According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express . While this card comes with a wide range of perks that make it seem too good to be true, it also comes with an annual fee of $695 (See Rates), which is higher than most other credit cards.
Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.
The most exclusive credit card is the American Express Centurion Card, also known as the Amex Black Card. It is reportedly reserved for people who spend at least $100,000 per year, and an invitation is needed to apply.
Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultra-rich, such as personal bankers, waived fees, and the option of placing trades. The ultra rich are considered to be those with more than $30 million in assets.
What does your credit score need to be for the Amex Platinum card? While there is no set score needed, we recommend you have a credit score of at least 720, 2 years of clean credit history, and an income of at least $50,000 per year to apply for the Amex Platinum card.
Visa Infinite is the highest tier you can get and comes with all of the benefits from Traditional and Signature. Many of the Visa Infinite perks offer higher levels of protection compared to the Visa Signature version of the benefits.
There's no credit limit
The American Express Black Card doesn't have a pre-set spending limit, so cardholders can spend as much as they want every month. But that's only the case if they can afford it. The Centurion® Card from American Express is a charge card, so cardholders can't carry a balance.
The Black Card has a hefty $10,000 initiation fee, a $5,000 annual fee, and offers many travel perks. The Platinum Card has a $695 annual fee with many travel-related perks, and cardholders can earn points for every dollar spent.
No,. American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.
JP Morgan Chase Palladium Card
It was created almost ten years after American Express Centurion Card and the worth of the card itself is $1,000 due to the precious metals on it. With an annual fee of $695, it is rumored that you must have $25 million invested with JP Morgan Chase to receive one.
Getting approved for the American Express Platinum is like any new credit card application. You have better chances with a credit score above 700, a clean credit history, and a low debt-to-income ratio. If you think you might have to work on these factors, take the time to improve your credit to enjoy the benefits.
Although Amex doesn't publish requirements for the card—or its perks, for that matter—it typically extends black card invitations only to high earners who have spent and paid off between $350,000 and $500,000 across all of their American Express accounts in a calendar year.
High-net-worth Americans (with a self-reported net worth of over $1 million) hold between 2 and 4 credit cards on average.
Generally, a card issuer invites only their most loyal customers who spend upwards of six-figures or more a year to become a black cardholder.
But we have it on good authority that celebrities including Beyoncé, Oprah Winfrey, and Jerry Seinfeld, who reportedly received the first-ever Black Card, all carry it. Collectively there are thought to be fewer than 20,000 AmEx Centurion cardholders around the world.
For a Visa Infinite credit card, in order to qualify, you need an income of at least $60,000 personal or $100,000 household. For Visa Infinite Privilege, the income requirements are $200,000 for either personal or household, at least double the Visa Infinite requirements.
What is a black card? A black credit card is a type of extremely exclusive credit card that is almost solely reserved for the ultrawealthy. Typically, the cards are available on an invitation-only basis. The threshold for entry into this elite echelon of card ownership is incredibly high, as are the annual fees.
Visa Infinite is the highest level of Visa-branded credit cards, above Visa Signature and Visa Traditional. There are only a few Visa Infinite cards in the U.S., as they're typically only the most high-end credit cards offering the best benefits of any card on the Visa network.
The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. In the right hands, the classic status card's staggering annual fee is well justified.
Here's the stats on what is known. Circulation figures for 2017 suggest that outside the U.S., there are about 400,000 Platinum Cards, and 84,000 Centurion Cards. In the United States, TimeInc reports that American Express Platinum Card and Centurion membership has increased 23% since 2010.
The card is so hard to get, you have to be invited to even apply. While Amex doesn't really have published requirements to procure such an invite, it's reported that you'll need to spend at least $350,000 a year on your credit cards to be considered.