Platinum card is one of the most expensive on the market, and the Chase Sapphire Reserve, with a $550 annual fee, is another. Many millionaire business owners benefit from business credit cards, such as the American Express Business Platinum card. It is a preferred choice for frequent travellers who are willing to spend $695 each year to take benefit from all the high-end features the card provides.

When it comes to credit cards for company owners with seven-figure salaries, the Chase Ink Preferred is a particularly appealing option since it delivers excellent rewards on business-related expenditures and has a slightly cheaper annual fee ($95) than the American Express Business Platinum card. Having a large amount of money in the bank or a lot of assets does not guarantee that you will have a good credit score with one of the three major credit reporting agencies.

For maintaining a good credit score, some positive credit activity must be recorded on a regular basis. When you make frequent purchases with your credit card while maintaining a low debt-to-income ratio, you are doing your part to maintain a good credit score. In addition, having good credit will come in helpful when it comes time to take out a loan for that new boat.